值得一提的是，*ST天茂主动退市方案通过提供现金选择权设置了对异议股东及其他股东的保护机制，行权价格为1.60元/股，这一价格相较于停牌前最后 一个交易日股价溢价大约10%，预计耗资不超过26.06亿元。 中经记者 郭婧婷 北京报道 8月25日，*ST天茂2025年第一次临时股东大会在湖北召开，公司主动退市议案获得通过。在参与投票的6898名中小投资者中，九成投赞成票。这也意味 着，A股市场上申请主动退市的上市公司再添一例。 | 标题 | 时间 | | --- | --- | | *ST天茂：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提示性公告 | 2025-08-27 | | *ST天茂：2025-044-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提示性公告 | 2025-08-26 | | *ST天茂：2025年第一次临时股东会决议公告 | 2025-08-26 | | *ST天茂：董事会议事规则（202508） | 2025-08-26 | | *ST天茂：公司股票可能被终止上市的第七次风险提示公告 | 2025-08-26 | | *ST天茂：股东会议事规则（202508） ...

中经记者 郭婧婷 北京报道 8月25日，*ST天茂2025年第一次临时股东大会在湖北召开，公司主动退市议案获得通过。在参与投票 的6898名中小投资者中，九成投赞成票。这也意味着，A股市场上申请主动退市的上市公司再添一例。 这一场备受市场关注的股东大会，源于8月8日晚间*ST天茂连发的14条公告。在这些公告中，公司详细 披露了拟以股东大会决议方式主动终止上市的相关安排，包括终止上市原因、退市方式、后续经营计 划、并购重组与重新上市安排、股份转让机制以及异议股东保护措施等，并对退市可能对全体股东利益 造成的影响作出了分析。 由于未能按时披露2024年年报，*ST天茂被证监会立案调查。若截至9月8日仍无法披露年报，公司将面 临强制退市。尽管市场对其退市已有预期，但选择主动退市的方式仍略显意外。 值得一提的是，*ST天茂主动退市方案通过提供现金选择权设置了对异议股东及其他股东的保护机制， 行权价格为1.60元/股，这一价格相较于停牌前最后一个交易日股价溢价大约10%，预计耗资不超过 26.06亿元。 8月25日，股东大会召开的当天A股出现历史上第二次成交额突破3万亿元。在A股火热当下，困于天茂 的中小股东面临两难： ...

有券商人士认为，目前，*ST天茂业绩持续下滑，陷入亏损状态，年报"难产"，无法完成法定信息披露 义务，公司已不满足上市条件，退市是对资本市场秩序的维护和投资者合法权益的保护。公司主动退市 方案设置了现金选择权以保护投资者的利益，但后续监管部门将对公司信息披露违法行为作出处罚，公 司仍将依法承担行政、民事法律责任。 高票通过主动退市议案 8月25日下午，上海证券报记者在临时股东会的会场外看到，门前摆放着写有"出席天茂实业集团2025年 第一次股东会的来宾请上二楼会议室"的指示牌。据现场参与投票的一名中小投资人表示，本次临时股 东会由公司总经理、董秘龙飞主持，公司董事长刘益谦并未出席。 ◎丁鹏 记者 荆淮侨 8月25日晚间，*ST天茂发布公告，公司2025年第一次临时股东会已审议通过《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》。公司将在股东会做出终止上市决议后15个交易日内向深圳证券交 易所提交主动终止上市申请。 据披露，出席会议的股东及股东授权委托代表人数共6901人，代表股份4263232432股，占公司有表决权 股份总数的86.9313%。其中，中小股东代表6898人，代表股份988439555 ...

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]

Core Viewpoint - Tianmao Industrial Group Co., Ltd. plans to voluntarily withdraw its A-share listing on the Shenzhen Stock Exchange due to significant uncertainties arising from business restructuring, aiming to protect the interests of minority shareholders [1][6][14] Company Overview - Company Name: Tianmao Industrial Group Co., Ltd. - Stock Listing Location: Shenzhen Stock Exchange - Stock Abbreviation: *ST Tianmao - Stock Code: 000627 - Registered Capital: 494,062.92 million yuan - Business Scope: Import and export of goods, production and sales of chemical products, and sales of building materials [1][4] Historical Background - The company was originally established as Hubei Zhongtian Co., Ltd. and underwent several name changes and capital increases, with the latest total share capital being 494,062.92 million shares [2][3] Financial Performance - Total Revenue for the first nine months of 2024: 3,359,611.86 million yuan, down from 4,969,887.37 million yuan in 2023 - Net Profit attributable to shareholders: -33,310.49 million yuan for 2024, compared to -65,175.85 million yuan in 2023 - Total Assets: 28,515,362.11 million yuan, with a total liability of 24,914,875.13 million yuan, resulting in a debt ratio of 87.37% [5][6] Voluntary Delisting Plan - The company intends to withdraw its A-share listing through a shareholder resolution and will apply to transfer to the National Equities Exchange and Quotations (NEEQ) for management in the delisting section [6][12] - The decision has been approved by the company's board and will be submitted for shareholder approval [7][8] Shareholder Protection Mechanism - A cash option will be provided to dissenting shareholders, allowing them to receive cash compensation for their shares, excluding certain major shareholders [9][10] - The cash option price is set at 1.60 yuan per share, with specific conditions for exercising this option [10][11] Post-Delisting Strategy - After delisting, the company aims to maintain operational stability and protect shareholder rights, with no immediate plans for major asset restructuring or re-listing [12][14] - The company will select a qualified securities firm to manage the transfer of shares in the delisting section [13]

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]

Core Viewpoint - The company, AVIC Industry Finance Holdings Co., Ltd., has decided to voluntarily withdraw its A-shares from the Shanghai Stock Exchange and apply for transfer on the National Equities Exchange and Quotations system, a decision approved by the company's second extraordinary general meeting of shareholders in 2025 [2]. Group 1 - The company has previously disclosed announcements regarding the cash option related to the termination of listing, including the initiation of the cash option application and reminders about the remaining trading days for application [3][8]. - During the cash option application period from April 23 to April 25, 2025, a total of 131,774 securities accounts submitted valid applications, with the total number of shares applied for amounting to 4,134,072,543 shares [4][8]. - The cash option provider, China Aviation Industry Group Co., Ltd., has completed the fund transfer for the cash option to the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, and the share transfer procedures will be processed shortly [4][9].