封图 |AI生成 2025.09.05 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。 微信编辑| 夏木 本文字数：437，阅读时长大约1分钟 作者 |第一财经 魏中原 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。 （注：我们会对线索进行核实。您的隐私将严格保密。） 第一财经持续追踪财经热点。若您掌握公司动态、行业趋势、金融事件等有价值的线索，欢迎提供。专 用邮箱：bianjibu@yicai.com ...

天茂实业集团股份有限公司(以下简称"*ST天茂（000627）")主动退市走出关键一步。 8月25日晚，*ST天茂发布的《2025年第一次临时股东会决议公告》显示，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》。 *ST天茂公告称，本次以股东会决议方式主动终止公司股票上市事项已经公司2025年第一次临时股东会审议通过。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。 目前，*ST天茂业绩持续下滑，陷入亏损状态，且年报"难产"。 股东会审议通过 8月8日晚，*ST天茂首次披露主动退市事宜。彼时，*ST天茂称，公司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，并为投资者提 供现金选择权。 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》。公告显示，从总表决情况来 看，同意股份数为41.80亿股，占本次出席会议有效表决权股份总数的98.0562%；反对股份8063万股，占比1.8913%；弃权股份22 ...

《每日经济新闻》记者现场采访了解到，此次股东大会历时两个多小时，多名中小股东称自己远道赴 会，甚至有人从内蒙古辗转搭乘动车、飞机，然后自驾车抵达现场。 部分中小股东表示，其就年报"难产"等焦点问题提出质疑，未获实质性回应。部分中小股东就此对退市 议案投出反对票。 尽管存在异议，8月25日晚间*ST天茂公告显示，公司主动退市议案最终以98.0562%的高票获审议通 过。 部分中小股东提出多个疑问 *ST天茂于1996年登陆A股。目前，公司主要通过控股子公司国华人寿和华瑞保险从事保险业务，保险 业务相关的营业收入占到公司主营业务收入的99.99%。 历经年报"难产"和被证监会立案调查之后，今年8月8日晚间，*ST天茂宣布拟主动退市。 在年报迟迟未能披露、股票已被实施退市风险警示之后，"法人股大王"刘益谦实际控制的*ST天茂 （000627）（000627.SZ。此前简称：天茂集团）打算主动退市。就相关议案，8月25日，*ST天茂在湖 北荆门召开股东大会进行表决。 上市20余年后突然提出主动退市，引发不少中小投资者的困惑。8月25日，《每日经济新闻》记者对三 位现场参会的中小股东进行了采访。 其中一位股东称其来自内 ...

Core Viewpoint - *ST Tianmao has made significant progress in its voluntary delisting process, with shareholders overwhelmingly approving the proposal to terminate the company's stock listing at a meeting held on August 25, 2023 [2][5]. Group 1: Shareholder Meeting and Voting Results - At the extraordinary shareholder meeting on August 25, 2023, 98.06% of attending shareholders voted in favor of the proposal to voluntarily terminate the company's stock listing [5]. - Among small investors (those holding less than 5% of shares), the approval rate was 91.62%, indicating strong support for the delisting [5][9]. Group 2: Delisting Process and Cash Option - Following the shareholder resolution, *ST Tianmao will submit an application for voluntary delisting to the Shenzhen Stock Exchange within fifteen trading days [5]. - The last trading day for *ST Tianmao was August 13, 2023, and over 110,000 shareholders will have the option to receive a cash payout of 1.60 CNY per share [5]. - The cash option will cost approximately 2.607 billion CNY based on the total shares held by eligible shareholders [7]. Group 3: Reasons for Delisting - The company cited significant uncertainties and the need for business restructuring as reasons for the voluntary delisting, aiming to protect the interests of small shareholders [7]. - *ST Tianmao has been facing the risk of forced delisting due to its failure to disclose required financial reports, leading to a suspension of trading since May 6, 2023 [10][11]. Group 4: Market Reaction - Since the announcement of the voluntary delisting, *ST Tianmao's stock has seen a cumulative increase of nearly 9% over three consecutive trading days, with the last closing price at 1.58 CNY per share, slightly below the cash option price [8].

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 vote on this decision [1][6]. Summary by Sections Company Announcement - On August 13, *ST Tianmao announced its decision to withdraw its A-shares from trading, with the stock suspension starting on August 14, 2025, following the shareholder meeting [1][2]. - The company aims to protect minority shareholders' interests by implementing a cash option for eligible shareholders at a price of 1.60 yuan per share, contingent on the approval of the delisting proposal [4][6]. Business Structure Adjustment - The company is undergoing a business structure adjustment due to significant uncertainties that may impact its operations, prompting the decision to withdraw from the stock exchange [4][7]. - The company has faced challenges in disclosing its 2024 annual report and 2025 Q1 report, leading to a risk of delisting [7][8]. Stock Performance - Following the announcement of the delisting plan, *ST Tianmao's stock hit the daily limit up on August 11, with a cumulative increase of nearly 9% over three trading days, closing at 1.58 yuan per share [4][6]. Regulatory Issues - The company is under investigation by the China Securities Regulatory Commission (CSRC) for failing to disclose periodic reports on time, which has contributed to its current delisting crisis [7][8].