Biocause Pharma(SZ:000627) IPO日报·2025-08-11 00:32Core Viewpoint - *ST Tianmao has applied for voluntary delisting from the Shenzhen Stock Exchange due to significant uncertainties arising from business restructuring, aiming to protect the interests of minority shareholders [2][5][7]. Group 1: Delisting Announcement - *ST Tianmao's board has approved a resolution to withdraw its A-share listing and will apply to transfer to the National Equities Exchange and Quotations for management in the delisting section [1]. - The company will provide cash options to shareholders, with an exercise price of 1.60 CNY per share, representing a premium of approximately 10.34% over the suspension price of 1.45 CNY [6]. Group 2: Financial Performance - The company has faced continuous declines in performance, with net profits dropping for four consecutive years, including a significant loss of 11.55 billion CNY in 2023, a year-on-year decline of 338.6% [13][14]. - From 2020 to 2023, the company's net profit attributable to shareholders decreased by 67.32%, 18.88%, 41.78%, and 337.82%, respectively [14]. Group 3: Historical Context - Established in November 1993 and listed in November 1996, *ST Tianmao primarily engages in various life insurance businesses [10]. - The company underwent significant changes in ownership and control, with New Liyi Group becoming the major shareholder in 2002 [10][11]. - The acquisition of a 43.86% stake in Guohua Life Insurance in 2016 marked a turning point, leading to substantial revenue growth, peaking at over 500 billion CNY in 2019 [12]. Group 4: Industry Context - As of 2025, a total of 24 companies have completed delisting, with various reasons including financial issues and voluntary applications [17][20]. - The primary reasons for delisting include financial performance issues and violations of regulations, indicating a challenging environment for companies in the market [20].