2025年，天茂实业集团股份有限公司（*ST天茂，000627）以股东会决议方式主动终止股票上市，已完 成现金选择权权利派发。8月13日收盘价1.58元/股，现金选择权行权价格为1.60元/股。申报期间为9月 15日至9月19日交易日9:30 - 11:30、13:00 - 15:00，符合条件的A股股东可按此价格全部或部分申报。提 供方为荆门市维拓宏程管理合伙企业，具备履约能力。未申报或未有效申报者无法获现金对价，公告提 醒投资者注意风险。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000627 证券简称：*ST天茂 公告编号：2025-057 天茂实业集团股份有限公司 关于以股东会决议方式主动终止公司股票上市现金选择权行权暨实施的 提示性公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导性陈述或者重大遗 漏。 特别提示： 1、天茂实业集团股份有限公司（以下简称"天茂集团"或"公司"）股票（证券简称：*ST天茂，证券代 码：000627）已自2025年8月14日开市时起开始连续停牌。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。根据本次主动终止公司股票上市相关方案，公司目 前已完成现金选择权权利派发，公司股票进入行权申报、行权清算交收阶段，不再交易。敬请广大投资 者注意投资风险。 满足条件的A股股东所持的每1股有权行使现金选择权的股票获派1份现金选择权权利，获得现金选择权 权利的A股股东可于现金选择权申报期间以其所持有的公司股票按照现金选择权的行权价格（1.60元/ 股）全部或部分申报行使现金选择权，并在清算交收后获得现金对价。 公司股票进入退市板块后深股通 ...

证券代码：000627 证券简称：*ST天茂 公告编号：2025-053 天茂实业集团股份有限公司关于以股东会决议方式主动终止公司股票上市现金选择权派发的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导性陈述或者重大遗 漏。 特别提示： 1、由于天茂实业集团股份有限公司（以下简称"天茂集团"或"公司"）拟进行业务结构调整，面临重大 不确定性，可能对天茂集团造成重大影响。根据《深圳证券交易所股票上市规则》（以下简称"《深交 所股票上市规则》"）等相关法律、法规及规范性文件的规定，天茂集团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。 2、为充分保护投资者的利益，公司将启动异议股东及其他股东保护机制，由荆门市维拓宏程管理合伙 企业（有限合伙）向除新理益集团、王薇、刘益谦外现金选择权股权登记日登记在册的全体A股股东提 供现金选择权（限售或存在权利限制的股份等情形除外）。 6、截至2025年8月13日，即本公告刊登之日的前一个交易日，天茂集团收盘价为1.58元/股，现金选择 权行权价格为1. ...

Core Viewpoint - Tianmao Industrial Group Co., Ltd. is voluntarily terminating the listing of its A-shares on the Shenzhen Stock Exchange due to significant uncertainties related to business restructuring, and will initiate a cash option distribution for shareholders [2][36]. Group 1: Termination of Listing - The company plans to withdraw its A-shares from trading on the Shenzhen Stock Exchange and will apply for transfer to the National Equities Exchange and Quotations after the termination [2][36]. - The decision to terminate the listing has been approved by the company's first extraordinary general meeting of 2025 [2][36]. Group 2: Cash Option Distribution - Eligible A-share shareholders will receive one cash option for each share held, with a cash option exercise price set at 1.60 yuan per share [3][16]. - The total number of cash options to be distributed is expected to be up to 1,629,376,288 shares, excluding shares held by certain major shareholders [13][27]. - The cash options will not be traded on the market [14]. Group 3: Shareholder Rights and Responsibilities - Shareholders must ensure that the shares they wish to exercise cash options on are not subject to restrictions such as pledges or freezes [8][22]. - Shareholders holding shares in margin accounts must transfer them to regular accounts before the cash option registration date to be eligible for the cash options [4][23]. - The cash option exercise period will be announced separately, and shareholders must submit their exercise requests during specified trading hours [18][20]. Group 4: Financial Reporting and Compliance - The company was unable to disclose its 2025 semi-annual report on time due to incomplete preparation of previous reports, leading to continued suspension of its stock [34][35]. - The company has faced regulatory scrutiny and has been under risk warning since July 8, 2025, due to failure to disclose required reports [36][37].

Core Viewpoint - *ST Tianmao has successfully passed the proposal for voluntary delisting at its first extraordinary general meeting of shareholders in 2025, with 90% of the participating small investors voting in favor, marking another case of voluntary delisting in the A-share market [1][4]. Group 1: Delisting Decision - The extraordinary general meeting held on August 25 saw 6901 shareholders present, representing 86.93% of the total share capital, with 98.06% voting in favor of the delisting proposal [4]. - The company plans to submit the application for voluntary delisting to the Shenzhen Stock Exchange within 15 trading days following the shareholders' resolution [4]. - The reason for the delisting is attributed to the need for business restructuring, which poses significant uncertainties for operations [4]. Group 2: Cash Option for Shareholders - *ST Tianmao has proposed a cash option for dissenting shareholders, with an exercise price of 1.60 CNY per share, which represents a premium of approximately 10% over the last trading day price before suspension [3][9]. - The total estimated cost for this cash option is not expected to exceed 2.606 billion CNY [10]. - The cash option is designed to protect the interests of minority shareholders, with the company emphasizing the importance of this mechanism [9][12]. Group 3: Market Context and Reactions - The A-share market experienced a record trading volume exceeding 3 trillion CNY on the day of the shareholders' meeting, highlighting the contrasting situation faced by *ST Tianmao's small shareholders [3]. - Some shareholders expressed a desire to accept the cash option to recover funds quickly, while others opposed the price, advocating for a buyback at net asset value [3][4]. - The stock price of *ST Tianmao has been under pressure, dropping significantly since the announcement of the investigation by the China Securities Regulatory Commission (CSRC) [6][12]. Group 4: Regulatory and Market Implications - The company has been under investigation by the CSRC for failing to disclose its 2024 annual report on time, which could lead to forced delisting if not resolved by September 8 [3][7]. - The trend of voluntary delisting is expected to increase in 2025 due to new regulations encouraging market-driven exits, particularly for companies facing financial difficulties [5].

Core Viewpoint - *ST Tianmao's proposal for voluntary delisting was approved at the shareholder meeting, with 90% of participating small investors voting in favor, marking another case of voluntary delisting in the A-share market [1][3]. Group 1: Delisting Proposal and Shareholder Meeting - The shareholder meeting held on August 25 saw 6901 participants, representing 86.93% of the total shares, with 6898 small investors voting, accounting for 20.16% of the voting shares [3]. - The proposal for voluntary delisting received 98.06% approval from the valid votes, with small shareholders showing a 91.62% approval rate [3]. - The company plans to submit the delisting application to the Shenzhen Stock Exchange within 15 trading days following the shareholder meeting [3]. Group 2: Reasons for Delisting and Financial Status - The delisting is attributed to the company's need for business restructuring due to significant uncertainties affecting operations [3]. - *ST Tianmao has been under investigation by the China Securities Regulatory Commission (CSRC) for failing to disclose the 2024 annual report on time, leading to a 50% drop in stock price and over half of its market value lost [5][6]. - The company projected a net loss of 500 million to 750 million yuan for 2024, primarily due to increased reserve provisions from its subsidiary, Guohua Life [6]. Group 3: Cash Option for Shareholders - The company has set a cash option for dissenting shareholders at a price of 1.60 yuan per share, which represents a premium of approximately 10% over the last trading day's closing price of 1.45 yuan [7][9]. - The total estimated cost for this cash option is not expected to exceed 2.606 billion yuan, covering up to 1.629 billion shares [8]. - The cash option is designed to protect minority investors, but concerns about the reliability of funds and post-delisting liquidity have been raised [2][9]. Group 4: Market Context and Expert Opinions - The A-share market experienced a record trading volume exceeding 3 trillion yuan on the same day as the shareholder meeting, highlighting the challenging environment for *ST Tianmao's investors [2]. - Experts suggest that the design of the cash option aims to garner support from small shareholders, but caution is advised regarding the risks associated with the company's financial reliability and potential regulatory repercussions [2][9]. - The increasing number of voluntary delistings in 2025 is seen as a response to stricter regulations and market-driven reforms [4].

Core Viewpoint - *ST Tianmao has passed a resolution to voluntarily terminate its stock listing due to continuous performance decline and inability to meet listing requirements, aiming to protect investor rights through a cash option mechanism [1][2][4]. Group 1: Shareholder Meeting and Voting Results - The extraordinary general meeting on August 25 had 6,901 participants representing 4,263,232,432 shares, accounting for 86.93% of the total voting shares [1]. - The resolution for voluntary delisting was approved with 98.06% of the votes from all shareholders and 91.62% from minority shareholders [2]. Group 2: Company Performance and Investor Sentiment - The company has been in a loss-making state, with delayed annual report disclosures leading to investor dissatisfaction and stock price decline [2][3]. - Affected investors expressed frustration over the lack of clear communication regarding the annual report and the company's operational status [2][3]. Group 3: Cash Option Mechanism - The company has set up a cash option mechanism for eligible shareholders, allowing them to exercise rights at a price of 1.60 yuan per share [3][4]. - Shareholders who do not exercise their cash option during the designated period will forfeit their rights to cash compensation [5]. Group 4: Regulatory Consequences - Despite the approval of voluntary delisting, the company will still face regulatory penalties for failing to disclose periodic reports within the legal timeframe [5]. - The company remains liable for civil compensation responsibilities under the new securities law, regardless of the delisting decision [5].

Core Viewpoint - *ST Tianmao has chosen to voluntarily delist due to the risk of forced delisting, as the company faces significant uncertainties and aims to protect the interests of minority shareholders [1][2]. Group 1: Delisting Decision - The company announced its decision to voluntarily withdraw its A-share listing on the Shenzhen Stock Exchange and will apply to transfer to the National Equities Exchange and Quotations (NEEQ) for management in the delisting segment [1]. - The decision was made after the company failed to disclose its 2024 annual report and 2025 Q1 report within the legal timeframe, leading to a two-month suspension of trading [2]. Group 2: Cash Option for Shareholders - The company has provided a cash option for shareholders to sell their shares at a price of 1.60 yuan per share to Jingmen Weituo Hongcheng Management Partnership [1]. - The cash option's registration date is set for September 2, 2025, allowing shareholders an exit opportunity [1]. Group 3: Investor Protection - Voluntary delisting allows the company to maintain some control over the re-listing process, as it can apply for re-listing at any time if it meets the necessary conditions, unlike companies that are forced to delist [3]. - The provision of a cash option is intended to protect investors from greater financial losses during the transition to the NEEQ market [3]. Group 4: Cash Option Pricing Concerns - The cash option price of 1.60 yuan per share is considered low and does not align with the company's net asset value of 4.41 yuan per share as per the last quarterly report [4][5]. - The stock price has been under pressure due to the company's inability to disclose financial reports and ongoing investigations, leading to a significant drop from 3.38 yuan to a low of 1.35 yuan [4].

Group 1 - The company China Shipbuilding Industry Corporation (601989.SH) announced a cash option exercise price of 4.03 CNY per share for dissenting shareholders [1] - Dissenting shareholders who successfully apply for the cash option will receive cash compensation at the exercise price of 4.03 CNY per share [1] - As of August 12, 2025, the company's stock closing price was 5.10 CNY per share, representing a premium of 26.55% over the exercise price [1] Group 2 - The implementation date for the cash option for dissenting shareholders is set for August 12, 2025 [1] - The application period for the cash option is from August 13, 2025, 9:00 AM to 3:00 PM, during which the company's stock will be suspended from trading [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 *ST天茂表示，公司终止上市后，将保持经营稳定，切实维护股东合法权益。目前，公司无筹划重大资 产重组的安排，无主动退市后重新上市的具体时间计划。*ST天茂聘请中信建投证券股份有限公司所作 为本次主动终止上市事项的财务顾问。 （责任编辑：关婧） 行使现金选择权的天茂集团股东可就其有效申报的每一股天茂集团股份，在现金选择权实施日获得由相 关现金选择权提供方按现金选择权价格支付的现金对价，同时将相对应的股份过户至相关现金选择权提 供方名下。该等行使现金选择权的股东无权再就申报行使现金选择权的股份向天茂集团或任何同意本次 以股东会决议方式主动终止上市方案的天茂集团其他股东主张现金选择权。 现金选择权的提供方为荆门市维拓宏程管理合伙企业（有限合伙），公司实际控制人刘益谦系荆门市维 拓宏程管理合伙企业（有限合伙）的执行事务合伙人，荆门市维拓宏程管理合伙企业（有限合伙）具备 提供现金选择权的履约能力，现金选择权的行权价格为1.60元/股。 若股东会不能通过《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》，公司的A股异议股东 及其他A股股东将不能获得现金选择权，公司的A ...