Tianmao Group said that during this major asset restructuring, the external capital market environment changed greatly, and some counterparties put forward new opinions on the core terms of this restructuring, such as the share issue price and the valuation of the target company, and the counterparties could not reach an agreement with the company within the original planned time. After careful discussion, the time of this major asset reorganization is uncertain and is not expected to be completed within the original planned time.
Tianmao Group holds 5 1% equity of Guohua Life Insurance and is its largest shareholder. At the same time, Guohua Life Insurance is also the core business of Tianmao Group. In 20 19, the operating income of Guohua Life Insurance reached 48.978 billion yuan, accounting for 97.58% of the total consolidated income of Tianmao Group. The net profit was 226,543,806 yuan, a year-on-year increase of 7.83%.