Biocause Pharma(SZ:000627) 2 1 Shi Ji Jing Ji Bao Dao·2025-09-11 14:28Core Viewpoint - *ST Tianmao has applied for voluntary delisting from the Shenzhen Stock Exchange, indicating significant operational and financial challenges faced by the company [2][5]. Group 1: Delisting Application - On September 11, 2025, *ST Tianmao announced that the Shenzhen Stock Exchange has accepted its application for voluntary delisting [2]. - The application for delisting was submitted on September 4, 2025, and the company received confirmation of acceptance from the exchange on September 10, 2025 [2]. Group 2: Financial Reporting Issues - On April 29, 2025, *ST Tianmao announced a delay in the release of its 2024 annual report and the 2025 Q1 report, citing the need for further information supplementation [3]. - This delay led to a significant market reaction, with the stock experiencing multiple trading halts due to investor concerns over the company's transparency [3]. Group 3: Financial Performance and Liquidity Risks - The company is facing substantial financial pressure, with a projected loss of between 500 million to 750 million yuan for the year 2024, primarily due to increased reserves at its subsidiary, Guohua Life [4]. - Guohua Life reported a high policy surrender amount of 20.6 billion yuan in 2023, with claims rising to 21.822 billion yuan in the first three quarters of 2024, exacerbating liquidity concerns for *ST Tianmao [4]. Group 4: Business Restructuring - On August 14, 2025, *ST Tianmao announced plans to initiate a voluntary delisting process due to significant uncertainties affecting its business structure [5]. - Following the delisting, the company intends to apply for transfer to the National Equities Exchange and Quotations (NEEQ) for trading in the delisted segment [5].