Core Viewpoint - *ST Tianmao, once a prominent player in the capital market, is set to voluntarily withdraw from A-share trading due to a prolonged "annual report crisis" and significant financial losses, leading to a drastic decline in its stock price and market value [1][2][3] Company Overview - *ST Tianmao, originally established as a chemical factory in 1993, has transitioned to the financial and insurance sector, with 99.99% of its revenue derived from its subsidiaries, Guohua Life and Huarui Insurance [2] - The company has faced regulatory scrutiny after failing to disclose its annual report on time, resulting in a stock price drop of over 50% since late April [2][3] Financial Performance - The company is projected to incur a loss of between 500 million to 750 million yuan for the year 2024, attributed to a declining interest rate environment affecting its life insurance subsidiary [9][10] - The latest financial data indicates a significant drop in revenue, with expected operating income between 4 billion to 4.3 billion yuan, down from approximately 4.97 billion yuan in the previous year [10] Voluntary Delisting Decision - On August 8, *ST Tianmao announced its intention to voluntarily delist, citing business restructuring and significant uncertainties that could impact the company [3][6] - The decision requires approval from the shareholders' meeting, with a cash option offered to shareholders at a price of 1.60 yuan per share, representing a 10% premium over the current stock price [1][12] Shareholder Dynamics - The controlling shareholder, Liu Yiqian, and associated entities hold approximately 66.78% of the company's shares, which is just above the two-thirds threshold needed for the delisting vote [11] - The company has approximately 111,900 shareholders, many of whom face difficult choices regarding accepting the cash option or retaining their shares [12][15] Regulatory Implications - Even after delisting, *ST Tianmao will remain a public company and must continue to fulfill its reporting obligations, with potential legal repercussions for past regulatory violations [15]

Core Viewpoint - *ST Tianmao, a company controlled by Liu Yiqian, plans to voluntarily withdraw from A-share trading due to ongoing financial difficulties and a "annual report crisis" that has led to a significant drop in stock price and market capitalization [3][5][12]. Group 1: Company Background and Financial Issues - *ST Tianmao, originally a chemical factory, has transitioned to the financial and insurance sector, with 99.99% of its revenue coming from its subsidiaries, Guohua Life and Huarui Insurance [4]. - The company has faced a "annual report crisis" since April 2023, leading to a 50% drop in market capitalization and a stock price decline from 3.38 yuan to 1.45 yuan [4][12]. - The company is expected to report a loss of 500 million to 750 million yuan for 2024, primarily due to declining interest rates affecting its insurance subsidiary [8]. Group 2: Voluntary Delisting and Shareholder Impact - The decision to voluntarily delist requires approval from at least two-thirds of shareholders, with the controlling shareholders already holding 66.78% of the total shares [9]. - Liu Yiqian's group has offered a cash option to shareholders at a price of 1.60 yuan per share, which is approximately 10% above the current market price, potentially costing up to 2.606 billion yuan [5][12]. - Shareholders face a difficult choice: accept the cash option and realize losses or reject it and risk greater losses if the company is forced to delist [12][13]. Group 3: Regulatory and Future Considerations - The company has stated that it has no plans for major asset restructuring or a timeline for potential re-listing after delisting [14]. - Even after delisting, *ST Tianmao will remain a public company and must continue to fulfill its reporting obligations, with ongoing regulatory scrutiny for past violations [14].

Core Viewpoint - *ST Tianmao plans to voluntarily withdraw from A-share trading due to ongoing financial difficulties and a "annual report production crisis," which has led to a significant decline in stock price and market capitalization [1][4][11] Group 1: Company Background and Financial Situation - *ST Tianmao, originally established as a chemical company, has transitioned to the financial and insurance sector, with 99.99% of its revenue coming from its subsidiaries, Guohua Life and Huarui Insurance [3][4] - The company has faced regulatory scrutiny since failing to disclose its annual report on time, resulting in a stock price drop from 3.38 yuan to 1.45 yuan, a decline of over 50% [1][15] - The company anticipates a net loss of 500 million to 750 million yuan for the 2024 fiscal year, attributed to declining interest rates affecting its life insurance subsidiary [10][11] Group 2: Voluntary Delisting and Shareholder Impact - The decision to voluntarily delist requires approval from the shareholders' meeting, with a cash option offered to shareholders at a price of 1.60 yuan per share, representing a 10% premium over the current stock price [1][12][15] - Approximately 66.78% of the company's shares are held by major stakeholders, including Liu Yiqian, which is just above the two-thirds threshold needed for the decision to pass [12][18] - Shareholders face a difficult choice: accept the cash option and realize losses or reject it and risk total loss if the company is forced to delist [16][18] Group 3: Regulatory and Market Reactions - The announcement of voluntary delisting is rare in the A-share market, as companies typically strive to avoid delisting [7] - The company has stated that it is not planning any major asset restructuring or specific timelines for re-listing after delisting [17] - Legal experts suggest that while the cash option may provide a buffer for shareholders, it could also affect their rights to claim compensation for past regulatory violations [19][20]