Biocause Pharma(SZ:000627) Jin Rong Shi Bao·2025-08-26 09:48Core Viewpoint - *ST Tianmao (000627) has taken a significant step towards voluntary delisting by passing a resolution at the 2025 first extraordinary general meeting of shareholders to terminate its stock listing on the Shenzhen Stock Exchange [1][3]. Group 1: Delisting Process - The company will submit a voluntary delisting application to the Shenzhen Stock Exchange within fifteen trading days after the shareholders' meeting decision [1][6]. - The stock will enter a phase of cash option distribution, exercise declaration, and settlement, and will no longer be traded [1][6]. Group 2: Shareholder Approval - The resolution to terminate the stock listing was approved by 4.18 billion shares, accounting for 98.0562% of the valid voting rights present at the meeting [3][6]. - Among minority shareholders, 905 million shares voted in favor, representing 91.6191% of the valid voting rights [3][6]. Group 3: Financial Performance and Reporting Issues - The company has been experiencing continuous performance decline and is currently in a loss-making state, with difficulties in annual report disclosures [2][8]. - The company faced significant delisting pressure due to the failure to disclose the 2024 annual report and the 2025 first-quarter report within the legal timeframe [8]. Group 4: Regulatory Actions - The company received a notice from the China Securities Regulatory Commission regarding an investigation for failing to disclose periodic reports on time [9]. - The company’s proactive delisting is seen as a measure to protect the interests of minority shareholders amid ongoing operational uncertainties [8]. Group 5: Industry Context - Other companies in the A-share market, such as AVIC Capital (600705) and Yulong Co. (601028), have also voluntarily delisted due to significant operational uncertainties, including deteriorating performance and liquidity pressures [10].