Biocause Pharma(SZ:000627) 证券时报·2025-08-13 13:47Core Viewpoint - *ST Tianmao plans to voluntarily withdraw its A-shares from the Shenzhen Stock Exchange and transfer to the National Equities Exchange and Quotations (NEEQ) after delisting, with a shareholder meeting scheduled for August 25, 2025, to vote on this decision [1][6]. Summary by Sections Company Announcement - On August 13, *ST Tianmao announced its decision to withdraw its A-shares from trading, with the stock suspension starting on August 14, 2025, following the shareholder meeting [1][2]. - The company aims to protect minority shareholders' interests by implementing a cash option for eligible shareholders at a price of 1.60 yuan per share, contingent on the approval of the delisting proposal [4][6]. Business Structure Adjustment - The company is undergoing a business structure adjustment due to significant uncertainties that may impact its operations, prompting the decision to withdraw from the stock exchange [4][7]. - The company has faced challenges in disclosing its 2024 annual report and 2025 Q1 report, leading to a risk of delisting [7][8]. Stock Performance - Following the announcement of the delisting plan, *ST Tianmao's stock hit the daily limit up on August 11, with a cumulative increase of nearly 9% over three trading days, closing at 1.58 yuan per share [4][6]. Regulatory Issues - The company is under investigation by the China Securities Regulatory Commission (CSRC) for failing to disclose periodic reports on time, which has contributed to its current delisting crisis [7][8].