Core Viewpoint - Tianmao Group will officially delist after 29 years of being listed, with its stock set to be delisted on September 30, 2025, following a decision by the Shenzhen Stock Exchange [2][4]. Financial Performance - In 2023, Tianmao Group reported a revenue of 49.699 billion yuan, a slight increase of 0.17% year-on-year, but incurred a net loss of 0.652 billion yuan, reversing from a profit of 0.274 billion yuan in 2022 [2][3]. - The company anticipates continued losses in 2024, projecting revenue between 40 billion and 43 billion yuan, with expected net losses ranging from 0.5 billion to 0.75 billion yuan [2][3]. Business Transition and Challenges - Tianmao Group transitioned from chemical manufacturing to the insurance industry in July 2016, but has faced significant operational challenges in recent years [2]. - The decline in interest rates has adversely affected the company's subsidiary, Guohua Life Insurance, leading to increased reserve provisions that contributed to the losses [3]. Delisting Process - The company has initiated the process to voluntarily delist its shares, with a shareholder meeting approving the decision on August 25, 2025 [4]. - Following the delisting, Tianmao Group's shares will be transferred to the National Equities Exchange and Quotations system for management [2][5]. Shareholder Actions - Tianmao Group has signed an agreement with Changcheng Guorui Securities to facilitate the transfer of shares post-delisting and manage related services [5]. - The company has provided cash options to shareholders, with 1.44 billion cash options effectively declared during the exercise period, allowing shareholders to sell their shares at a price of 1.60 yuan per share [6].

Group 1 - The core viewpoint is that the China Securities Regulatory Commission (CSRC) is focused on strictly eliminating "bad apples" and some shell "zombie" companies from the market [1] - During the 14th Five-Year Plan period, a total of 207 companies have been smoothly delisted [1]

Group 1 - The core viewpoint of the article emphasizes the importance of strict exit channels to eliminate "bad apples" and "zombie" companies in the market [1] - During the "14th Five-Year Plan" period, a total of 207 companies have been smoothly delisted [1]

Core Viewpoint - *ST Tianmao plans to voluntarily delist its A-shares from the Shenzhen Stock Exchange due to difficulties in disclosing its annual report and the first quarter report for 2025 [2][5]. Group 1: Delisting Process - On September 4, *ST Tianmao announced its intention to withdraw its A-shares from trading on the Shenzhen Stock Exchange through a shareholder resolution [2]. - The company had previously disclosed its plan for voluntary delisting on August 8, emphasizing the establishment of mechanisms to protect dissenting shareholders [4]. - The delisting was approved during the company's first extraordinary general meeting in 2025, and the application for delisting was submitted to the Shenzhen Stock Exchange [4]. Group 2: Financial and Regulatory Issues - *ST Tianmao's stock was placed under delisting risk warning on July 8, 2025, due to the failure to disclose the 2024 annual report and the first quarter report for 2025 within the legal timeframe [5]. - If the company fails to disclose more than half of the board members' guarantees for the 2024 annual report within two months of the delisting risk warning, the Shenzhen Stock Exchange will terminate the company's stock listing [5]. - The company is currently under investigation by the China Securities Regulatory Commission for failing to disclose periodic reports on time [5]. Group 3: Company Background - *ST Tianmao was publicly listed in 1996 and underwent a significant change in ownership in 2002 when Liu Yiqian became the actual controller after acquiring the company [5]. - The company transitioned from a pharmaceutical focus to the insurance industry, primarily operating through its subsidiaries Guohua Life and Huarui Insurance [5]. - 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 [6].

Core Viewpoint - *ST Tianmao plans to voluntarily delist its A-shares from the Shenzhen Stock Exchange due to difficulties in disclosing its annual report and will apply for transfer to the delisting board managed by the National Equities Exchange and Quotations after the delisting [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 delisting proposal was approved at the company's first extraordinary general meeting in 2025 on August 25, and the company submitted the delisting application to the Shenzhen Stock Exchange [4] - After delisting, *ST Tianmao aims to maintain stable operations and protect shareholders' legal rights, with no plans for major asset restructuring or specific timelines for re-listing [4] Group 2: Reporting Issues - *ST Tianmao failed to disclose its 2024 annual report and the first quarter report for 2025 within the legal timeframe, leading to a delisting risk warning on July 8, 2025 [4][5] - If the company does not disclose more than half of the board's assurance of the 2024 annual report within two months of the delisting risk warning, the Shenzhen Stock Exchange will decide to terminate the company's stock listing [4] Group 3: Company Background - *ST Tianmao was publicly listed in 1996 and underwent a significant change in ownership in 2002 when Liu Yiqian became the actual controller after acquiring the company [5] - The company transitioned from a pharmaceutical focus to the insurance industry, primarily operating through its subsidiaries, Guohua Life and Huarui Insurance [5] - As of August 13, the last trading day, *ST Tianmao's stock price was 1.58 yuan per share, with a total market capitalization of 7.7 billion yuan [5]

中国上市公司协会供图 分股份类型统计，仅发A股公司5188家，仅发B股公司8家，A+B、A+H等多股份类型的公司231家。分 类别看，国有控股和非国有控股公司数量分别占27%、73%；制造业，信息传输、软件和信息技术服务 业，批发和零售业为上市公司数量前三甲，制造业上市公司数量占比68%，市值占比54%。 7月，境内市场新增首发上市公司8家，首发募资总额241.64亿元；退市10家，其中主板公司9家。境外 主要市场中国概念上市公司达1825家。（记者刘羽佳） 中国上市公司协会8月29日发布的数据显示，截至2025年7月31日，境内股票市场共有上市公司5427家， 沪、深、北证券交易所分别为2285、2873、269家。 ...

8月26日晚，盛京银行宣布启动从港交所退市的计划。 盛京银行在港交所发布的公告显示，盛京金控及其一致行动人发起全面现金要约，拟以29.67亿港元收 购盛京银行全部流通H股（每股1.3港元），同时以39.29亿元收购内资股（每股1.2元），合计斥资约 66.52亿元人民币。收购完成后，盛京银行拟从港交所H股退市。 此次要约收购价较盛京银行停牌前收盘价1.14港元有大幅溢价，若该要约得以实施，将为长期持有投资 的股东提供难得的退出机会。 【导读】盛京银行宣布退市 中国基金报记者常宏 盛京银行这家昔日东北城商行"模范生"，在股价为1港元左右的位置，宣布退市。 盛京银行启动从港交所退市的计划 8月27日，盛京银行复牌后股价大涨11.4%，报收于1.27港元/股，最新市值为112亿港元。 盛京银行解释退市计划的核心原因大致有三： 一是优化公司资源配置。通过要约实现H股退市，有利于优化资源配置。一方面，有利于节省维持上市 地位相关的成本，并将维持上市地位的相关资源重新分配至该行的业务运营，发挥区域优势，推动高质 量发展；另一方面，有利于该行视实际情况所需，聚焦业务发展方向，从而推动该行业务持续健康发 展。 二是交易量几乎 ...

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][9][12]. Group 1: Shareholder Meeting Details - The shareholder meeting lasted over two hours, with significant attendance from minority shareholders, some traveling long distances to participate [1][4]. - Despite concerns raised by minority shareholders regarding the delayed annual report, the company did not provide substantial responses [1][7]. - The proposal for voluntary delisting was approved with 98.0562% of votes in favor, despite some dissenting opinions [1][12]. Group 2: Financial and Operational Context - *ST Tianmao's main business is insurance, primarily through its subsidiaries Guohua Life and Huarui Insurance, which account for 99.99% of its revenue [3]. - 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 approximately 21.80 billion yuan [2]. Group 3: Cash Option and Valuation Concerns - The cash option for shareholders is set at 1.60 yuan per share, representing a premium of about 10.34% over the last closing price before the delisting announcement [8]. - Some minority shareholders expressed concerns that the cash option price is significantly lower than the company's net asset value of 4.41 yuan per share, indicating a substantial discount [8].

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 a shareholder meeting held on August 25 to vote on the proposal [1][3]. 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 [1][6]. - Despite some dissent from minority shareholders regarding the annual report issues, the voluntary delisting proposal was approved with a high vote of 98.0562% [3][10]. - A total of 6,901 shareholders attended the meeting, representing 4.26 billion shares, with 85.64% voting online [8][10]. Group 2: Financial and Operational Context - *ST Tianmao's main business is insurance, with revenue from insurance operations accounting for 99.99% of its main business income [5]. - The company reported a net asset value of 21.8 billion yuan as of the latest quarterly report, with total assets of 285.15 billion yuan, reflecting a decrease of 5.56% from the previous year [4][5]. - The cash option for shareholders is set at 1.60 yuan per share, which is a 10.34% premium over the last trading day's closing price of 1.45 yuan [9][11]. Group 3: Shareholder Concerns and Reactions - Minority shareholders raised concerns about the lack of substantial responses to their questions regarding the delayed annual report and the company's operational status [2][6]. - Some shareholders expressed dissatisfaction with the cash option price, arguing it represents a significant discount compared to the company's net asset value [9][11]. - Following the announcement of the voluntary delisting, some shareholders indicated plans to exercise their rights on part of their holdings, while others chose to sell their shares [11].

Core Viewpoint - *ST Tianmao is taking steps towards voluntary delisting due to continuous performance decline and inability to meet disclosure obligations, with a significant majority of shareholders supporting this decision [1][4]. Group 1: Company Performance and Financials - The company has been experiencing ongoing losses, with a reported net profit of -6.52 billion yuan for the year, and projected losses for 2024 ranging from 5 billion to 7.5 billion yuan [4]. - The core business of *ST Tianmao, primarily through its subsidiaries in the insurance sector, has seen its revenue heavily impacted, with insurance-related income accounting for 99.99% of its main business revenue [4]. Group 2: Shareholder Actions and Market Reactions - A significant number of investors have sold their shares, with over 8,000 investors exiting since the announcement of potential delisting risks in April [2]. - Following the resumption of trading on July 8, the stock price fell sharply, reaching a low of 1.39 yuan per share, representing a decline of approximately 50% from the price before the trading halt [2]. Group 3: Delisting Process and Cash Option - The company has proposed a cash option for shareholders at a price of 1.6 yuan per share, which is a 10.34% premium over the last closing price before the suspension [3]. - The total cost for implementing this cash option is estimated at 26.07 billion yuan, with the cash option provider being a partnership linked to the company's actual controller [3]. Group 4: Regulatory and Legal Implications - The company is under investigation by the regulatory authorities for failing to disclose periodic reports, which constitutes a violation of securities law, and will face administrative penalties post-delisting [5]. - Other companies, such as Hengli Industrial and *ST Zitian, have faced similar fates due to non-disclosure of financial reports, highlighting a broader trend in the industry [5][6].