Core Viewpoint - Tianmao Group announced its decision to voluntarily withdraw its A-share listing on the Shenzhen Stock Exchange, citing significant uncertainties due to business restructuring, which may have a major impact on the company [2]. Group 1: Voluntary Delisting - The company plans to apply for transfer to the National Small and Medium Enterprises Share Transfer System after the termination of its stock listing [2]. - The decision to voluntarily delist is pending approval from the Shenzhen Stock Exchange [2]. Group 2: Reasons for Delisting - The inability to disclose the 2024 annual report within the two-month period following the delisting risk warning on July 7 is a key trigger for the voluntary delisting [2]. - The company faces major uncertainties that could significantly affect its operations [2]. Group 3: Shareholder Protection Mechanism - The plan includes a mechanism to protect dissenting shareholders, offering cash options at a price of 1.60 yuan per share, with an estimated total cost not exceeding 2.606 billion yuan [2].

Group 1 - The core reason for Tianmao Group's voluntary delisting is the difficulty in publishing its annual report, which has led to significant uncertainty regarding its business structure [1] - On September 4, Tianmao Group announced its intention to withdraw its A-share listing on the Shenzhen Stock Exchange and transfer to the National Equities Exchange and Quotations for management in the delisting segment [1] - The company faces a deadline to disclose its 2024 annual report within two months from the date of being placed under delisting risk warning (July 7), failing which its stock will be terminated from listing [1] Group 2 - The company plans to provide cash options to dissenting shareholders and other shareholders, with an exercise price set at 1.60 yuan per share, expecting to spend no more than 2.606 billion yuan [1]

Core Viewpoint - Tianmao Industrial Group Co., Ltd. has decided to voluntarily terminate its listing on the Shenzhen Stock Exchange to protect the interests of minority shareholders amid significant uncertainties in its business structure [5][6]. Group 1: Company Overview - Tianmao Group is registered with a capital of RMB 4,940.63 million and is located in Jingmen City, Hubei Province [6]. - The company was established on November 18, 1993, and operates as a public limited company [6]. Group 2: Termination of Listing Plan - The company plans to withdraw its A-share stock from the Shenzhen Stock Exchange through a resolution passed by the shareholders' meeting [6]. - Following the termination of the listing, the company will apply to transfer its stock to the National Equities Exchange and Quotations for management in the delisting section [6]. Group 3: Approval Process - The termination of the listing requires approval from more than two-thirds of the voting rights held by shareholders present at the meeting [6]. - The decision must also be sanctioned by the Shenzhen Stock Exchange [6]. Group 4: Shareholder Protection Mechanism - A cash option will be provided to dissenting shareholders who oppose the termination of the listing, allowing them to receive cash compensation for their shares [7]. - The cash option will be available to all A-share shareholders registered on the cash option record date, excluding certain major shareholders [7][8]. Group 5: Legal Compliance - The legal opinion confirms that the termination process complies with relevant laws and regulations, and the necessary internal decision-making procedures have been followed [8].

Core Viewpoint - *ST Tianmao (000627) is undergoing a significant business restructuring, leading to major uncertainties that may substantially impact Tianmao Group [1] Group 1: Business Restructuring - The company plans to withdraw its A-share listing on the Shenzhen Stock Exchange through a shareholder resolution, which will result in the stock being transferred to the delisting segment managed by the National Small and Medium Enterprises Share Transfer System [1] - The company will initiate a protection mechanism for dissenting shareholders and other shareholders, providing cash options to all A-share shareholders registered on the cash option equity registration date, excluding certain parties [1] Group 2: Stock Suspension and Delisting - The company's stock has been suspended from trading since August 14, 2025, and the decision to terminate the listing has been approved in the first extraordinary general meeting of shareholders in 2025 [1] - Following the shareholder resolution to terminate the listing, the company will submit an application for voluntary delisting to the Shenzhen Stock Exchange within fifteen trading days [1]

Core Viewpoint - *ST Tianmao plans to voluntarily withdraw its A-shares from the Shenzhen Stock Exchange and transfer to the National Equities Exchange and Quotations (NEEQ) after delisting, with a shareholder meeting scheduled for August 25, 2025, to discuss the matter [1][4][6]. Group 1: Delisting Announcement - The company will suspend trading starting August 14, 2025, following the shareholder meeting's registration date of August 13, 2025 [2]. - The decision to withdraw from the stock exchange is aimed at protecting the interests of minority shareholders amid significant business uncertainties [4][6]. - A cash option will be provided to eligible shareholders at a price of 1.60 yuan per share, excluding certain restricted shares [4][6]. Group 2: Current Financial Status - The company is currently facing a delisting crisis, having failed to disclose its 2024 annual report and 2025 Q1 report within the legal timeframe [7]. - Following a trading suspension on May 6, 2025, the stock was resumed on July 8, 2025, but was subject to delisting risk warnings [7]. - The company has not yet disclosed its financial reports, citing ongoing verification and completion of the report preparation [7].

Core Viewpoint - *ST Tianmao (000627.SZ) announced its intention to voluntarily delist from the Shenzhen Stock Exchange, marking the third company to apply for voluntary delisting in A-shares this year [1][2]. Group 1: Delisting Announcement - The company plans to withdraw its A-share listing through a shareholder resolution and subsequently apply for management in the delisting section of the National Equities Exchange and Quotations [1]. - The decision to delist is attributed to significant uncertainties arising from the restructuring of Tianmao Group, which may have a substantial impact on the company [1][2]. Group 2: Shareholder Protection Mechanism - To protect investors, the company will implement a mechanism for dissenting shareholders and other shareholder protection measures [2]. - A cash option will be provided to all A-share shareholders, excluding certain major shareholders, at a price of 1.60 CNY per share, representing a premium of approximately 10% over the last trading price of 1.45 CNY per share [2]. Group 3: Comparison with Other Companies - In comparison, Yulong Co. (601028.SH) offered a cash option at 13.2 CNY per share, a premium of about 1.23% over its last trading price, while AVIC Capital (600705.SH) offered 3.54 CNY per share, a premium of approximately 2.91% [2]. Group 4: Company Profile - *ST Tianmao operates primarily as an investment holding company, with 99.99% of its main business revenue derived from insurance operations through its subsidiaries, Guohua Life and Huarui Insurance [2].

Core Viewpoint - Tianmao Industrial Group Co., Ltd. is voluntarily terminating its listing on the Shenzhen Stock Exchange to protect the interests of minority shareholders amid significant business uncertainties [5][6]. Company Overview - Tianmao Industrial Group Co., Ltd. is located in Jingmen, Hubei Province, with a registered capital of approximately RMB 4.94 billion [6]. - The company was established on November 18, 1993, and operates as a publicly listed company [6]. Termination of Listing Plan - The company plans to withdraw its A-share listing through a resolution at the shareholders' meeting and subsequently apply for transfer to the National Equities Exchange and Quotations (NEEQ) for management in the delisting section [6][10]. - The termination requires approval from more than two-thirds of the voting rights held by shareholders present at the meeting [6]. Shareholder Protection Mechanism - A cash option will be provided to dissenting shareholders who oppose the termination resolution, allowing them to receive cash compensation for their shares [7][8]. - The cash option will be available to all A-share shareholders registered on the cash option record date, excluding certain major shareholders [7]. Legal Compliance - The legal opinion confirms that the termination plan complies with relevant regulations of the Shenzhen Stock Exchange and has completed necessary internal decision-making procedures [10].