值得一提的是，*ST天茂主动退市方案通过提供现金选择权设置了对异议股东及其他股东的保护机制，行权价格为1.60元/股，这一价格相较于停牌前最后 一个交易日股价溢价大约10%，预计耗资不超过26.06亿元。 中经记者 郭婧婷 北京报道 8月25日，*ST天茂2025年第一次临时股东大会在湖北召开，公司主动退市议案获得通过。在参与投票的6898名中小投资者中，九成投赞成票。这也意味 着，A股市场上申请主动退市的上市公司再添一例。 | 标题 | 时间 | | --- | --- | | *ST天茂：关于以股东会决议方式主动终止公司股票上市现金选择权派发的提示性公告 | 2025-08-27 | | *ST天茂：2025-044-关于以股东会决议方式主动终止公司股票上市现金选择权派发的提示性公告 | 2025-08-26 | | *ST天茂：2025年第一次临时股东会决议公告 | 2025-08-26 | | *ST天茂：董事会议事规则（202508） | 2025-08-26 | | *ST天茂：公司股票可能被终止上市的第七次风险提示公告 | 2025-08-26 | | *ST天茂：股东会议事规则（202508） ...

中经记者 郭婧婷 北京报道 8月25日，*ST天茂2025年第一次临时股东大会在湖北召开，公司主动退市议案获得通过。在参与投票 的6898名中小投资者中，九成投赞成票。这也意味着，A股市场上申请主动退市的上市公司再添一例。 这一场备受市场关注的股东大会，源于8月8日晚间*ST天茂连发的14条公告。在这些公告中，公司详细 披露了拟以股东大会决议方式主动终止上市的相关安排，包括终止上市原因、退市方式、后续经营计 划、并购重组与重新上市安排、股份转让机制以及异议股东保护措施等，并对退市可能对全体股东利益 造成的影响作出了分析。 由于未能按时披露2024年年报，*ST天茂被证监会立案调查。若截至9月8日仍无法披露年报，公司将面 临强制退市。尽管市场对其退市已有预期，但选择主动退市的方式仍略显意外。 值得一提的是，*ST天茂主动退市方案通过提供现金选择权设置了对异议股东及其他股东的保护机制， 行权价格为1.60元/股，这一价格相较于停牌前最后一个交易日股价溢价大约10%，预计耗资不超过 26.06亿元。 8月25日，股东大会召开的当天A股出现历史上第二次成交额突破3万亿元。在A股火热当下，困于天茂 的中小股东面临两难： ...

有券商人士认为，目前，*ST天茂业绩持续下滑，陷入亏损状态，年报"难产"，无法完成法定信息披露 义务，公司已不满足上市条件，退市是对资本市场秩序的维护和投资者合法权益的保护。公司主动退市 方案设置了现金选择权以保护投资者的利益，但后续监管部门将对公司信息披露违法行为作出处罚，公 司仍将依法承担行政、民事法律责任。 高票通过主动退市议案 8月25日下午，上海证券报记者在临时股东会的会场外看到，门前摆放着写有"出席天茂实业集团2025年 第一次股东会的来宾请上二楼会议室"的指示牌。据现场参与投票的一名中小投资人表示，本次临时股 东会由公司总经理、董秘龙飞主持，公司董事长刘益谦并未出席。 ◎丁鹏 记者 荆淮侨 8月25日晚间，*ST天茂发布公告，公司2025年第一次临时股东会已审议通过《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》。公司将在股东会做出终止上市决议后15个交易日内向深圳证券交 易所提交主动终止上市申请。 据披露，出席会议的股东及股东授权委托代表人数共6901人，代表股份4263232432股，占公司有表决权 股份总数的86.9313%。其中，中小股东代表6898人，代表股份988439555 ...

（原标题：000627，主动退市通过） 【导读】*ST天茂8月25日召开的临时股东会审议通过了公司主动终止上市的议案 见习记者 夏天 *ST天茂（证券代码：000627）主动退市迎关键进展。在8月25日召开的临时股东会上，参会股东以压 倒性多数的投票结果，审议通过了公司主动终止上市的议案。 8月25日晚间，*ST天茂发布公告称，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）同意的比例为91.62%。 *ST天茂称，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。 根据相关规则，*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。因此，中小股东的投票结果成为公司能否 主动退市的"关键变量"。 从8月25日的投票结果来看，中小股东（持股5%以下股东）同意的比例高达91.62%。 这意味着，*ST天茂最后一个交 ...

【导读】*ST天茂8月25日召开的临时股东会审议通过了公司主动终止上市的议案 见习记者 夏天 *ST天茂 （证券代码：000627）主动退市迎关键进展。在8月25日召开的临时股东会上， 参会股东以压倒性多数的投票结果，审议通过了公司主动终止上市的议案。 8月25日晚间，*ST天茂发布公告称，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）同意的比例为91.62%。 *ST天茂称，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。 这意味着，*ST天茂最后一个交易日定格在8月13日，超11万名股东后续将享有1.60元/股的 现金选择权。 | 到价提醒 筹码 | O 1 22 | | 000627 *ST天茂 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 设置均线~ | | | | | | | | | ...

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 - *ST Tianmao has chosen to voluntarily delist due to the risk of forced delisting, as the company faces significant uncertainties and aims to protect the interests of minority shareholders [1][2]. Group 1: Delisting Decision - The company announced its decision to voluntarily withdraw its A-share listing on the Shenzhen Stock Exchange and will apply to transfer to the National Equities Exchange and Quotations (NEEQ) for management in the delisting segment [1]. - The decision was made after the company failed to disclose its 2024 annual report and 2025 Q1 report within the legal timeframe, leading to a two-month suspension of trading [2]. Group 2: Cash Option for Shareholders - The company has provided a cash option for shareholders to sell their shares at a price of 1.60 yuan per share to Jingmen Weituo Hongcheng Management Partnership [1]. - The cash option's registration date is set for September 2, 2025, allowing shareholders an exit opportunity [1]. Group 3: Investor Protection - Voluntary delisting allows the company to maintain some control over the re-listing process, as it can apply for re-listing at any time if it meets the necessary conditions, unlike companies that are forced to delist [3]. - The provision of a cash option is intended to protect investors from greater financial losses during the transition to the NEEQ market [3]. Group 4: Cash Option Pricing Concerns - The cash option price of 1.60 yuan per share is considered low and does not align with the company's net asset value of 4.41 yuan per share as per the last quarterly report [4][5]. - The stock price has been under pressure due to the company's inability to disclose financial reports and ongoing investigations, leading to a significant drop from 3.38 yuan to a low of 1.35 yuan [4].

Core Viewpoint - *ST Tianmao (000627) has announced its intention to voluntarily delist, becoming the first insurance company to initiate a voluntary delisting process in 2025, amid a critical situation where it faces mandatory delisting warnings [2][9]. Group 1: Voluntary Delisting Process - The company plans to protect the rights of its 111,900 minority shareholders by providing a cash exit option through a shareholder meeting resolution, distinguishing it from mandatory delisting which could lead to total loss for investors [2][4]. - The voluntary delisting proposal requires approval from two-thirds of the voting rights, including two-thirds from minority shareholders holding less than 5% [4][5]. - The cash exit option is set at a price of 1.60 CNY per share, representing a 10% premium over the last trading price of 1.45 CNY per share before suspension, with a total potential payout not exceeding 2.606 billion CNY for up to 1.629 billion shares [7][8]. Group 2: Shareholder Dynamics - The controlling shareholder, New Liyi Group, and the actual controller Liu Yiqian hold 3.275 billion shares, accounting for 66.78% of the total share capital, making minority shareholders crucial in the decision-making process for the delisting [5][6]. - As of July 18, 2025, the company had approximately 111,900 shareholders, with minority shareholders being pivotal in determining the outcome of the voluntary delisting proposal [5][6]. Group 3: Regulatory and Financial Context - The delisting crisis stems from the company's failure to disclose its 2024 annual report and 2025 quarterly report within the legal timeframe, leading to a risk warning and potential mandatory delisting by September 8, 2025 [10][12]. - The company has received a notice from the China Securities Regulatory Commission regarding an investigation for failing to disclose periodic reports on time, indicating that delisting does not exempt the company or its executives from regulatory accountability [12].

Core Viewpoint - *ST Tianmao has announced its intention to voluntarily delist from the A-share market due to ongoing financial difficulties and a prolonged inability to disclose annual reports, leading to a significant decline in stock price and market value [1][6][7]. Group 1: Company Background - *ST Tianmao, established in 1993 and listed on the Shenzhen Stock Exchange in 1996, is primarily an investment holding company engaged in insurance business through its subsidiaries Guohua Life and Huarui Insurance [3][4]. - The company is controlled by Liu Yiqian, who holds 10.47% of the shares directly and 44.56% through his holding company, New Liyi Group [3][5]. Group 2: Financial Performance - The company reported revenues of approximately 495.83 billion, 496.16 billion, and 496.99 billion from 2021 to 2023, with corresponding net profits of 4.71 billion, 2.74 billion, and a loss of 6.52 billion [7]. - A forecast for the 2024 fiscal year indicates a potential loss between 5 billion and 7.5 billion [7]. Group 3: Delisting Process - The decision to delist requires approval from at least two-thirds of the voting rights at the shareholders' meeting, which introduces uncertainty regarding the outcome [3]. - The stock has been suspended since May 6 due to the failure to disclose the 2024 annual report and the 2025 quarterly report, leading to a risk warning and a name change to *ST Tianmao [6][7]. Group 4: Market Context and Strategic Considerations - The competitive landscape of the A-share market is described as exceptionally fierce, with the company potentially lacking core competitiveness, which may hinder its ability to attract investors and maintain stock price [8]. - The voluntary delisting may be part of a broader strategic shift aimed at restructuring and improving financial health, allowing the company to operate away from public scrutiny [8].

Core Viewpoint - *ST Tianmao plans to voluntarily delist from the A-share market and transfer to the national SME share transfer system after the delisting, marking the third company to propose voluntary delisting in the A-share market this year [1][6]. Company Overview - *ST Tianmao, established in 1993 and listed on the Shenzhen Stock Exchange in 1996, is an investment holding company primarily engaged in insurance business through its subsidiaries Guohua Life and Huarui Insurance [4]. - The company is controlled by Liu Yiqian, who holds 10.47% of the shares directly, while his group, Xinliyi Group, holds 44.56% [4][5]. Financial Performance - As of August 6, prior to suspension, *ST Tianmao's stock price was 1.45 CNY per share, with a total market capitalization of approximately 71.11 billion CNY [4]. - The company reported revenues of approximately 495.83 billion CNY, 496.16 billion CNY, and 496.99 billion CNY for the years 2021 to 2023, respectively, with corresponding net profits of 4.71 billion CNY, 2.74 billion CNY, and a loss of 6.52 billion CNY in 2023 [7]. - The company anticipates a loss of 500 million to 750 million CNY for the 2024 fiscal year [8]. Delisting Rationale - The decision to voluntarily delist is seen as a strategy to mitigate negative public exposure and market volatility due to ongoing performance issues, allowing the company time to adjust its business strategy and improve its financial situation [8]. - The competitive landscape of the A-share market is described as exceptionally fierce, with the company potentially lacking core competitiveness in its industry, making continued trading challenging [8].