Core Viewpoint - *ST Tianmao, controlled by capital tycoon Liu Yiqian, plans to voluntarily delist from the Shenzhen Stock Exchange to protect the interests of minority shareholders amid significant business restructuring uncertainties [2][5][10]. Group 1: Delisting Announcement - On August 8, *ST Tianmao's board approved a resolution to withdraw its A-share listing and will apply to transfer to the National Equities Exchange and Quotations (NEEQ) for management in the delisting section [2][5]. - The company aims to protect the interests of its 111,900 shareholders, with a total share capital of 4.904 billion shares [5][7]. Group 2: Financial Performance - As of July 18, the stock price was 1.45 CNY per share, with a total market value of 7.111 billion CNY [5]. - The company reported a total revenue of 33.6 billion CNY, a year-on-year decline of 18.43%, and a net loss of 333 million CNY, down 56.39% year-on-year [6]. Group 3: Shareholder Protection Mechanism - To safeguard investor interests, *ST Tianmao will implement a mechanism for dissenting shareholders, allowing them to opt for cash compensation at a price of 1.60 CNY per share, which is a 10.34% premium over the last trading price [7][9]. - The cash option will be available to all A-share shareholders except for certain major shareholders, including Liu Yiqian [7][9]. Group 4: Historical Context - *ST Tianmao, established in 1993 and listed in 1996, has undergone significant changes, including a shift from pharmaceutical to insurance business under Liu Yiqian's control [11][13]. - The company has faced continuous losses, particularly from its subsidiary, Guohua Life, which reported a revenue of 49.8 billion CNY and a loss of 1.155 billion CNY in 2023 [14][16]. Group 5: Regulatory Issues - The company has been under pressure due to the inability to disclose its 2024 annual report, leading to a risk warning and potential delisting by the Shenzhen Stock Exchange [16][18]. - Additionally, *ST Tianmao received a notice from the China Securities Regulatory Commission regarding an investigation for failing to disclose periodic reports on time [18].