Core Viewpoint - The company *ST Tianmao plans to voluntarily delist from the Shenzhen Stock Exchange due to significant uncertainties in its business restructuring, which may have a major impact on the company and its shareholders [1][2] Group 1: Company Actions and Financial Situation - The company announced a cash option for shareholders at a price of 1.6 yuan per share, with an estimated total cost not exceeding 26.07 billion yuan to acquire up to approximately 1.629 billion shares, representing about 33% of the total share capital [1] - The company has been under delisting risk warning since July 8 due to failure to disclose its 2024 annual report and the first quarter report for 2025 within the stipulated time [1][2] - The stock price has significantly declined from over 3 yuan to as low as 1.35 yuan, currently standing at 1.58 yuan as of August 13 [2] Group 2: Investor Decision-Making - Investors face three scenarios for decision-making: significant losses reported, normal operations of the main subsidiary despite losses, or severe losses necessitating drastic measures like delisting [3] - The lack of timely financial reports has severely limited investors' ability to make rational decisions [3][4] Group 3: Risks and Concerns - There is a concern that the company's financial difficulties may lead to a situation where the actual controller acquires shares at a low cost due to the forced selling of shares by investors facing delisting risks [4] - The total assets of Tianmao Group exceed 280 billion yuan, with financial investments amounting to 122.9 billion yuan, indicating that slight changes in discount rates could lead to significant value fluctuations [4] - The planned acquisition price implies a total valuation of only 7.8 billion yuan, raising questions about the fairness of the transaction [4]

Core Viewpoint - Tianmao Group is facing delisting risks due to failure to disclose its 2024 annual report and Q1 2025 report on time, leading to a choice of voluntary delisting to protect investors [1][4] Group 1: Company Financial Situation - The company announced a projected loss of 500 million to 750 million yuan for 2024, which caused a significant drop in stock price, although it only fell by 5.54% on the announcement day [2] - The stock price has continued to decline, reaching as low as 1.35 yuan, and was at 1.58 yuan as of August 13 [1] - The actual controller has taken responsibility, offering investors a cash option to mitigate losses, with a buyback price set at 1.6 yuan per share, potentially costing up to 2.607 billion yuan [4] Group 2: Investor Decision-Making - Investors face three scenarios: continued holding due to potential recovery, accepting cash options due to severe losses, or uncertainty leading to forced selling at low prices [2][3] - The lack of timely financial disclosures has severely impacted investors' ability to make informed decisions, leading to fears regarding delisting and stock performance [3] Group 3: Market Implications - The company’s total assets exceed 280 billion yuan, with financial investments amounting to 122.9 billion yuan, indicating that slight changes in discount rates could lead to significant financial impacts [3] - The valuation of Tianmao Group is concerning, with a net asset value of 21.8 billion yuan, while the buyback plan suggests a total valuation of only 7.8 billion yuan, raising questions about the fairness of the transaction [5]

每经评论员 杜恒峰 缺少财报方面的关键信息，投资者便难以作出最理性的决策。天茂集团是一家控股公司，旗下国华人寿 才是其经营主体。目前，投资者可基于三种情形进行决策：一是1月21日公司公告2024年预亏5亿元~7.5 亿元，尽管亏损额较大，但当天股价仅下跌5.54%，次日则出现涨停，此后年报难产使得相关数据的可 信度大打折扣。二是国华人寿业绩亏损较大，但整体运营正常（8月5日的公告称"公司正常经营"），考 虑到保险公司的长久期负债对利率高度敏感，这些亏损可能只是账面情况而非现金流亏损，一旦利率企 稳，业绩或将反弹。三是国华人寿业绩亏损过于巨大，需要通过天茂集团退市这样的特殊措施来挽救局 面。笔者认为，如果是情形一和情形二，继续持股似乎相对合理一些；若是情形三，则行使现金选择权 相对有利。 当然，对投资者而言，还会存在另一种假设：年报难产导致股价跌至低位，退市风险倒逼投资者卖出手 中的低价筹码，实控人借此以最低成本获得上市公司尽可能多的股权，年报实际上被异化成达成这一目 的的工具。无论属于上述哪种情形，投资者的知情权都受到了极大损害，未来在对退市决议进行投票 时，他们内心更多的是对未知信息和退市风险的恐惧，而无法 ...

金融界8月12日消息 港交所重磅出手，中国恒大遭退市！ 12日晚间，一直处于停牌状态的中国恒大突然发布公告。中国恒大表示，于2025年8月8日公司收到联交 所发出的信函，表示基于本公司未能满足联交所对其施加的复牌指引中的任何要求，且股份一直暂停买 卖并未于2025年7月28日之前恢复买卖，联交所的上市委员会根据上市规则第6.01A(1) 条已决定取消本 公司的上市地位。 公告显示，2025年8月22日是中国恒大上市的最后一天，8月25日上午9时起取消股份上市地位。 据腾讯新闻《潜望》报道称，曾从知情人士处获悉，许家印的"前妻"丁玉梅在得知内地有企业家因许家 印被边控后，随即买了机票离开香港。在此之前，她一直在香港协助有关机构进行恒大集团的债务重组 事宜。关于她身处何处，暂不知晓。 近日，一份来自香港高等法院的文书引起广泛关注。 根据3月18日香港高等法院披露的文书显示，法官高浩文审理了原告清算人与被告丁女士（以下称"丁玉 梅"）之间的两项申请。 值得注意的是，按照香港联交所的相关规定，其若停牌18个月，就将面临摘牌的风险。此前中国恒大最 后交易日是2024年1月29日，如今已经逼近18个月大限。当前，中国恒大 ...

Core Viewpoint - China Evergrande Group is set to be delisted from the Hong Kong Stock Exchange due to its failure to meet the resumption guidelines, with the last trading day on August 22, 2025, and delisting effective from August 25, 2025 [2][6]. Group 1: Delisting Announcement - On August 12, 2025, China Evergrande announced that it received a letter from the Stock Exchange indicating that it failed to meet the resumption requirements, leading to the decision to cancel its listing status [2][6]. - The last trading day for the shares will be August 22, 2025, and they will be delisted on August 25, 2025, at 9 AM [2][6]. - The company has no intention to appeal the decision made by the listing committee [2][6]. Group 2: Financial and Legal Issues - As of January 2024, China Evergrande was ordered into liquidation by the Hong Kong High Court, with debts amounting to 2.4 trillion yuan [10]. - The founder, Xu Jiayin, and several former executives have faced legal actions for financial fraud, resulting in fines and lifetime bans from the securities market for some individuals [9][10]. - The liquidators are pursuing approximately $6 billion in dividends and compensation from Xu Jiayin, his ex-wife, and former executives [11]. Group 3: Market Impact - Prior to the suspension, China Evergrande's stock price was at 0.163 HKD per share, with a total market capitalization of 2.152 billion HKD [7].

Core Viewpoint - Tianmao Group is approaching delisting as it plans to voluntarily withdraw its A-share listing on the Shenzhen Stock Exchange due to significant uncertainties arising from business restructuring [2][13]. Group 1: Delisting Process - Tianmao Group announced its intention to terminate its stock listing, with a shareholder meeting scheduled for August 25, 2025, to vote on the proposal [2][4]. - The proposal requires approval from more than two-thirds of the voting rights held by shareholders present at the meeting, excluding certain major shareholders and company executives [4]. - A cash option will be provided to eligible shareholders, allowing them to receive cash compensation for their shares at a price of 1.60 yuan per share, with a total potential payout of approximately 2.6 billion yuan if all eligible shares are exercised [5]. Group 2: Financial Performance - Tianmao Group has faced poor financial performance, reporting a revenue of 49.699 billion yuan in 2023, a slight increase of 0.17% year-on-year, but a net loss of 0.652 billion yuan, reversing from a profit of 0.274 billion yuan in 2022 [8][9]. - For the first three quarters of 2024, the company reported a revenue of 33.596 billion yuan, a decline of 18.43% year-on-year, with a net loss of 0.333 billion yuan [8]. - The company anticipates a revenue of 40 to 43 billion yuan for 2024, down from 49.699 billion yuan in 2023, with expected net losses between 0.5 billion and 0.75 billion yuan [8][9]. Group 3: Reporting Issues - Tianmao Group has been unable to release its 2024 financial report, which has contributed to its delisting risk, as the company failed to disclose necessary information by the regulatory deadline [10][12]. - The company has issued multiple risk warnings regarding the potential termination of its stock listing due to the ongoing delays in financial reporting [10][12]. - As of now, the financial report for 2024 remains unpublished, further complicating the company's situation [11].

本文字数：1700，阅读时长大约4分钟 作者 |第一财经周斌 继玉龙股份、中航产融后，A股又一家上市公司拟主动退市。 近日，*ST天茂发布公告称，公司拟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。不过，目前以股东会决议方式主动退市尚需股东表决通 过。 2025.08.11 在计划主动退市前，*ST天茂已经因无法在法定期限内披露2024年年报和2025年一季报，被实施退市风险预警。 从业绩情况来看，近年来该公司净利润持续亏损，资产负债率超过85%。据*ST天茂2024年度业绩预告，该公司去年归母净利润预计亏损5亿-7.5亿元。 *ST天茂拟主动退市 因财报"难产"拉响退市风险预警一个月后，*ST天茂作出了主动退市的决定。 根据*ST天茂近日公告，该公司第十届董事会第四次会议审议通过了《关于以股东会决议方式主动终止公司股票上市事项的议案》，拟以股东会决议方式 主动撤回天茂集团A股股票在深交所的上市交易。 不过，以股东会决议方式主动退市尚需出席股东会的三分之二以上股东表决通过，且还需除持股5%以上股东及董监高以外的三分之二以上中小股东通 过。 公告显示，截至8月8日，该公司控股股东新理益集团、实控人刘益谦及 ...

Core Viewpoint - *ST Tianmao has announced its intention to voluntarily delist from the Shenzhen Stock Exchange, pending approval from shareholders, following a series of financial difficulties and regulatory warnings [3][4][6]. Financial Performance - The company has reported continuous net profit losses in recent years, with a projected loss of 500 million to 750 million yuan for the 2024 fiscal year [4][13]. - From 2021 to 2023, *ST Tianmao's revenue remained relatively stable, with figures of approximately 49.58 billion yuan in 2021, 49.62 billion yuan in 2022, and 49.70 billion yuan in 2023, while net profits showed a significant decline from 4.71 billion yuan in 2021 to a loss of 6.52 billion yuan in 2023 [11][12]. Debt and Financial Health - The company's asset-liability ratio has exceeded 85%, reaching 87.37% as of September 30, 2024, indicating a high level of debt relative to its assets [12]. - As of August 8, 2025, *ST Tianmao's major shareholders, including its controlling shareholder, hold 66.78% of the shares, just meeting the two-thirds threshold required for the delisting vote [7][8]. Regulatory and Operational Challenges - The company faced a delisting risk warning due to its inability to disclose the 2024 annual report and the 2025 first-quarter report within the legal timeframe, leading to a suspension of its stock [4][10]. - Following a two-month suspension, the company was placed under delisting risk warning, which could lead to mandatory delisting if it fails to meet reporting requirements [10][11]. Shareholder Dynamics - The upcoming shareholder meeting will be crucial, as the approval of the delisting proposal requires a two-thirds majority vote from shareholders, excluding major shareholders and executives [6][8]. - The company has offered a cash option to dissenting shareholders at a price of 1.60 yuan per share, as part of its delisting strategy [8].

Core Viewpoint - *ST Tianmao announced the decision to voluntarily terminate its stock listing on the Shenzhen Stock Exchange and will apply to transfer to the National Equities Exchange and Quotations (NEEQ) after delisting [1] Group 1: Company Announcement - On August 8, *ST Tianmao's board approved the proposal to terminate its stock listing [1] - The stock is set to resume trading on August 11, 2025, after the delisting process [1] Group 2: Financial Reporting Issues - *ST Tianmao is currently facing a delisting crisis due to its failure to disclose the 2024 annual report and the 2025 Q1 report within the legal timeframe [5] - As of August 6, the company had not yet disclosed its financial reports, and it is working to complete the necessary documentation [6] Group 3: Company Background - *ST Tianmao operates as an investment holding company primarily through its subsidiaries, Guohua Life and Huari Insurance [6] - Guohua Life, established in 2007, has total assets of 271.599 billion and net assets of 26.22 billion as of June 2023 [6] Group 4: Stock Performance - Since July 8, *ST Tianmao's stock has dropped over 40%, currently priced at 1.45 yuan per share, with a total market capitalization of 7.1 billion [6] - Recently, the stock has shown signs of recovery with a two-day increase of over 4% [6]

Core Viewpoint - Yulong Co., Ltd., a gold concept stock with a market value exceeding 10 billion, has announced its voluntary delisting from the Shanghai Stock Exchange to transition to the "delisting board" of the New Third Board due to poor operating conditions and deteriorating cash flow [1][3]. Group 1: Company Announcement and Leadership Changes - Yulong Co., Ltd. will resume trading on the New Third Board starting March 24, following its announcement to delist [1]. - The company also announced the resignation of Chairman Niu Lei for personal reasons, after which he will no longer hold any position within the company [1]. Group 2: Financial and Operational Challenges - The company cited significant uncertainties in its operations and ongoing cash flow issues, leading to the decision to withdraw its A-share listing [3]. - Yulong Co. is implementing a cash option mechanism to protect minority shareholders, with a proposed exercise price of 13.2 yuan per share, slightly above the last closing price before suspension [3][4]. - The total amount for the cash option is expected to be nearly 7.3 billion yuan, covering up to 553 million shares, excluding shares held by the controlling shareholder [4]. Group 3: Legal and Debt Issues - Yulong Co. faces multiple lawsuits and arbitration disputes, resulting in the freezing of core assets and increasing debt risks [5]. - The company has approximately 495 million yuan in unpaid debts, leading to the freezing of bank deposits and receivables [5]. - The company is also facing claims related to unpaid acquisition costs for a graphite mine in Mozambique, totaling 8.5 million Australian dollars [5]. Group 4: Project Viability and Market Conditions - Yulong Co.'s projects, including the Shaanxi Vanadium Mine and the Australian Pakingo project, are struggling with cash flow and operational viability [6]. - The company has invested 240 million yuan in the Vanadium Mine, which is still in the early stages of construction and requires an additional 500-600 million yuan for completion [6]. - The market conditions for quartz sand, a primary revenue source, are declining, significantly impacting future operations [6]. Group 5: Historical Financial Performance - Yulong Co. reported fluctuating net profits from 2020 to 2023, with a notable drop in 2022 followed by a recovery in 2023, achieving a net profit of 445 million yuan, a year-on-year increase of 52.9% [6][8]. - The company's revenue for the first three quarters of the previous year was 1.3 billion yuan, a decrease of 19.87% year-on-year, with a net profit decline of 21.03% [8].