Core Viewpoint - The company *ST Tianmao plans to voluntarily delist from the Shenzhen Stock Exchange due to significant uncertainties in its business restructuring, which may have a major impact on the company and its shareholders [1][2] Group 1: Company Actions and Financial Situation - The company announced a cash option for shareholders at a price of 1.6 yuan per share, with an estimated total cost not exceeding 26.07 billion yuan to acquire up to approximately 1.629 billion shares, representing about 33% of the total share capital [1] - The company has been under delisting risk warning since July 8 due to failure to disclose its 2024 annual report and the first quarter report for 2025 within the stipulated time [1][2] - The stock price has significantly declined from over 3 yuan to as low as 1.35 yuan, currently standing at 1.58 yuan as of August 13 [2] Group 2: Investor Decision-Making - Investors face three scenarios for decision-making: significant losses reported, normal operations of the main subsidiary despite losses, or severe losses necessitating drastic measures like delisting [3] - The lack of timely financial reports has severely limited investors' ability to make rational decisions [3][4] Group 3: Risks and Concerns - There is a concern that the company's financial difficulties may lead to a situation where the actual controller acquires shares at a low cost due to the forced selling of shares by investors facing delisting risks [4] - The total assets of Tianmao Group exceed 280 billion yuan, with financial investments amounting to 122.9 billion yuan, indicating that slight changes in discount rates could lead to significant value fluctuations [4] - The planned acquisition price implies a total valuation of only 7.8 billion yuan, raising questions about the fairness of the transaction [4]

Core Viewpoint - Tianmao Group is facing delisting risks due to failure to disclose its 2024 annual report and Q1 2025 report on time, leading to a choice of voluntary delisting to protect investors [1][4] Group 1: Company Financial Situation - The company announced a projected loss of 500 million to 750 million yuan for 2024, which caused a significant drop in stock price, although it only fell by 5.54% on the announcement day [2] - The stock price has continued to decline, reaching as low as 1.35 yuan, and was at 1.58 yuan as of August 13 [1] - The actual controller has taken responsibility, offering investors a cash option to mitigate losses, with a buyback price set at 1.6 yuan per share, potentially costing up to 2.607 billion yuan [4] Group 2: Investor Decision-Making - Investors face three scenarios: continued holding due to potential recovery, accepting cash options due to severe losses, or uncertainty leading to forced selling at low prices [2][3] - The lack of timely financial disclosures has severely impacted investors' ability to make informed decisions, leading to fears regarding delisting and stock performance [3] Group 3: Market Implications - The company’s total assets exceed 280 billion yuan, with financial investments amounting to 122.9 billion yuan, indicating that slight changes in discount rates could lead to significant financial impacts [3] - The valuation of Tianmao Group is concerning, with a net asset value of 21.8 billion yuan, while the buyback plan suggests a total valuation of only 7.8 billion yuan, raising questions about the fairness of the transaction [5]

Core Viewpoint - China Evergrande Group is set to be delisted from the Hong Kong Stock Exchange due to its failure to meet the resumption guidelines, with the last trading day on August 22, 2025, and delisting effective from August 25, 2025 [2][6]. Group 1: Delisting Announcement - On August 12, 2025, China Evergrande announced that it received a letter from the Stock Exchange indicating that it failed to meet the resumption requirements, leading to the decision to cancel its listing status [2][6]. - The last trading day for the shares will be August 22, 2025, and they will be delisted on August 25, 2025, at 9 AM [2][6]. - The company has no intention to appeal the decision made by the listing committee [2][6]. Group 2: Financial and Legal Issues - As of January 2024, China Evergrande was ordered into liquidation by the Hong Kong High Court, with debts amounting to 2.4 trillion yuan [10]. - The founder, Xu Jiayin, and several former executives have faced legal actions for financial fraud, resulting in fines and lifetime bans from the securities market for some individuals [9][10]. - The liquidators are pursuing approximately $6 billion in dividends and compensation from Xu Jiayin, his ex-wife, and former executives [11]. Group 3: Market Impact - Prior to the suspension, China Evergrande's stock price was at 0.163 HKD per share, with a total market capitalization of 2.152 billion HKD [7].

Core Viewpoint - Tianmao Group is approaching delisting as it plans to voluntarily withdraw its A-share listing on the Shenzhen Stock Exchange due to significant uncertainties arising from business restructuring [2][13]. Group 1: Delisting Process - Tianmao Group announced its intention to terminate its stock listing, with a shareholder meeting scheduled for August 25, 2025, to vote on the proposal [2][4]. - The proposal requires approval from more than two-thirds of the voting rights held by shareholders present at the meeting, excluding certain major shareholders and company executives [4]. - A cash option will be provided to eligible shareholders, allowing them to receive cash compensation for their shares at a price of 1.60 yuan per share, with a total potential payout of approximately 2.6 billion yuan if all eligible shares are exercised [5]. Group 2: Financial Performance - Tianmao Group has faced poor financial performance, reporting a revenue of 49.699 billion yuan in 2023, a slight increase of 0.17% year-on-year, but a net loss of 0.652 billion yuan, reversing from a profit of 0.274 billion yuan in 2022 [8][9]. - For the first three quarters of 2024, the company reported a revenue of 33.596 billion yuan, a decline of 18.43% year-on-year, with a net loss of 0.333 billion yuan [8]. - The company anticipates a revenue of 40 to 43 billion yuan for 2024, down from 49.699 billion yuan in 2023, with expected net losses between 0.5 billion and 0.75 billion yuan [8][9]. Group 3: Reporting Issues - Tianmao Group has been unable to release its 2024 financial report, which has contributed to its delisting risk, as the company failed to disclose necessary information by the regulatory deadline [10][12]. - The company has issued multiple risk warnings regarding the potential termination of its stock listing due to the ongoing delays in financial reporting [10][12]. - As of now, the financial report for 2024 remains unpublished, further complicating the company's situation [11].

Core Viewpoint - *ST Tianmao has announced its intention to voluntarily delist from the Shenzhen Stock Exchange, pending approval from shareholders, following a series of financial difficulties and regulatory warnings [3][4][6]. Financial Performance - The company has reported continuous net profit losses in recent years, with a projected loss of 500 million to 750 million yuan for the 2024 fiscal year [4][13]. - From 2021 to 2023, *ST Tianmao's revenue remained relatively stable, with figures of approximately 49.58 billion yuan in 2021, 49.62 billion yuan in 2022, and 49.70 billion yuan in 2023, while net profits showed a significant decline from 4.71 billion yuan in 2021 to a loss of 6.52 billion yuan in 2023 [11][12]. Debt and Financial Health - The company's asset-liability ratio has exceeded 85%, reaching 87.37% as of September 30, 2024, indicating a high level of debt relative to its assets [12]. - As of August 8, 2025, *ST Tianmao's major shareholders, including its controlling shareholder, hold 66.78% of the shares, just meeting the two-thirds threshold required for the delisting vote [7][8]. Regulatory and Operational Challenges - The company faced a delisting risk warning due to its inability to disclose the 2024 annual report and the 2025 first-quarter report within the legal timeframe, leading to a suspension of its stock [4][10]. - Following a two-month suspension, the company was placed under delisting risk warning, which could lead to mandatory delisting if it fails to meet reporting requirements [10][11]. Shareholder Dynamics - The upcoming shareholder meeting will be crucial, as the approval of the delisting proposal requires a two-thirds majority vote from shareholders, excluding major shareholders and executives [6][8]. - The company has offered a cash option to dissenting shareholders at a price of 1.60 yuan per share, as part of its delisting strategy [8].

Core Viewpoint - *ST Tianmao announced the decision to voluntarily terminate its stock listing on the Shenzhen Stock Exchange and will apply to transfer to the National Equities Exchange and Quotations (NEEQ) after delisting [1] Group 1: Company Announcement - On August 8, *ST Tianmao's board approved the proposal to terminate its stock listing [1] - The stock is set to resume trading on August 11, 2025, after the delisting process [1] Group 2: Financial Reporting Issues - *ST Tianmao is currently facing a delisting crisis due to its failure to disclose the 2024 annual report and the 2025 Q1 report within the legal timeframe [5] - As of August 6, the company had not yet disclosed its financial reports, and it is working to complete the necessary documentation [6] Group 3: Company Background - *ST Tianmao operates as an investment holding company primarily through its subsidiaries, Guohua Life and Huari Insurance [6] - Guohua Life, established in 2007, has total assets of 271.599 billion and net assets of 26.22 billion as of June 2023 [6] Group 4: Stock Performance - Since July 8, *ST Tianmao's stock has dropped over 40%, currently priced at 1.45 yuan per share, with a total market capitalization of 7.1 billion [6] - Recently, the stock has shown signs of recovery with a two-day increase of over 4% [6]

Core Viewpoint - Yulong Co., Ltd., a gold concept stock with a market value exceeding 10 billion, has announced its voluntary delisting from the Shanghai Stock Exchange to transition to the "delisting board" of the New Third Board due to poor operating conditions and deteriorating cash flow [1][3]. Group 1: Company Announcement and Leadership Changes - Yulong Co., Ltd. will resume trading on the New Third Board starting March 24, following its announcement to delist [1]. - The company also announced the resignation of Chairman Niu Lei for personal reasons, after which he will no longer hold any position within the company [1]. Group 2: Financial and Operational Challenges - The company cited significant uncertainties in its operations and ongoing cash flow issues, leading to the decision to withdraw its A-share listing [3]. - Yulong Co. is implementing a cash option mechanism to protect minority shareholders, with a proposed exercise price of 13.2 yuan per share, slightly above the last closing price before suspension [3][4]. - The total amount for the cash option is expected to be nearly 7.3 billion yuan, covering up to 553 million shares, excluding shares held by the controlling shareholder [4]. Group 3: Legal and Debt Issues - Yulong Co. faces multiple lawsuits and arbitration disputes, resulting in the freezing of core assets and increasing debt risks [5]. - The company has approximately 495 million yuan in unpaid debts, leading to the freezing of bank deposits and receivables [5]. - The company is also facing claims related to unpaid acquisition costs for a graphite mine in Mozambique, totaling 8.5 million Australian dollars [5]. Group 4: Project Viability and Market Conditions - Yulong Co.'s projects, including the Shaanxi Vanadium Mine and the Australian Pakingo project, are struggling with cash flow and operational viability [6]. - The company has invested 240 million yuan in the Vanadium Mine, which is still in the early stages of construction and requires an additional 500-600 million yuan for completion [6]. - The market conditions for quartz sand, a primary revenue source, are declining, significantly impacting future operations [6]. Group 5: Historical Financial Performance - Yulong Co. reported fluctuating net profits from 2020 to 2023, with a notable drop in 2022 followed by a recovery in 2023, achieving a net profit of 445 million yuan, a year-on-year increase of 52.9% [6][8]. - The company's revenue for the first three quarters of the previous year was 1.3 billion yuan, a decrease of 19.87% year-on-year, with a net profit decline of 21.03% [8].

Core Viewpoint - The news highlights the tragic downfall of Zitian Technology, which has become a symbol of the consequences of the registration system reform in the A-share market, leading to significant losses for investors and regulatory scrutiny [1][3]. Group 1: Company Performance and Financials - Zitian Technology's stock price plummeted from 8.74 yuan to a closing price of 2.74 yuan, marking a cumulative decline of 68.65% over ten trading days [3]. - The company reported that 24.99 billion yuan of its revenue from 2022 to 2023 was fabricated, constituting 63.53% of total revenue [5]. - The company generated 17.2 billion yuan in internet advertising revenue through improper accounting practices, and 7.78 billion yuan in SMS business revenue included uneliminated internal transactions [5]. Group 2: Regulatory Actions and Investigations - The China Securities Regulatory Commission (CSRC) initiated an investigation into Zitian Technology for violations including improper disclosures and obstructing law enforcement as early as October 27, 2024 [3]. - The Fujian Securities Regulatory Bureau issued a final notice on February 14, 2024, demanding the company rectify its issues within 30 days, which the company failed to do [3]. - Following the company's failure to submit necessary reports, its stock was marked with an ST label, indicating special treatment due to financial distress [3]. Group 3: Investor Impact and Legal Consequences - Approximately 32,600 investors faced an average market value loss of 13,400 yuan each, with a total trading volume of 1.21 billion yuan on the day of the stock's resumption [1][4]. - Legal actions are being pursued by a group of lawyers representing investors who purchased Zitian Technology shares between April 28, 2023, and September 6, 2024 [6]. - The company's executives, including the chairman, received market bans of up to 10 years, and the auditing firm involved was fined one million yuan for its role in obstructing investigations [5].

Core Viewpoint - The company, Lingnan Ecological Culture and Tourism Co., Ltd., is facing significant financial difficulties, including the inability to repay its convertible bonds on time, which may lead to further legal and financial repercussions [2][4][6]. Financial Performance - In 2024, the company's operating revenue was 861.84 million yuan, a decline of 59.55% compared to 2023 [3]. - The net profit attributable to shareholders for 2024 was -984.33 million yuan, indicating a reduction in the scale of losses compared to 2023 [3]. - For the first quarter of 2025, the net profit attributable to shareholders was -66.40 million yuan, a decrease of 26.36% in losses compared to the same period in 2024 [3]. Bond Default Risk - The company announced that it could not make timely principal and interest payments on the "Lingnan Convertible Bonds," leading to a downgrade of its credit rating to C [2][4]. - The default on the bonds may undermine creditor confidence, further straining the company's financing capabilities and exacerbating its liquidity issues [2][4]. Legal and Operational Risks - The company is currently involved in multiple lawsuits, with 251 pending cases and a total claim amount of approximately 2.95 billion yuan [6][7]. - The ongoing financial strain has resulted in delayed payments to suppliers, potentially increasing the number of legal disputes [7]. Asset Pledge and Collateral Risks - The company has pledged its receivables and equity from project companies as collateral for the convertible bonds, but the realizable value of these assets is uncertain due to long collection periods and lack of market reference [5][6]. - There is a risk that if the company files for bankruptcy within a year of the collateral establishment, the pledge may be revoked [5][6]. Stock Delisting Risk - The company's stock is at risk of being delisted if its closing price remains below 1 yuan for 20 consecutive trading days, as per the Shenzhen Stock Exchange regulations [6].

Core Viewpoint - The article highlights the increasing number of companies entering the delisting arrangement period in the A-share market, indicating a growing risk of delisting among listed companies [1][2][3]. Group 1: Company Specifics - Recently, Hubei Jiuyou Investment Co., Ltd. (退市九有, 600462) entered the delisting arrangement period, with its stock price plummeting by 80.21% at closing, and a peak drop of over 83% during trading [5][4]. - The company primarily engages in comprehensive marketing services and cosmetics sales, having expanded its business through the acquisition of a 40% stake in Peiran Cosmetics [5][6]. - The company has faced significant financial difficulties, reporting a negative net asset value at the end of 2023 and receiving a warning for delisting due to its financial instability [6]. Group 2: Market Trends - More than 10 companies are expected to enter the delisting arrangement period this year, reflecting a troubling trend in the A-share market [2][15]. - The article notes that companies entering the delisting arrangement period have generally experienced substantial declines in stock prices, indicating widespread risks associated with delisting [3][11]. - Several companies, including *ST Zhuolang and *ST Puli, have also entered the delisting arrangement period this year, with significant stock price drops observed [9][10].