Core Viewpoint - Tianmao Group plans to voluntarily withdraw its A-shares from trading on the Shenzhen Stock Exchange due to significant uncertainties related to its business restructuring, aiming to protect the interests of minority shareholders [1] Group 1: Shareholder Protection Mechanism - The company will provide a cash option to dissenting shareholders as a protective measure, in compliance with the Shenzhen Stock Exchange rules [2] - All A-shareholders, except for specific individuals, will be offered a cash option on their shares, excluding those with restrictions [2][3] - The cash option allows shareholders to receive a cash payment of 1.60 yuan per share, which represents a premium of approximately 10.34% over the last closing price before the board's decision [7] Group 2: Cash Option Implementation - Shareholders must meet specific conditions to exercise the cash option, including transferring shares from margin accounts to regular accounts before the option's implementation date [5][6] - The cash option is not mandatory; shareholders can choose to accept or decline it, maintaining their rights to hold shares [7][8] - The cash option's registration date is set for September 2, 2025, subject to adjustments by the board [6] Group 3: Opinions from Intermediaries - Financial advisors affirm that the company's plan to withdraw from the exchange aligns with regulatory requirements and adequately addresses dissenting shareholders' rights [9] - Legal advisors confirm that the internal decision-making process for the withdrawal has been properly executed and complies with relevant laws [9]