Core Insights - As of July 31, 2025, there are a total of 5,427 listed companies in China's domestic stock market, distributed across the Shanghai, Shenzhen, and Beijing stock exchanges with 2,285, 2,873, and 269 companies respectively [1] Company Statistics - Among the listed companies, 5,188 are A-share companies, 8 are B-share companies, and 231 companies have multiple share types such as A+B or A+H [3] - The distribution of companies by ownership shows that state-controlled companies account for 27% while non-state-controlled companies make up 73% [3] Industry Breakdown - The top three industries by the number of listed companies are manufacturing, information transmission/software and IT services, and wholesale and retail, with manufacturing companies representing 68% of the total and accounting for 54% of the market capitalization [3] Market Activity - In July, the domestic market saw 8 new initial public offerings (IPOs) raising a total of 24.164 billion yuan, while 10 companies were delisted, including 9 from the main board [3] - There are currently 1,825 Chinese concept companies listed in major overseas markets [3]

Group 1 - Shenyang Bank announced its plan to delist from the Hong Kong Stock Exchange, with a cash offer of approximately HKD 29.67 billion for all circulating H-shares and HKD 39.29 billion for domestic shares, totaling around RMB 66.52 billion [3] - The offer price represents a significant premium over the last closing price of HKD 1.14 before the suspension, providing a rare exit opportunity for long-term shareholders [3] - Following the announcement, the bank's stock price surged by 11.4% to HKD 1.27 per share, with a market capitalization of HKD 112 billion [3] Group 2 - The bank's reasons for the delisting include optimizing resource allocation, as maintaining a listing incurs costs that could be redirected to business operations [4] - Trading volume for H-shares has been extremely low, with average daily trading volumes representing only about 0.0025% to 0.0345% of total issued H-shares over various periods, limiting effective financing capabilities [4] - The bank's stock price has been underperforming, declining by 4.20% from early 2025 to the suspension, while the Hang Seng Index and the mainland bank index increased by 30.05% and 28.39%, respectively [4] Group 3 - As of the end of the previous year, Shenyang Bank reported a non-performing loan ratio of 2.68%, which is higher than the industry average of 1.5% [6] - The bank's asset impairment losses have significantly decreased from previous years, with losses of RMB 31.2 billion in 2023 and RMB 17.47 billion in 2024 [6] - The bank's total assets reached RMB 11,227.76 billion, a 4% increase year-on-year, while total deposits grew by 2.6% to RMB 7,805.89 billion [6]

Core Viewpoint - *ST Tianmao, controlled by Liu Yiqian, plans to voluntarily delist after facing a risk warning and delays in disclosing its annual report, with the proposal passing at a shareholder meeting with 98.0562% approval [1][9][12]. Group 1: Shareholder Meeting Details - The shareholder meeting lasted over two hours, with significant attendance from minority shareholders, some traveling long distances to participate [1][4]. - Despite concerns raised by minority shareholders regarding the delayed annual report, the company did not provide substantial responses [1][7]. - The proposal for voluntary delisting was approved with 98.0562% of votes in favor, despite some dissenting opinions [1][12]. Group 2: Financial and Operational Context - *ST Tianmao's main business is insurance, primarily through its subsidiaries Guohua Life and Huarui Insurance, which account for 99.99% of its revenue [3]. - The company reported total assets of approximately 285.15 billion yuan, a decrease of 5.56% from the previous year, while the equity attributable to shareholders increased by 5.87% to approximately 21.80 billion yuan [2]. Group 3: Cash Option and Valuation Concerns - The cash option for shareholders is set at 1.60 yuan per share, representing a premium of about 10.34% over the last closing price before the delisting announcement [8]. - Some minority shareholders expressed concerns that the cash option price is significantly lower than the company's net asset value of 4.41 yuan per share, indicating a substantial discount [8].

Core Viewpoint - *ST Tianmao, controlled by Liu Yiqian, plans to voluntarily delist after failing to disclose its annual report and facing delisting risk warnings, with a shareholder meeting held on August 25 to vote on the proposal [1][3]. Group 1: Shareholder Meeting and Voting - The shareholder meeting lasted over two hours, with many minority shareholders traveling long distances to attend, including some from Inner Mongolia [1][6]. - Despite some dissent from minority shareholders regarding the annual report issues, the voluntary delisting proposal was approved with a high vote of 98.0562% [3][10]. - A total of 6,901 shareholders attended the meeting, representing 4.26 billion shares, with 85.64% voting online [8][10]. Group 2: Financial and Operational Context - *ST Tianmao's main business is insurance, with revenue from insurance operations accounting for 99.99% of its main business income [5]. - The company reported a net asset value of 21.8 billion yuan as of the latest quarterly report, with total assets of 285.15 billion yuan, reflecting a decrease of 5.56% from the previous year [4][5]. - The cash option for shareholders is set at 1.60 yuan per share, which is a 10.34% premium over the last trading day's closing price of 1.45 yuan [9][11]. Group 3: Shareholder Concerns and Reactions - Minority shareholders raised concerns about the lack of substantial responses to their questions regarding the delayed annual report and the company's operational status [2][6]. - Some shareholders expressed dissatisfaction with the cash option price, arguing it represents a significant discount compared to the company's net asset value [9][11]. - Following the announcement of the voluntary delisting, some shareholders indicated plans to exercise their rights on part of their holdings, while others chose to sell their shares [11].

Core Viewpoint - *ST Tianmao is taking steps towards voluntary delisting due to continuous performance decline and inability to meet disclosure obligations, with a significant majority of shareholders supporting this decision [1][4]. Group 1: Company Performance and Financials - The company has been experiencing ongoing losses, with a reported net profit of -6.52 billion yuan for the year, and projected losses for 2024 ranging from 5 billion to 7.5 billion yuan [4]. - The core business of *ST Tianmao, primarily through its subsidiaries in the insurance sector, has seen its revenue heavily impacted, with insurance-related income accounting for 99.99% of its main business revenue [4]. Group 2: Shareholder Actions and Market Reactions - A significant number of investors have sold their shares, with over 8,000 investors exiting since the announcement of potential delisting risks in April [2]. - Following the resumption of trading on July 8, the stock price fell sharply, reaching a low of 1.39 yuan per share, representing a decline of approximately 50% from the price before the trading halt [2]. Group 3: Delisting Process and Cash Option - The company has proposed a cash option for shareholders at a price of 1.6 yuan per share, which is a 10.34% premium over the last closing price before the suspension [3]. - The total cost for implementing this cash option is estimated at 26.07 billion yuan, with the cash option provider being a partnership linked to the company's actual controller [3]. Group 4: Regulatory and Legal Implications - The company is under investigation by the regulatory authorities for failing to disclose periodic reports, which constitutes a violation of securities law, and will face administrative penalties post-delisting [5]. - Other companies, such as Hengli Industrial and *ST Zitian, have faced similar fates due to non-disclosure of financial reports, highlighting a broader trend in the industry [5][6].

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].