Core Viewpoint - *ST Tianmao has made significant progress in its voluntary delisting process, with shareholders overwhelmingly approving the proposal to terminate the company's stock listing at a recent extraordinary general meeting [1][2]. Group 1: Delisting Decision - On August 25, *ST Tianmao's extraordinary general meeting resulted in a 98.06% approval rate for the proposal to voluntarily terminate the company's stock listing [1]. - The company will submit the delisting application to the Shenzhen Stock Exchange within fifteen trading days following the shareholder resolution [1]. - The last trading day for *ST Tianmao was August 13, and over 110,000 shareholders will have the option to receive a cash payout of 1.60 yuan per share [1][2]. Group 2: Reasons for Delisting - The company cited business restructuring and significant uncertainties as reasons for the voluntary delisting, aiming to protect the interests of minority shareholders [2]. - The cash option provided to shareholders, excluding certain major stakeholders, is priced at 1.60 yuan per share, with an estimated total cost of 2.607 billion yuan for the company [2]. Group 3: Shareholder Voting Dynamics - The voting results from the August 25 meeting showed that 91.62% of minority shareholders (those holding less than 5% of shares) supported the delisting proposal, which was crucial for the decision [3][4]. - Historical context suggests that forced delisting often leads to significant declines in stock value, making the decision to voluntarily exit the market a prudent choice for minority shareholders [4]. Group 4: Regulatory Context - *ST Tianmao has been at risk of forced delisting due to its failure to disclose required financial reports, leading to trading suspensions and risk warnings [5][6]. - The company has issued multiple risk warnings regarding the potential termination of its stock listing if it fails to meet reporting obligations within specified timeframes [6].

Core Viewpoint - *ST Tianmao has made significant progress in its voluntary delisting process, with shareholders overwhelmingly approving the proposal to terminate the company's stock listing at a recent extraordinary general meeting [2][4]. Summary by Sections Delisting Decision - On August 25, *ST Tianmao's shareholders voted 98.06% in favor of the proposal to voluntarily terminate the company's stock listing, with 91.62% of small investors (holding less than 5% of shares) supporting the decision [4][8]. - Following the decision, the company will submit a delisting application to the Shenzhen Stock Exchange within fifteen trading days, and the stock will enter a phase of cash option distribution and settlement [4][6]. Cash Option Details - The cash option for shareholders is set at 1.60 CNY per share, with a total cost of approximately 26.07 billion CNY for the 16.29 billion shares held by shareholders other than specific major stakeholders [7][6]. - The stock price on the last trading day (August 13) was 1.58 CNY per share, slightly below the cash option price, indicating a potential incentive for shareholders to accept the cash option [7]. Reasons for Delisting - The company cited significant uncertainties and the need for business restructuring as reasons for the voluntary delisting, aiming to protect the interests of small shareholders [6][10]. - *ST Tianmao has faced risks of forced delisting due to delays in disclosing financial reports, which has led to trading suspensions and risk warnings [10][12]. Shareholder Voting Dynamics - The voting outcome on August 25 highlighted the critical role of small shareholders in the delisting process, as their approval was necessary for the proposal to pass [8][9]. - Historical context suggests that forced delisting often results in significant losses for shareholders, making the voluntary exit a strategic choice for many [9].

*ST天茂（000627）主动退市完成关键一步。 8月25日晚，*ST天茂发布《2025年第一次临时股东会决议公告》称，公司股东会审议通过了《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》，此次出席股东大会的全体股东同意比例达98.06%，其中中小投资者（持股 5%以下股东）同意比例为91.62%。 公告称，公司将在股东会做出终止上市决议后十五个交易日内向深圳证券交易所提交主动终止上市申请。公司股票 将进入现金选择权派发、行权申报、行权清算交收阶段，不再交易。 此前的8月8日晚，*ST天茂首次披露主动退市事宜，称拟以股东会决议方式主动撤回*ST天茂A股股票在深交所的上 市交易，并在股票终止上市后申请转入全国中小企业股份转让系统有限责任公司代为管理的退市板块转让。 而在此之前，因未在法定期限内披露2024年年报、2025年一季报，*ST天茂自7月8日起复牌并实施退市风险警示。 根据相关规则，如果自实施退市风险警示之日起的两个月内仍未披露2024年年报，深交所将决定终止公司股票上市 交易。 在已拉响强制退市警报后，*ST天茂主动退市之举，将持有该公司的超过11万名中小股东的权益保障问题推至台 前。 25日 ...

Core Viewpoint - *ST Tianmao is moving closer to voluntary delisting due to continuous performance decline and inability to meet disclosure obligations, with a significant majority of shareholders voting in favor of the delisting proposal [1][2][5] Summary by Sections Company Performance and Delisting - *ST Tianmao has been experiencing ongoing losses, with a reported net profit of -6.52 billion yuan in 2023 and projected losses for 2024 ranging from 5 billion to 7.5 billion yuan [5][6] - The company announced a voluntary delisting plan, with 98.0562% of votes in favor, indicating strong shareholder support for this decision [1][2] Shareholder Actions and Market Reaction - Over 8,000 investors have sold their shares since the announcement of potential delisting risks, with the stock price dropping approximately 50% to a low of 1.39 yuan per share [3][5] - The company will provide a cash option at 1.6 yuan per share, which is a 10.34% premium over the last trading price before suspension [4][5] Regulatory and Legal Implications - The company is under investigation by the China Securities Regulatory Commission for failing to disclose regular reports, which constitutes a violation of securities law [6][7] - Other companies, such as Hengli Industrial and *ST Zitian, have faced similar issues, leading to administrative penalties and delisting, indicating a broader trend in the industry [6][7]

Core Viewpoint - *ST Tianmao (000627) 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][2][4] Company Actions - On August 25, *ST Tianmao announced that its shareholders approved the proposal to voluntarily terminate the company's stock listing, with 98.06% of attending shareholders in favor, including 91.62% of minority investors [1] - The company plans to apply for delisting from the Shenzhen Stock Exchange and enter the cash option exercise phase [1] - A cash option will be provided to investors at a price of 1.6 CNY per share, which is a 10.34% premium over the last closing price before suspension [3] Financial Performance - The company reported a net loss of 652 million CNY for the year 2023, with a projected loss of 500 million to 750 million CNY for 2024 [5] - The core business, primarily insurance, accounted for 99.99% of the company's main revenue [5] Market Reaction - Following the announcement of the inability to disclose regular reports, the stock price dropped significantly, reaching a low of 1.39 CNY per share, a decline of approximately 50% from the price before the suspension [2] - Over 8,000 investors have sold their shares since the announcement of the delisting risk [2] Regulatory Context - The company is under investigation by the China Securities Regulatory Commission (CSRC) for failing to disclose regular reports within the legal timeframe, which constitutes a violation of securities law [6] - Other companies, such as Hengli Industrial Development Group and Fujian Zitian Media Technology, have faced similar issues, with Hengli already delisted and facing penalties for non-compliance [6][7]

据公告，*ST天茂主动退市议案需经股东会两个"三分之二"通过：全体股东表决权的三分之二以上，以及中小股东（持股5%以下）表决权的三分之二以 上。 由于控股股东新理益集团及实控人刘益谦家族合计持有公司32.75亿股，占总股本的66.78%。因此，中小股东将成为决定*ST天茂能否主动退市的关键。截 至2025年7月18日，*ST天茂的股东人数约为11.19万人。 临时股东会现场上证报丁鹏摄 8月25日下午，*ST天茂（000627）在湖北荆门召开2025年第一次临时股东会，审议公司以股东会决议方式主动终止上市相关议案。 据一名现场出席临时股东会的中小投资者向记者介绍，12名投资人在现场投票，有9名投资人同意主动终止上市议案，3位投资人投出反对票。 8月9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，并在股票终止上市后申请转入全国中小企业股份转让系 统有限责任公司代为管理的退市板块转让。 另据一位参会的股东介绍，在参会前他曾接到匿名电话，对方劝他投赞成票，拿到现金选择权可以减少损失。他曾追问对方的身份，也未获得正面回应。 根据此前公告，*ST天茂此次申请主动退市，对中小投资者做 ...

又一家A股上市公司宣布拟主动退市，并从今日(8月14日)起停牌。 8月13日晚间，天茂实业集团股份有限公司(以下简称"天茂集团")发布的关于本次终止上市事项的停牌 公告显示，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，并在股票终止上市后申请 转入全国中小企业股份转让系统有限责任公司代为管理的退市板块转让。 公告称，公司将于2025年8月25日召开2025年第一次临时股东会，审议公司以股东会决议方式主动终止 上市相关议案。本次股东会股权登记日为8月13日。 根据相关规则，公司股票自股东会股权登记日的次一交易日，即2025年8月14日开市起停牌。 截至8月8日，天茂集团总股本为4904139165股，控股股东新理益集团、实控人刘益谦及一致行动人王薇 合计持有天茂集团66.78%股份，刚刚达到三分之二的门槛；而另外持股33.23%的其他股东将对议案表 决通过与否起着关键作用。 天茂集团此次设置了投资者保护机制安排。公告显示，本次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 ...

Core Viewpoint - The decision of whether *ST Tianmao will voluntarily delist is crucially dependent on the votes of minority shareholders holding less than 5% of the shares, as they will play a key role in the upcoming shareholder meeting [5][8]. Group 1: Shareholder Meeting and Delisting Proposal - *ST Tianmao will hold its first extraordinary general meeting of 2025 on August 25 to discuss the proposal for voluntary delisting [3][10]. - The stock will be suspended from trading starting August 14, 2025, following the registration date for shareholders [3][10]. - The proposal requires approval from two-thirds of the voting rights of all shareholders and two-thirds of the voting rights of minority shareholders [6][10]. Group 2: Current Financial Situation and Risks - The company has not released its 2024 annual report, which poses a risk of being forced to delist [12][13]. - If the company fails to disclose the required annual report within two months after being warned, it will face mandatory delisting [14]. - The stock has been under risk warning since July 8, 2025, due to the failure to disclose financial reports [12][14]. Group 3: Shareholder Dynamics and Cash Option - As of July 18, 2025, *ST Tianmao had approximately 111,900 shareholders, with a significant portion being minority shareholders [9][8]. - A cash option is being offered to all shareholders, including dissenting ones, at a price of 1.60 yuan per share, which provides a potential exit strategy for investors [10][16]. - Following the announcement of the voluntary delisting, the stock price increased nearly 9%, closing at 1.58 yuan per share on August 13, 2025, just below the cash option price [10][16].

Core Viewpoint - Tianmao Group has announced its intention to voluntarily delist from the A-share market due to significant operational uncertainties and the inability to publish its 2024 annual report on time, which has led to considerable delisting pressure [1][4]. Group 1: Delisting Announcement - Tianmao Group's board has approved a resolution to voluntarily withdraw its A-share listing on the Shenzhen Stock Exchange, pending approval from shareholders [2]. - The delisting requires a two-thirds majority vote from shareholders, with the controlling shareholder holding 66.78% of the shares, making the support of the remaining 33.23% crucial for the resolution's passage [2][3]. Group 2: Reasons for Delisting - The company cited business restructuring and significant uncertainties as the primary reasons for the delisting decision [2]. - Tianmao Group has faced pressure due to the failure to disclose its 2024 annual report within the legal timeframe, leading to a delisting risk warning from the Shenzhen Stock Exchange [4]. Group 3: Financial Performance - Tianmao Group has reported declining performance over the years, with net profits decreasing by 67.32%, 18.88%, 41.78%, and 337.82% from 2020 to 2023, culminating in a net loss of 6.52 billion yuan in 2023 [5]. - For the first three quarters of 2024, the company has projected a net loss of 3.33 billion yuan, with expectations of a total loss between 5 billion to 7.5 billion yuan for the year [6]. Group 4: Investor Protection Mechanism - The company has established an investor protection mechanism, allowing shareholders to exercise a cash option for their shares post-delisting, ensuring they receive cash compensation for their holdings [3]. Group 5: Industry Context - Several companies have voluntarily delisted from the A-share market this year, including Haitong Securities and Yulong Co., due to operational uncertainties and financial difficulties [7]. - The trend of voluntary delisting is seen as a move to reduce "shell speculation" and optimize market ecology, reflecting the maturity of market mechanisms [8].

值得关注的是，在此次主动申请退市前，因2024年年报难产，天茂集团本身也面临着较大的退市压 力。 今年以来，A股已有多家公司主动退市。 设有投资者保护机制 A股又有一家上市公司拟主动退市。 近日，天茂实业集团股份有限公司（以下简称"天茂集团"）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须股东表决通过。 在主动申请退市前，因2024年年报"难产"，天茂集团面临着较大的退市压力。根据此前公告，天茂 集团因未在法定期限内披露2024年年报、2025年一季报，公司自7月8日起复牌并实施退市风险警示。根 据上市规则，如果自实施退市风险警示之日起的两个月内仍未披露2024年年报，深交所将决定终止公司 股票上市交易。 5月6日，天茂集团公告称，收到中国证监会下发的《立案告知书》，因涉嫌未按期披露定期报告， 5月6日，中国证监会决定对公司立案。 此后，公司在股票停牌的两个月内仍未能披露2024年年度报告和2025年第一季度报告，7月8日，公 司股票复牌并被深交所实施退市风险警示，股票简称变为"*ST天茂"。根据深交所股票上市规则，若公 司在股票交易被实施退市风 ...