Biocause Pharma(SZ:000627) Mei Ri Jing Ji Xin Wen·2025-08-26 08:35Core Viewpoint - *ST Tianmao, controlled by Liu Yiqian, plans to voluntarily delist after facing a risk warning and delays in disclosing its annual report, with the proposal passing at a shareholder meeting with 98.0562% approval [1][8][9]. Group 1: Delisting Proposal - The voluntary delisting proposal was approved at a shareholder meeting held on August 25, with 6901 shareholders present, representing 4.26 billion shares, or 86.9313% of the total voting shares [5][8]. - Despite some dissent from minority shareholders regarding the annual report delays, the proposal received overwhelming support, with 41.80 billion shares voting in favor, accounting for 98.0562% of the votes [9]. Group 2: Cash Option for Shareholders - The company has arranged a cash option for shareholders, with a strike price of 1.60 yuan per share, which represents a premium of approximately 10.34% over the last closing price of 1.45 yuan before the delisting announcement [6][9]. - Some minority shareholders expressed concerns about the fairness of the cash option price, noting it is only about 36% of the company's net asset value per share of 4.41 yuan [6]. Group 3: Company Background and Financials - *ST Tianmao has been listed since 1996 and primarily engages in insurance business through its subsidiaries, with insurance-related revenue constituting 99.99% of its main business income [2][3]. - As of the third quarter of 2024, the company reported a net asset value of 21.8 billion yuan [1].