■ 谢若琳 8月8日晚间，*ST天茂公告宣布，选择主动退市，这也是今年第三例主动退市案例。 危机在四个月前已现端倪。4月底，*ST天茂未能如期披露2024年年报和2025年一季报，这一异常举动 立即引发监管关注。5月5日，*ST天茂公告称，公司因涉嫌未按期披露定期报告，被证监会立案调查。 两个月后的7月8日，公司被实施退市风险警示，股票简称由"天茂集团"变更为"*ST天茂"。根据规定， 若9月6日前公司仍无法披露年报，将面临强制退市。于是，主动退市成为*ST天茂综合考虑下的首选。 主动退市常态化也是A股走向成熟的必经之路。过去A股市场以强制退市为主，自新"国九条"提出"加大 退市监管力度"以来，监管层面不断畅通多元化退市渠道，鼓励支持市场化的退市方式，越来越多的上 市公司选择主动退市。 今年，已经有5家上市公司"主动离场"。其中，*ST天茂、玉龙股份、中航产融3家公司选择主动退市； 中国重工、海通证券则因吸收合并退市。而主动退市的上市公司大多设置现金选择权，如*ST天茂的现 金选择权的行权价格为1.60元/股，较停牌前收盘价（1.45元/股）溢价10.34%。 上市公司不仅要能"退得下"，更要力争"退得稳"。 ...

Group 1 - *ST Tianmao announced its decision to voluntarily delist, marking the third case of voluntary delisting this year [1] - The crisis for *ST Tianmao became apparent four months prior when it failed to disclose its 2024 annual report and 2025 Q1 report on time, leading to regulatory scrutiny [1] - The company was placed under delisting risk warning on July 8, and if it could not disclose its annual report by September 6, it would face mandatory delisting [1] Group 2 - Voluntary delisting is seen as a strategic choice for controlling shareholders, allowing them to avoid greater risks and seek future development [2] - The process of voluntary delisting offers high controllability, enabling companies to manage timelines and handle shareholder communications effectively [2] - It significantly reduces ongoing costs associated with maintaining a listing, alleviating compliance burdens and public scrutiny [2] Group 3 - The capital market's essence is to serve as a platform for resource allocation, necessitating an effective mechanism for "survival of the fittest" to guide value investment [3] - As capital market reforms deepen, the number of delisting cases is expected to increase, promoting a healthier market ecosystem [3] - Market participants must collaborate, with companies focusing on core competencies, intermediaries ensuring financial information accuracy, and investors enhancing risk recognition [3]