【Epoch Times August 12, 2025】Tianmao Industrial Group Co., Ltd. (Tianmao Industrial) recently announced that due to the inability to provide the financial reports for the fiscal year 2024 and the first quarter of 2015 on time, the company will voluntarily delist through a shareholder meeting resolution. There are voices questioning whether Tianmao Industrial has manipulated stock prices and engaged in “harvesting” of investors.
In the “Fifth Risk Warning Announcement that Stocks May Be Delisted” on August 11th, Tianmao Industrial stated, “The company has been unable to disclose the 2024 annual report and the 2025 first quarter report within the statutory deadline. The company’s stock has been suspended from trading since May 6, 2025. Despite being in suspension for two months, the company still has not disclosed the 2024 annual report and the 2025 first quarter report. The stock resumed trading on July 8, 2025, and a delisting risk warning was implemented.”
Furthermore, in the announcement on August 8 regarding the voluntary delisting of the company’s stock through a shareholder meeting resolution, Tianmao Industrial mentioned that due to the planned business structure adjustment by Tianmao Group, it faces significant uncertainties that could have a major impact on the company. The company proposes to voluntarily withdraw the listing of its A-shares on the Shenzhen Stock Exchange through a shareholder meeting resolution.
A report by “First Finance” on August 11 stated that following Yulong Shares and AVIC Industrial Finance, Tianmao Industrial is another listed company planning to delist voluntarily.
On January 20th of this year, a performance forecast for the fiscal year 2024 released by Tianmao Industrial indicated an expected loss of net profit attributable to shareholders ranging from 500 million to 750 million yuan, with an asset-liability ratio exceeding 85%. In 2023, the net profit attributable to shareholders was a deficit of 652 million yuan.
According to previous disclosures by Tianmao Industrial, as of July 18, 2025, the number of shareholders of the company was approximately 111,900.
Investors have raised suspicions about whether the company is intentionally delisting and urge *ST Tianmao to disclose regular reports as soon as possible. Some investors question whether the company deliberately did not disclose financial reports to trigger delisting rules, suppress stock prices, and then voluntarily delist to “harvest” investors.
According to Yema Finance on August 11, the stock price of Tianmao Group had been “broken” by fund companies. On July 1, Huatai Fund announced that it valued Tianmao Group held by its securities investment fund at 0.27 yuan per share, a valuation more than 90% lower than the pre-suspension stock price of 2.74 yuan per share.
Yema Finance believes that if delisting can proceed at a price of 1.6 yuan per share, it would probably be the least damaging solution for investors at the moment. However, the voluntary delisting still requires the approval of two-thirds of the minority shareholders at the shareholder meeting around August 21. If not approved, mandatory delisting will take place in early September.
Internet user “Spinach129” commented, “Liu (Liu Yiqian, the actual controller of Tianmao Group) was unscrupulous. If small and medium-sized shareholders vote against it, the company still cannot produce an annual report and will be forcibly delisted, selling for just a few cents per share on the third board.”
Internet user “NightSilence” believes, “The stock market must eliminate such crooked practices. Otherwise, everyone will worry that companies with problems will no longer disclose annual reports, buy back shares at low prices, delist, enrich shareholders, and few will dare to take a long-term view.”
*ST Tianmao had announced on August 6 that due to the major matters being planned by its controlling shareholder, the company applied for a trading halt. The closing price that day was 1.45 yuan per share. It resumed trading on August 11.
As of 09:41:00 on August 12 Beijing time, the price of *ST Tianmao’s stock was reported at 1.57 yuan per share, with a total market capitalization of 7.65 billion yuan.
The official website of Tianmao Industrial Group Co., Ltd. indicates that the company was established on November 18, 1993, with its registered address in Jingmen City, Hubei Province. It went public on the Shenzhen Stock Exchange on November 12, 1996, and belongs to the insurance industry.