*ST Busen Is Hard To Get Back: The Real Controller Has Changed For 3 Years In 4 Years And Has Been Held For 5 Consecutive Years.

In June 17th, *ST Busen disclosed Shenzhen Stock Exchange Reply to the annual inquiry letter, reply to 12 questions.

In the reply, the directors and executives in the downturn in the main industry are particularly worthy of attention.

After the company went public in 2011, its unsatisfactory business performance continued to deteriorate. In 2014, the company suffered the first loss.

In 2015, the company gradually divorced from the family control of Shou Cai Feng and became the target of all kinds of capital keen pursuit. Capital players such as Xu Mao Dong and Zhao Chunxia went on to become the real controller of the company.

The actual controller changes 3 times in 4 years.

In 2011, after *ST Busen landed at the Shenzhen Stock Exchange, its operating income dropped from 715 million yuan in the year of listing to 452 million yuan in 2014, and net profit fell from 53 million yuan to -1.03 billion in the same period.

The Shou Caifeng family originally held 59.55% of the company's shares and reduced it from 2014 to the end of the first quarter of 2019, with only 2.82% remaining shares.

In 2015, Busen group, the original controlling shareholder of the company, opened its way.

In March of that year, Busen group also signed a share spanfer agreement with Shanghai Rui Fei assets and investment fund. The 41 million 800 thousand assets owned by Busen group were awarded by Shanghai Rui Wei assets. The natural person Qiu Li agreement agreed to share the 14 million shares of the investment company and Busen group.

Since then, the company's real controller has changed for the first time. The controlling shareholder has changed from Busen group to Shanghai Rui Fei assets, and the actual controller has changed to Yang Chen, Tian Yu, Mao Guiliang and Liu Jing. The proportion of assets held by the company is 29.86%.

After leaving the Shou family, Busen's stock performance almost stagnated, but this "shell resources" made the capital crazy chase.

In August 2016, Xu Maodong controlled the Xinghe win and Lhasa Xingxing at a price of 1 billion 12 million yuan, which allowed the controlling shareholder of the company, Shanghai Rui Wei, to have a 95.02% stake in the assets. Xu replaced Yang Chen and others as the new real controller.

The third change was in October 2017. Shanghai Rui's assets signed a spanfer agreement with the security technology company, which spanferred the 16% stake of Busen shares to 1 billion 66 million yuan and entrusted the voting rights of the 19 million 400 thousand shares to the latter. The company also controls 29.86% of the voting rights of the company.

The controlling shareholder of the company has changed from Shanghai Rui Fei assets to security technology, and the real controller of the company has been changed from Xu Maodong to Zhao Chunxia.

In 2017, Warburg trust applied to the Shanghai intermediate people's court for enforcement in order to secure the pledge of the technology, and asked Zhao Chunxia to pay the balance of 250 million yuan and the penalty for breach of contract.

In December 2018, technology holdings held 22 million 400 thousand shares of listed companies. shares By judicial auction, the buyer, Beijing Dongfang Heng Zheng technology and Trade Co., Ltd. ranks 16% among the largest shareholders of the company.

Zhao Chunxia's position is in jeopardy, and her P2P platform "love investment" has been thundered.

Xu Maodong's aftershock is gone.

Although Xu Maodong has been in charge of *ST Busen for 1 and a half years, the impact on the company is still hard to eliminate.

In 2018, the company added 3 new civil cases related to loan or guarantee. The plaintiff's claim was the company's signing of a loan or guarantee agreement with the plaintiffs in the 2017 year, when the original controller Xu Maodong was in office.

Among them, Deqing County small and medium enterprises financial service center limited claimed that Tianma shares borrowed 100 million yuan from them and did not pay according to the agreement. Busen shares were the guarantor under its loan contract.

Shenzhen Xin Rong wealth claim, Xinghe Internet Group and other directions of its borrowing 40 million yuan not paid by the agreement, Busen shares are also the guarantor under the loan contract.

In Zhu Dandan's private lending case, Busen shares are equivalent to Xu Maodong and Xinghe Internet Group as defendants. However, the court considered that the official seal affixed to Busen's loan contract was forged.

In response to the letter from the Shenzhen Stock Exchange, the company disclosed that the company could bear a total guarantee of 185 million yuan in respect of the 3 lawsuits mentioned above. The company made an estimated debt of 148 million yuan in 2018, accounting for 77% of the net profit of that year.

After taking the lead, the leading company spanformed into the financial and technological field, and there was no substantial progress. Only Xinghe gold clothing was set up in Beijing, and another Xinghe network loan was shelved by increasing the registered capital.

Non net profit deficit deduction for 5 consecutive years

*ST Busen's main business has further deteriorated.

The company's clothing sales decreased from 2 million 737 thousand and 200 in 2016 to 2 million 127 thousand and 900 in 2018. In 2018, the company achieved operating income of 320 million yuan, and its net profit to -1.93 billion yuan, down 6.99% and 470.36%, respectively.

In the same year, the company closed 14 stores, leaving only 422, and the total revenue of the store was 209 million yuan.

domestic Men's wear brand As competition intensifies, brand concentration is getting higher and higher. Busen menswear has less investment in brand promotion, and online sales have not been opened, leading to market share being squeezed constantly. In 2018, 8 of the 12 subsidiaries of the company suffered losses.

Data show that since 2014, the net profit of the company has been negative for 5 consecutive years.

In 2019, the company refocused its apparel business and bought a 100% stake in Busen invested by Busen group at 96 million yuan. Busen investment was established by the company in November 2015, mainly for the production and operation of the company's clothing necessary land and plant.

In 2016, Xu Maodong, the former real controller of the company, promoted the spanformation of the company to the financial service platform, and spanferred the 100% stake in Busen investment to 97 million yuan to Busen group.

In 2018, Busen's investment deficit was 2 million 408 thousand and 800 yuan, and it also provided guarantee for Busen group's 64 million 650 thousand yuan loan. The company will spend 62% of the money it has bought. The company replied to the Shenzhen Stock Exchange's inquiry that it had applied for 80 million yuan to the Shaoxing branch of ABC to ensure its purchase.

Besides the deterioration of the main business, the company's personnel shock has also been concerned by the Shenzhen Stock Exchange. In 2018, 8 directors and senior executives of the company left the company, including key staff members such as Yuan Jianjun, deputy director general and deputy general manager Hu Qiang. The company replied that it belonged to the normal flow of personnel.

In May this year, the board of directors of the company dismissed Chen Jianfei's general manager. Chen was the son of Busen Group founder Shou Cai Feng.

The reality of Zhao Chunxia has not appeared for a long time, and I do not know where it is.