Group 1 - *ST Tianmao announced its decision to voluntarily delist, marking the third case of voluntary delisting this year [1] - The crisis for *ST Tianmao became apparent four months prior when it failed to disclose its 2024 annual report and 2025 Q1 report on time, leading to regulatory scrutiny [1] - The company was placed under delisting risk warning on July 8, and if it could not disclose its annual report by September 6, it would face mandatory delisting [1] Group 2 - Voluntary delisting is seen as a strategic choice for controlling shareholders, allowing them to avoid greater risks and seek future development [2] - The process of voluntary delisting offers high controllability, enabling companies to manage timelines and handle shareholder communications effectively [2] - It significantly reduces ongoing costs associated with maintaining a listing, alleviating compliance burdens and public scrutiny [2] Group 3 - The capital market's essence is to serve as a platform for resource allocation, necessitating an effective mechanism for "survival of the fittest" to guide value investment [3] - As capital market reforms deepen, the number of delisting cases is expected to increase, promoting a healthier market ecosystem [3] - Market participants must collaborate, with companies focusing on core competencies, intermediaries ensuring financial information accuracy, and investors enhancing risk recognition [3]