Biocause Pharma(SZ:000627) Mei Ri Jing Ji Xin Wen·2025-08-27 12:12Core Viewpoint - Tianmao Group, controlled by Liu Yiqian, has decided to voluntarily delist after facing difficulties in disclosing its annual report and being subject to delisting risk warnings [1][3]. Group 1: Delisting Decision - Tianmao Group held a shareholders' meeting on August 25, where the proposal for voluntary delisting was approved with a high vote of 98.0562% [1][6]. - The company has been listed for over 20 years and announced its intention to delist on August 8, following an investigation by the China Securities Regulatory Commission [3][4]. Group 2: Shareholder Concerns - Many minority shareholders traveled long distances to attend the meeting, expressing concerns about the delay in the annual report and the company's future [1][3]. - Despite the high approval rate for the delisting, some minority shareholders voted against the proposal due to a lack of substantial responses from the management regarding their questions [1][4]. Group 3: Voting Details - A total of 17 shareholders attended the meeting in person, representing 6.39 million shares, while 6,892 shareholders participated online, representing over 4.2 billion shares [2][3]. - The voting results showed that 41.80 billion shares supported the delisting, while 806.3 million shares opposed it, and 224,000 shares were abstained [6]. Group 4: Financial Aspects - The cash option exercise price was set at 1.60 yuan per share, which is approximately 36% of the company's net asset value per share of 4.41 yuan [4][5]. - Some shareholders criticized the exercise price as being unfair, given the company's failure to disclose its annual report, which led to a non-market decline in stock price [4][5].