终止上市是利好还是利空，主要看是主动退市还是强制退市，两者之间有明显差异，具体情况如下： 一.主动上市原因及影响： 1. 典型情况：大股东或企业管理层认为股价被低估，需回购市场流通股。 2. 影响：通常溢价回购，股东会短期获利，公司可减少信息披露成本，灵活调整战略。 二.强制退市原因及影响： 1. 触发原因：公司财务不达标，或存在重大违法行为。 2. 影响：退市前可能持续跌停，且在退市后股票无法公开交易，散户难以退出。 2. 影响：可拓宽融资渠道，但需重新适应市场规则，并可能面临流动性差异带来的短期股价震荡。 四.吸收合并退市原因及影响： 1. 典型表现：公司被大型企业收购。 2. 影响：股东获得一定补偿，资源整合后提升企业长期价值。 五.对上市公司影响： 1. 主动私有化：短期内企业需积极回购股份，长期看，灵活性更高，并可能重新上市。 2. 强制退市：对公司声誉造成影响，并伴随融资困难，破产风险升高一系列麻烦。 三.转板退市原因及影响： 1. 典型情况：公司股票由A股转往港股上市。 1. 强制退市：退市整理期30天可卖出，但流动性极差。转入三板市场，股价可能会归零。 2. 主动退市：私有化回购价通常会高于市 ...

9月4日晚，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，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。本次主 动终止上市尚需取得深交所终止股票上市的决定。 对于主动退市原因，*ST天茂表示，因公司拟进行业务结构调整，面临重大不确定性，可能对公司造成 重大影响。 年报"难产"是天茂集团此次主动退市的导火索。按照规定，被实施退市风险警示之日（7月7日）起的两 个月内仍无法披露2024年年报，天茂集团股票将被终止上市。 年报"难产"是天茂集团此次主动退市的导火索。 根据方案中"异议股东及其他股东保护机制"内容，刘益谦方面为*ST天茂股东提供了现金选择权，行权 价格为1.60元/股，预计耗资不超过26.06亿元。 ...

Core Viewpoint - *ST Tianmao has announced its decision to voluntarily withdraw its A-share listing from the Shenzhen Stock Exchange and will apply to transfer to the delisting section managed by the National Equities Exchange and Quotations after the termination of its listing [1][3]. Group 1: Company Actions - On August 8, *ST Tianmao first disclosed its intention to voluntarily delist, stating that it would protect the interests of investors by establishing mechanisms for dissenting shareholders and other shareholder protections [3]. - The termination of the listing was approved during the company's first extraordinary general meeting of shareholders in 2025, and the company submitted the necessary application materials to the Shenzhen Stock Exchange [3]. - *ST Tianmao has confirmed that it will maintain stable operations post-delisting and has no plans for major asset restructuring or specific timelines for re-listing after the voluntary delisting [3]. Group 2: Financial and Regulatory Issues - The company faced difficulties in disclosing its 2024 annual report and the first quarter report for 2025, leading to a delisting risk warning on July 8, 2025. If the company fails to disclose a majority of the 2024 annual report within two months of the warning, the Shenzhen Stock Exchange will terminate its listing [4]. - On May 6, *ST Tianmao received a notice from the China Securities Regulatory Commission regarding an investigation for failing to disclose periodic reports on time [4]. - 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, and it had over 111,900 shareholders as of July 18, 2025 [5][6].

Core Viewpoint - *ST Tianmao plans to voluntarily delist from the Shenzhen Stock Exchange due to difficulties in disclosing its annual report, aiming to protect shareholder interests through a resolution at the shareholders' meeting [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 company received approval for the delisting at its 2025 first extraordinary shareholders' meeting held on August 25, and subsequently submitted the delisting application to the exchange [4]. - After delisting, *ST Tianmao intends to maintain stable operations and protect shareholder rights, with no current plans for major asset restructuring or a timeline for potential relisting [4]. Group 2: Financial Reporting Issues - *ST Tianmao was unable to disclose its 2024 annual report and the 2025 first-quarter report within the legal timeframe, leading to a delisting risk warning on July 8, 2025 [6]. - If the company fails to disclose a majority of its board's assurance of the report's authenticity within two months of the delisting risk warning, the Shenzhen Stock Exchange will decide to terminate its stock listing [6]. Group 3: Regulatory Actions - On May 6, *ST Tianmao received a notice from the China Securities Regulatory Commission regarding an investigation for failing to disclose periodic reports on time [7]. Group 4: Company Background - *ST Tianmao was publicly listed in 1996 and underwent a significant ownership change in 2002 when Liu Yiqian became the actual controller after acquiring the company [8]. - The company transitioned from a pharmaceutical focus to insurance, primarily operating through its subsidiaries, Guohua Life and Huarui Insurance [8]. - As of August 13, the company's stock price was 1.58 yuan per share, with a total market capitalization of 7.7 billion yuan, and it had over 110,000 shareholders as of July 18 [8][10].

Core Viewpoint - Tianmao Group, controlled by Liu Yiqian, has decided to voluntarily delist after facing difficulties in disclosing its annual report and being subject to delisting risk warnings [1][3]. Group 1: Delisting Decision - Tianmao Group held a shareholders' meeting on August 25, where the proposal for voluntary delisting was approved with a high vote of 98.0562% [1][6]. - The company has been listed for over 20 years and announced its intention to delist on August 8, following an investigation by the China Securities Regulatory Commission [3][4]. Group 2: Shareholder Concerns - Many minority shareholders traveled long distances to attend the meeting, expressing concerns about the delay in the annual report and the company's future [1][3]. - Despite the high approval rate for the delisting, some minority shareholders voted against the proposal due to a lack of substantial responses from the management regarding their questions [1][4]. Group 3: Voting Details - A total of 17 shareholders attended the meeting in person, representing 6.39 million shares, while 6,892 shareholders participated online, representing over 4.2 billion shares [2][3]. - The voting results showed that 41.80 billion shares supported the delisting, while 806.3 million shares opposed it, and 224,000 shares were abstained [6]. Group 4: Financial Aspects - The cash option exercise price was set at 1.60 yuan per share, which is approximately 36% of the company's net asset value per share of 4.41 yuan [4][5]. - Some shareholders criticized the exercise price as being unfair, given the company's failure to disclose its annual report, which led to a non-market decline in stock price [4][5].

Core Viewpoint - *ST Tianmao has successfully passed the proposal for voluntary delisting at its first extraordinary general meeting of shareholders in 2025, with 90% of the participating small investors voting in favor, marking another case of voluntary delisting in the A-share market [1][4]. Group 1: Delisting Decision - The extraordinary general meeting held on August 25 saw 6901 shareholders present, representing 86.93% of the total share capital, with 98.06% voting in favor of the delisting proposal [4]. - The company plans to submit the application for voluntary delisting to the Shenzhen Stock Exchange within 15 trading days following the shareholders' resolution [4]. - The reason for the delisting is attributed to the need for business restructuring, which poses significant uncertainties for operations [4]. Group 2: Cash Option for Shareholders - *ST Tianmao has proposed a cash option for dissenting shareholders, with an exercise price of 1.60 CNY per share, which represents a premium of approximately 10% over the last trading day price before suspension [3][9]. - The total estimated cost for this cash option is not expected to exceed 2.606 billion CNY [10]. - The cash option is designed to protect the interests of minority shareholders, with the company emphasizing the importance of this mechanism [9][12]. Group 3: Market Context and Reactions - The A-share market experienced a record trading volume exceeding 3 trillion CNY on the day of the shareholders' meeting, highlighting the contrasting situation faced by *ST Tianmao's small shareholders [3]. - Some shareholders expressed a desire to accept the cash option to recover funds quickly, while others opposed the price, advocating for a buyback at net asset value [3][4]. - The stock price of *ST Tianmao has been under pressure, dropping significantly since the announcement of the investigation by the China Securities Regulatory Commission (CSRC) [6][12]. Group 4: Regulatory and Market Implications - The company has been under investigation by the CSRC for failing to disclose its 2024 annual report on time, which could lead to forced delisting if not resolved by September 8 [3][7]. - The trend of voluntary delisting is expected to increase in 2025 due to new regulations encouraging market-driven exits, particularly for companies facing financial difficulties [5].

Core Viewpoint - *ST Tianmao's proposal for voluntary delisting was approved at the shareholder meeting, with 90% of participating small investors voting in favor, marking another case of voluntary delisting in the A-share market [1][3]. Group 1: Delisting Proposal and Shareholder Meeting - The shareholder meeting held on August 25 saw 6901 participants, representing 86.93% of the total shares, with 6898 small investors voting, accounting for 20.16% of the voting shares [3]. - The proposal for voluntary delisting received 98.06% approval from the valid votes, with small shareholders showing a 91.62% approval rate [3]. - The company plans to submit the delisting application to the Shenzhen Stock Exchange within 15 trading days following the shareholder meeting [3]. Group 2: Reasons for Delisting and Financial Status - The delisting is attributed to the company's need for business restructuring due to significant uncertainties affecting operations [3]. - *ST Tianmao has been under investigation by the China Securities Regulatory Commission (CSRC) for failing to disclose the 2024 annual report on time, leading to a 50% drop in stock price and over half of its market value lost [5][6]. - The company projected a net loss of 500 million to 750 million yuan for 2024, primarily due to increased reserve provisions from its subsidiary, Guohua Life [6]. Group 3: Cash Option for Shareholders - The company has set a cash option for dissenting shareholders at a price of 1.60 yuan per share, which represents a premium of approximately 10% over the last trading day's closing price of 1.45 yuan [7][9]. - The total estimated cost for this cash option is not expected to exceed 2.606 billion yuan, covering up to 1.629 billion shares [8]. - The cash option is designed to protect minority investors, but concerns about the reliability of funds and post-delisting liquidity have been raised [2][9]. Group 4: Market Context and Expert Opinions - The A-share market experienced a record trading volume exceeding 3 trillion yuan on the same day as the shareholder meeting, highlighting the challenging environment for *ST Tianmao's investors [2]. - Experts suggest that the design of the cash option aims to garner support from small shareholders, but caution is advised regarding the risks associated with the company's financial reliability and potential regulatory repercussions [2][9]. - The increasing number of voluntary delistings in 2025 is seen as a response to stricter regulations and market-driven reforms [4].

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 the proposal passing at a shareholder meeting with 98.0562% approval [1][9][11]. Group 1: Shareholder Meeting Details - The shareholder meeting lasted over two hours, with many minority shareholders traveling long distances to attend, raising concerns about the delayed annual report [1][4]. - Despite some dissent, the proposal for voluntary delisting was approved, with 6901 shareholders present, representing 4.263 billion shares, or 86.9313% of the total voting shares [6][11]. - The voting results showed 4.180 billion shares in favor, accounting for 98.0562% of the valid votes, while 8063 million shares opposed, representing 1.8913% [13]. Group 2: Financial and Operational Context - *ST Tianmao's total assets decreased by 5.56% from the previous year, amounting to approximately 285.15 billion yuan, while the equity attributable to shareholders increased by 5.87% to about 21.80 billion yuan [2]. - The company primarily engages in insurance business through subsidiaries, with insurance-related revenue constituting 99.99% of its main business income [4]. Group 3: Cash Option and Shareholder Concerns - The cash option for shareholders is set at 1.60 yuan per share, which represents a premium of approximately 10.34% over the last trading day's closing price of 1.45 yuan [8]. - Some minority shareholders expressed concerns regarding the cash option price, noting it is only about 36% of the company's net asset value of 4.41 yuan per share, indicating a significant discount [8].

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][8][9]. Group 1: Delisting Proposal - The voluntary delisting proposal was approved at a shareholder meeting held on August 25, with 6901 shareholders present, representing 4.26 billion shares, or 86.9313% of the total voting shares [5][8]. - Despite some dissent from minority shareholders regarding the annual report delays, the proposal received overwhelming support, with 41.80 billion shares voting in favor, accounting for 98.0562% of the votes [9]. Group 2: Cash Option for Shareholders - The company has arranged a cash option for shareholders, with a strike price of 1.60 yuan per share, which represents a premium of approximately 10.34% over the last closing price of 1.45 yuan before the delisting announcement [6][9]. - Some minority shareholders expressed concerns about the fairness of the cash option price, noting it is only about 36% of the company's net asset value per share of 4.41 yuan [6]. Group 3: Company Background and Financials - *ST Tianmao has been listed since 1996 and primarily engages in insurance business through its subsidiaries, with insurance-related revenue constituting 99.99% of its main business income [2][3]. - As of the third quarter of 2024, the company reported a net asset value of 21.8 billion yuan [1].

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 the proposal approved by 98.0562% of shareholders at a meeting on August 25 [2][8][11]. 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 [2][5]. - Despite some dissent, the proposal for voluntary delisting was passed with 98.0562% approval, with 41.80 billion shares in favor [9][11]. - A total of 6,901 shareholders attended the meeting, representing 4.26 billion shares, while 6,892 participated via online voting, representing over 4.2 billion shares [6][9]. Group 2: Financial and Operational Context - *ST Tianmao's main business is insurance, with revenue from this sector accounting for 99.99% of its total income [4]. - 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 about 21.80 billion yuan [3]. Group 3: Cash Option and Shareholder Concerns - The cash option for shareholders is set at 1.60 yuan per share, which is a 10.34% premium over the last closing price of 1.45 yuan before the delisting announcement [7]. - Some minority shareholders expressed concerns about the fairness of the cash option price, which is only about 36% of the company's net asset value of 4.41 yuan per share [7].