9月26日晚间，天茂实业集团股份有限公司（以下简称"*ST天茂"，000627.SZ）发布公告称， 公司于9月25日收到深交所《关于天茂实业集团股份有限公司股票终止上市的决定》，深交所决 定终止公司股票上市。 制图：佘诗婕 根据相关规定，"上市公司主动终止上市的，不设退市整理期"。因此，*ST天茂股票不进入退 市整理期。公司股票将于深交所公告终止上市决定之日起五个交易日内摘牌。 公司股票终止上市后，将转入全国中小企业股份转让系统有限责任公司依托原证券公司代办 股份转让系统设立并代为管理的两网公司及退市公司板块挂牌转让。 回顾这起退市，今年8月8日，公司首次披露了主动退市的消息；9月4日，公司向深交所提交 了主动终止上市申请材料；9月10日，深交所正式受理公司股票终止上市申请；9月25日，深交所 决定终止公司股票上市。 也就是说，公司整个退市流程约耗费两个月左右。 据悉，*ST天茂成立于1993年11月，并于1996年11月在深交所主板挂牌上市，目前主要从事 人寿保险、健康保险、意外伤害保险等各类人身保险业务。 财务数据方面，*ST天茂的业绩已连续4年下降，并在近两年连续亏损。 数据显示，2020年至2023年 ...

星标 ★ IPO日报 精彩文章第一时间推送 9月26日晚间，天茂实业集团股份有限公司（以下简称"*ST天茂"，000627.SZ）发布公告称，公司于9月 25日收到深交所《关于天茂实业集团股份有限公司股票终止上市的决定》，深交所决定终止公司股票上 市。 数据显示，2020年至2023年，上市公司的归母净利润分别下降67.32%、18.88%、41.78%、337.82%。 2023年公司已经亏损，归母净利润为-6.52亿元。2024年前三季度，公司归母净利润为-3.33亿元。 根据相关规定，"上市公司主动终止上市的，不设退市整理期"。因此，*ST天茂股票不进入退市整理 期。公司股票将于深交所公告终止上市决定之日起五个交易日内摘牌。 公司股票终止上市后，将转入全国中小企业股份转让系统有限责任公司依托原证券公司代办股份转让系 统设立并代为管理的两网公司及退市公司板块挂牌转让。 回顾这起退市，今年8月8日，公司首次披露了主动退市的消息；9月4日，公司向深交所提交了主动终止 上市申请材料；9月10日，深交所正式受理公司股票终止上市申请；9月25日，深交所决定终止公司股票 上市。 制 图：佘诗婕 也就是说，公司整个退市 ...

"上市公司退市有哪些情形？最近总是看到某某公司因财务造假被强制退市，那买了这些公司股票的投 资者，要如何维护自身权利呢？" 上市公司退市，一定会向投资者赔偿吗？ 退市不必然导致上市公司及相关主体向投资者赔偿。在现行法律制度下，只有上市公司及相关主体存在 财务造假、欺诈发行等违法违规行为导致退市，投资者才有权申请损失赔偿。而且无论公司是否退市， 存在违法违规行为都要担责。 在上市公司退市过程中，投资者可通过合法途径，理性主张股东权利。对于因上市公司及相关主体违法 违规导致退市，现行制度为保护中小投资者权利提供了诸多途径。目前投资者保护工具有责令回购、先 行赔付、行政执法当事人承诺制度等，投资者也可通过调解、仲裁、诉讼维权。 我们可以将股市想象成一个大型"超市"，上市公司就是货架上的商品。监管部门就像严格的"质检员"， 一旦发现"商品"存在严重质量问题(比如财务造假、信息披露违规等)，就会依法依规将其"下架"。 退市分为两种情况，一种是公司主动提出，被称为主动退市。这是上市公司基于自身实际情况和战略考 量，主动向交易所申请退市的行为，方式有主动撤回交易、私有化、吸收合并等。 另一种是强制退市，即上市公司因不符合规 ...

2025.09.07 本文字数：1766，阅读时长大约3分钟 作者 |第一财经 周斌 封图 |AI生成 此前8月22日，福建证监局对*ST紫天财务造假出具了两份《行政处罚决定书》。根据《行政处罚决定 书》，2022年至2023年期间，*ST紫天先后通过虚构互联网广告费代充值业务、短信发送服务业务，在 云服务业务未开工、未经客户验收通过且未收到任何款项情况下提前确认营业收入等方式虚增收入 24.99亿元，虚增利润上亿元。 公告显示，该公司财务报表合并范围共有33家子公司，但仅收集3家主要子公司2024年度财务报表，未 能有效组织开展2024年年度报告编制及披露工作，导致该公司未在2024年会计年度结束之日起四个月 内，依照法律规定报送并公告2024年年度报告。截至目前，*ST紫天仍未披露2024年年度报告。 由于连续两年财务造假，并未按期披露2024年年报等违规行为，*ST紫天及其12位管理人员合计被罚 3840万元，原董事长姚小欣、财务总监李想被采取终身证券市场禁入措施。 又有两家深市公司锁定退市。近日，*ST紫天（300280.SZ）发布公告称，深交所对其依规作出终止上 市决定。另外，*ST天茂（00062 ...

Core Viewpoint - The article discusses the recent trend of delistings in the A-share market, highlighting that companies are facing stricter regulations and potential legal consequences even after delisting due to financial misconduct and other violations [3][10]. Group 1: Recent Delistings - Two companies, *ST Zitian and *ST Tianmao, have recently been involved in delisting activities, with *ST Zitian facing a forced delisting due to regulatory violations [3][11]. - As of September 7, 2023, a total of 24 companies have been delisted this year, with over 80% of these cases attributed to severe legal, financial, and regulatory breaches [3][11]. Group 2: Regulatory Actions and Consequences - *ST Zitian was found to have inflated its revenue by CNY 2.499 billion and profits by over CNY 100 million through fraudulent accounting practices, leading to administrative penalties and potential criminal charges [7][9]. - The company has been penalized a total of CNY 38.4 million, and its former chairman and CFO have been banned from the securities market for life due to their involvement in the misconduct [9]. - Following its delisting, *ST Longyu also faced significant penalties for similar financial misreporting, indicating a trend of continued regulatory scrutiny post-delistings [12]. Group 3: Market Trends and Future Implications - The article notes an acceleration in the pace of delistings, with a clear emphasis from regulators on enforcing strict delisting rules and holding companies accountable for their actions [11][12]. - The proactive delisting by *ST Tianmao, which offered cash options to dissenting shareholders, reflects a growing trend among companies to manage their exit from the market strategically [11].

继玉龙股份、中航产融、海通证券之后，又一家A股上市公司申请主动退市。 日前，天茂实业集团股份有限公司（以下简称"*ST天茂"，000627.SZ）发布公告称，公司董事会审议通过议案，同意公司以股东会决议方式主 动撤回A股股票在深交所的上市交易，并在退市之后将申请转入全国中小企业股份转让系统代为管理的退市板块转让。 对于申请退市原因，*ST天茂表示，系因公司拟进行业务结构调整，面临重大不确定性，可能对公司造成重大影响，此举是为了保护中小股东 利益。 公司公告显示，为充分保护投资者的利益，公司将设置异议股东及其他股东保护机制，本次以股东会决议方式主动终止上市事项经股东会审议 通过后，由荆门市维拓宏程管理合伙企业（有限合伙）向除新理益集团、王薇、刘益谦外现金选择权股权登记日登记在册的全体A股股东提供现金 选择权（限售或存在权利限制的股份等情形除外）。 现金选择权的行权价格为1.60元/股，较上述停牌价1.45元溢价约10.34%。股权登记日为2025年9月2日（如有调整，由公司董事会确定）。 股东可以申报现金选择权，也可以继续持有公司股票。 *ST天茂提示称，若股东会不能通过《关于以股东会决议方式主动终止公司股票上 ...

Core 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].

Core Viewpoint - The company Tuisijingang (SH600190) is set to be delisted due to serious financial misconduct, with its last trading day on July 18, 2025, and delisting effective on July 25, 2025 [1][7]. Group 1: Company Overview - Tuisijingang primarily engages in logistics services for bulk goods, including oil, chemicals, grain, coal, metal ores, and steel [5]. - The company was listed on the B-share market in May 1998 and on the A-share market in June 1999 [5]. Group 2: Financial Misconduct and Regulatory Actions - The company has faced scrutiny for financial fraud, leading to significant penalties from the Liaoning Securities Regulatory Bureau, totaling 38.6 million yuan [6][7]. - On May 29, 2025, the company received a regulatory notice from the Shanghai Stock Exchange regarding mandatory delisting due to serious violations in annual report disclosures [7]. - The stock entered a delisting preparation period on June 30, 2025, which lasted for 15 trading days, concluding on July 18, 2025 [7]. Group 3: Delisting Process and Investor Guidance - Following delisting, Tuisijingang's shares will transition to the National Equities Exchange and Quotations (NEEQ) system for trading [8]. - The company has advised investors to pay attention to announcements from the lead broker regarding share confirmation and to complete necessary account setup for trading [8].

Core Viewpoint - Qinghai Spring (referred to as *ST Spring) has been publicly reprimanded by the Shanghai Stock Exchange for failing to timely correct performance forecast data and not adequately warning the market about the risk of delisting [2][3] Group 1: Company Performance and Regulatory Issues - *ST Spring has reported continuous losses for five consecutive years, leading to its stock being marked with a delisting risk warning since April 30, 2024 [2][3] - The company’s 2024 revenue forecast was initially set between 311 million to 339 million yuan, with a critical threshold of 300 million yuan established by the exchange for delisting risk [3][4] - After inquiries from the exchange regarding a significant revenue increase, it was determined that *ST Spring's adjusted revenue for 2024 would fall below the 300 million yuan threshold [4][5] Group 2: Financial Impact and Business Strategy - The company’s white liquor business, particularly the product "Tinghua Wine," has been highlighted as a key focus for maintaining its listing status, despite a 44.05% year-on-year decline in revenue to 46.41 million yuan [6][7] - The potential revenue from Tinghua Wine, based on planned production and pricing, could theoretically reach 5.318 billion yuan, indicating its importance in the company's recovery strategy [6] - The company plans to introduce new products and enhance communication with customers to improve brand presence and product quality [6][7] Group 3: Industry Context and Challenges - The liquor industry is experiencing a significant adjustment period, with companies like Hainan Coconut Island and Lanzhou Yellow River also facing delisting risks due to performance issues [7][8] - The market is showing a trend of polarization in liquor consumption, with high-end brands consolidating while mid-range and mass-market segments expand, posing challenges for *ST Spring's high-end positioning [7]

Core Viewpoint - The article highlights the increasing number of companies facing delisting from the stock market, with *ST Jin Gang being one of the latest to receive a delisting notice due to financial issues and major violations [1][10]. Group 1: Delisting Decisions - *ST Jin Gang (600190.SH) announced it will be delisted on June 20, 2025, with the last trading date expected to be July 18, 2025 [1]. - As of June 23, 2025, a total of 10 companies have received delisting decisions and are entering the delisting preparation period [3][8]. - The delisting companies include *ST Zhongcheng, *ST Jin Gang, *ST Hengli, *ST Jiu You, *ST Gong Zhi, *ST Hai Yue, *ST Ren Le, *ST Peng Bo, *ST Long Yu, and *ST Long Jin [3][4]. Group 2: Reasons for Delisting - Among the 10 companies, 2 are facing delisting due to major violations, while 8 are due to financial issues [8][10]. - The regulatory environment has tightened, with increased scrutiny on financial fraud leading to stricter delisting standards [10][11]. Group 3: Regulatory Environment - The article notes that the regulatory authorities are adopting a "zero tolerance" approach towards financial fraud, which is reflected in the recent delisting decisions [11]. - Companies that have been found to engage in financial misconduct are facing severe penalties, reinforcing the need for compliance among market participants [11]. Group 4: Recent Delistings - Since the beginning of 2025, 13 companies have completed the delisting process in the A-share market, with various reasons including financial issues and major violations [12].