Tianmao Group to delist, offers cash option to shareholders

Tianmao Industrial Group Co., Ltd. (SZSE:000627), referred to as ST Tianmao, will commence continuous trading suspension on August 14, 2025, and proceed with the voluntary termination of its stock listing as approved by its shareholders. A-share holders, excluding Xinliyi Group, Liu Yiqian, and Wang Wei, are eligible to exercise a cash option at a price of 1.60 yuan per share. The cash option exercise period is from September 15, 2025, to September 19, 2025, during trading hours. Shares not exercised by the deadline will be cancelled, and no corresponding cash will be received.

The reference share price on August 13, 2025, the day before the announcement, was 1.58 yuan per share. The cash option's fair value is calculated at 0.15 yuan, with a Delta value of -0.4759, and the premium of the reference share price to the agreed cash option price is -1.25%. The cash option will be provided by Jingmen Weituo Hongcheng Management Partnership.

The cash option will not be listed for trading. Investors using margin trading or stock pledge transactions must transfer their shares to a regular securities account and complete necessary procedures by the equity registration date (September 2, 2025) to be eligible. Deep-link investors may be unable to transfer shares once the company enters the delisting segment.