Group 1 - The core viewpoint of the article emphasizes the importance of strict exit channels to eliminate "bad apples" and "zombie" companies in the market [1] - During the "14th Five-Year Plan" period, a total of 207 companies have been smoothly delisted [1]

Core Viewpoint - *ST Tianmao plans to voluntarily delist its A-shares from the Shenzhen Stock Exchange due to difficulties in disclosing its annual report and the first quarter report for 2025 [2][5]. Group 1: Delisting Process - On September 4, *ST Tianmao announced its intention to withdraw its A-shares from trading on the Shenzhen Stock Exchange through a shareholder resolution [2]. - The company had previously disclosed its plan for voluntary delisting on August 8, emphasizing the establishment of mechanisms to protect dissenting shareholders [4]. - The delisting was approved during the company's first extraordinary general meeting in 2025, and the application for delisting was submitted to the Shenzhen Stock Exchange [4]. Group 2: Financial and Regulatory Issues - *ST Tianmao's stock was placed under delisting risk warning on July 8, 2025, due to the failure to disclose the 2024 annual report and the first quarter report for 2025 within the legal timeframe [5]. - If the company fails to disclose more than half of the board members' guarantees for the 2024 annual report within two months of the delisting risk warning, the Shenzhen Stock Exchange will terminate the company's stock listing [5]. - The company is currently under investigation by the China Securities Regulatory Commission for failing to disclose periodic reports on time [5]. Group 3: Company Background - *ST Tianmao was publicly listed in 1996 and underwent a significant change in ownership in 2002 when Liu Yiqian became the actual controller after acquiring the company [5]. - The company transitioned from a pharmaceutical focus to the insurance industry, primarily operating through its subsidiaries Guohua Life and Huarui Insurance [5]. - As of August 13, 2025, *ST Tianmao's stock price was 1.58 yuan per share, with a total market capitalization of 7.7 billion yuan [6].

Core Viewpoint - *ST Tianmao plans to voluntarily delist its A-shares from the Shenzhen Stock Exchange due to difficulties in disclosing its annual report and will apply for transfer to the delisting board managed by the National Equities Exchange and Quotations after the delisting [2][4] Group 1: Delisting Process - On August 8, *ST Tianmao first announced its intention to voluntarily delist its A-shares from the Shenzhen Stock Exchange [4] - The delisting proposal was approved at the company's first extraordinary general meeting in 2025 on August 25, and the company submitted the delisting application to the Shenzhen Stock Exchange [4] - After delisting, *ST Tianmao aims to maintain stable operations and protect shareholders' legal rights, with no plans for major asset restructuring or specific timelines for re-listing [4] Group 2: Reporting Issues - *ST Tianmao failed to disclose its 2024 annual report and the first quarter report for 2025 within the legal timeframe, leading to a delisting risk warning on July 8, 2025 [4][5] - If the company does not disclose more than half of the board's assurance of the 2024 annual report within two months of the delisting risk warning, the Shenzhen Stock Exchange will decide to terminate the company's stock listing [4] Group 3: Company Background - *ST Tianmao was publicly listed in 1996 and underwent a significant change in ownership in 2002 when Liu Yiqian became the actual controller after acquiring the company [5] - The company transitioned from a pharmaceutical focus to the insurance industry, primarily operating through its subsidiaries, Guohua Life and Huarui Insurance [5] - As of August 13, the last trading day, *ST Tianmao's stock price was 1.58 yuan per share, with a total market capitalization of 7.7 billion yuan [5]

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]