Di Yi Cai Jing Zi Xun·2025-09-05 06:15Core Viewpoint - Tianmao Group announced its decision to voluntarily withdraw its A-share listing on the Shenzhen Stock Exchange, citing significant uncertainties due to business restructuring, which may have a major impact on the company [2]. Group 1: Voluntary Delisting - The company plans to apply for transfer to the National Small and Medium Enterprises Share Transfer System after the termination of its stock listing [2]. - The decision to voluntarily delist is pending approval from the Shenzhen Stock Exchange [2]. Group 2: Reasons for Delisting - The inability to disclose the 2024 annual report within the two-month period following the delisting risk warning on July 7 is a key trigger for the voluntary delisting [2]. - The company faces major uncertainties that could significantly affect its operations [2]. Group 3: Shareholder Protection Mechanism - The plan includes a mechanism to protect dissenting shareholders, offering cash options at a price of 1.60 yuan per share, with an estimated total cost not exceeding 2.606 billion yuan [2].