Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced measures to enhance the protection of small and medium investors in the capital market, particularly in cases of major violations leading to forced delisting [1] Group 1: Investor Protection Measures - The CSRC emphasizes the need for controlling shareholders and actual controllers of listed companies facing major violation risks to take proactive measures, such as advance compensation, to protect investors' legitimate rights and interests [1] - There will be strengthened coordination in handling civil, administrative, and criminal cases to collectively safeguard investors' rights [1] Group 2: Delisting Procedures - The measures include protections for investors in cases where a listed company voluntarily applies for delisting or when a shareholder's offer leads to the company no longer meeting listing requirements, including the provision of cash options [1] - Companies issuing domestic listed foreign shares that intend to terminate their listing through comprehensive tender offers or shareholder resolutions will be supported in opening temporary accounts for cash option providers [1]

即使*ST天茂主动退市完成，还有多个方面的问题需要厘清。 境外成熟市场上市公司有强制退市的，也有主动退市的。相对而言，其主动退市成为主流，也比强制退 市的公司数量要多。与境外某些成熟市场相比，沪深市场的公司退市，则以强制退市为主，而主动退市 只起到"点缀"作用。 我们提倡上市公司主动退市，但对于存在问题的上市公司主动退市，强化监管显然亦是应有之义。具体 到*ST天茂而言，由于该公司至今未披露2024年年报和2025年一季报，根据深交所《股票上市规则》的 相关规定，如果9月初该公司还不披露2024年年报，将触发规范类强制退市，其退市也将板上钉钉。由 于本身存在强制退市的可能，*ST天茂欲主动退市，不失为明智的选择。但最终能否成行，还须召开股 东大会，由中小投资者表决通过才行。 前，深市主板公司*ST天茂发布公告称，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。这也意味着，沪深市场主动退市的上市公司又将增加1家。由于时至今日*ST天茂仍然没有披 露2024年报，因此该公司堪称是一家问题公司。个人以为，对于问题公司的主动退市，有必要从严监 管。 上市公司退市在近些年已成资本市场一大热门话题。随着 ...

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]

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。 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。 根据*ST天茂此前披露，截至2025年7月18日，*ST天茂的股东人数约为11.19万人。而对于此次主动退 市存在异议的股东，*ST天茂称由荆门市维拓宏程管理合伙企业(有限合伙)向其提供现金选择权，行权 价格为1.60元/股。 【*#ST天茂拟退市超11万投资者怎么办#】继玉龙股份、中航产融后，A股又一家上市公司拟主动退 市。 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。 *ST天茂曾于8月6日公告称，该公司因控股股东筹划重大事项申请股票停牌，当日收盘价为1.45元/股。 8月11日复牌后，股价开盘涨停，截至收盘报1.52元/股，上涨4.83%，总市值约75亿元。 ...

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]