Negating Strong Wine, Backdoor Rumors, Meyer Insisted On Clothing Industry.

Yesterday (May 18th) morning,

Yang Wensun said that during these years of dealing with historical problems and seeking new development, the management team of the company realized that the core competitiveness of the company is the main business of textile and clothing.

Since the reform and opening up, the only ten state-owned garment brands that have survived are state-owned holding companies. Last year, they won the most popular quality award in China's apparel industry. This is also the most important foundation for the company's brand building in the future.

The company's "12th Five-Year plan" has made it clear that adhering to the main business of textile and garment industry, by strengthening brand building to enhance the competitiveness of the company in China's apparel industry, the proportion of private brand sales and foreign brand processing will be greatly adjusted, and the brand leadership position of domestic apparel industry will be established.

Yang Wensun admits that because of the debt to equity swap, the Construction Bank is currently the largest shareholder of the Meyer group, holding nearly 80% of its shareholding. However, financial institutions can not make investment and business activities, making the actual controller unable to make decisions on the company's operation, which has a huge impact on the listed companies in a strong competitive industry.

In the future, how to improve the corporate governance structure of large shareholders is an important prerequisite for the development of listed companies after debt relief.

There was a market rumor that the strong card Co., Ltd. and the actual controller of the United States of America reached the restructuring agreement of China's XinDa assets. The strong card company will pour strong liquor assets, which Yang Wensun denied: "with the deep feelings of me and strong liquor, I can be very responsible to say that there is no intention of backdoor listing, and will never borrow Meyer."

Yang Wensun reviewed the process of dealing with problems left over from history since he became chairman of the company in 2002.

At that time, the company faced a complex debt problem which was large enough to push the company into bankruptcy. Almost all assets and shares were waiting for closure, and production and operation funds were almost exhausted.

After years of efforts, foreign creditors agreed to settle the debt of up to 160 million yuan by 158 million yuan last year, but the prerequisite is that the company needs to pay cash in advance, while the major shareholders of the company are facing the dilemma of being frozen and unable to liquidate their debts.

The strong investment of Jin Liquor, which is based on the original intention of the mutual support of Huangshi's big local enterprises, has contributed generously to buy relevant claims. After the company's equity and assets have been lifted, the debt has been turned back to the Meyer group, helping Meyer to untie a major debt dispute that has plagued the company for a long time.

Yang Wensun said that the strong liquor investment and the company have good cooperation in the Meyer futures. The company accepted the strong support of strong liquor investment when solving the debt problem, which was used by some market rumors makers.

Although companies and strong liquor websites are constantly clarifying, there are still some questions raised by shareholders from today's shareholders' meeting.