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]