Biocause Pharma(SZ:000627) Zhong Guo Ji Jin Bao·2025-09-05 01:11Core Viewpoint - *ST Tianmao plans to voluntarily delist its A-shares from the Shenzhen Stock Exchange due to difficulties in disclosing its annual report and the first quarter report for 2025 [2][5]. Group 1: Delisting Process - On September 4, *ST Tianmao announced its intention to withdraw its A-shares from trading on the Shenzhen Stock Exchange through a shareholder resolution [2]. - The company had previously disclosed its plan for voluntary delisting on August 8, emphasizing the establishment of mechanisms to protect dissenting shareholders [4]. - The delisting was approved during the company's first extraordinary general meeting in 2025, and the application for delisting was submitted to the Shenzhen Stock Exchange [4]. Group 2: Financial and Regulatory Issues - *ST Tianmao's stock was placed under delisting risk warning on July 8, 2025, due to the failure to disclose the 2024 annual report and the first quarter report for 2025 within the legal timeframe [5]. - If the company fails to disclose more than half of the board members' guarantees for the 2024 annual report within two months of the delisting risk warning, the Shenzhen Stock Exchange will terminate the company's stock listing [5]. - The company is currently under investigation by the China Securities Regulatory Commission for failing to disclose periodic reports on time [5]. Group 3: Company Background - *ST Tianmao was publicly listed in 1996 and underwent a significant change in ownership in 2002 when Liu Yiqian became the actual controller after acquiring the company [5]. - The company transitioned from a pharmaceutical focus to the insurance industry, primarily operating through its subsidiaries Guohua Life and Huarui Insurance [5]. - As of August 13, 2025, *ST Tianmao's stock price was 1.58 yuan per share, with a total market capitalization of 7.7 billion yuan [6].