Biocause Pharma(SZ:000627) 券商中国·2025-08-26 09:23Core Viewpoint - Tianmao Group has initiated the process to voluntarily delist its shares from the Shenzhen Stock Exchange, marking the beginning of its countdown to delisting due to ongoing financial difficulties and failure to publish required financial reports [1][16]. Group 1: Delisting Process - On August 25, Tianmao Group's shareholders meeting approved the resolution to voluntarily terminate the company's stock listing [3][4]. - Following the approval, the company will submit a delisting application to the Shenzhen Stock Exchange within fifteen trading days [7][10]. - The stock will enter a phase of cash option distribution, exercise declaration, and settlement, and will no longer be traded [6][10]. Group 2: Shareholder Voting - The resolution received overwhelming support, with 41.8 billion shares (98.0562% of valid votes) in favor, and only 806.3 million shares (1.8913%) against [4]. - Among minority shareholders, 9.06 billion shares (91.6191%) voted in favor of the resolution [4][5]. Group 3: Financial Performance - Tianmao Group has faced significant financial challenges, reporting a net loss of 6.52 billion yuan in 2023, a decline from a profit of 2.74 billion yuan in 2022 [12][14]. - The company anticipates continued losses in 2024, projecting revenues between 40 billion and 43 billion yuan, down from 496.99 billion yuan in 2023 [12][14]. Group 4: Reasons for Delisting - The inability to publish financial reports on time has triggered the delisting process, with the company failing to disclose its 2024 annual report and 2025 Q1 report by the legal deadline [14][15]. - The company has cited adverse market conditions and increased reserve requirements as contributing factors to its financial struggles [13].