YOUNGOR Sells US $120 Million For &Nbsp, Or Pave The Way For Splitting.

Three years ago, 120 million dollars to buy businesses, now sold to related parties.

YOUNGOR (600177), dubbed by the industry as a "not doing business", has been forgotten by investors in real estate and private placement business in recent years. Yesterday, Youngor The announcement of the transfer of shares of its apparel subsidiary has attracted investors' attention again. Some investors questioned that in 2008, when they spent 120 million dollars on overseas acquisitions, after three years of cultivation, why are they now making a discount of nearly 30% of the transfer? Analysts pointed out that the transfer, despite being questioned by the outside world, was related to the transfer of related businesses after the maturation of the business. YOUNGOR's surface was to throw away a company that had been dragging its achievements for many years, but to some extent, it projected Li Rucheng's intention to spin off YOUNGOR's clothing. Finance The conception of the three main industries of real estate.

Transfer of overseas enterprises by discount

According to the announcement issued by YOUNGOR yesterday, the company has signed the "equity transfer agreement" with Sheng Tai yarn dyed fabric, and transferred all the shares of Xin Ma clothing to Sheng Tai yarn dyed with the net asset price of the wholly owned subsidiary of new Malaysia garments audited in May 20th. If the net asset price of audit is below $80 million, the selling price is set at $80 million; if the net asset price of audit is above $80 million, the selling price is audited net asset value.

It is no stranger to mention new horse clothing. In the textile and garment industry, which was generally short of Chai and the rice for winter, YOUNGOR completed the purchase of the international menswear enterprise Xin Ma group at the net asset price of $120 million in 2008. It was the largest overseas merger and acquisition case in the domestic textile and garment industry.

According to the data, the new Malaysia clothing business includes the ODM business of more than 20 brands including the world famous brand "POLO", and more importantly, the new Ma group has many years of accumulated marketing channels, and has close business relations with dozens of large department stores in the United States.

Although new YOUNGOR clothing has helped YOUNGOR get through the US sales channel and has accumulated a lot of marketing and design talents for its own brand to the world, its performance has not excited investors. Because according to YOUNGOR's annual reports in the following years, the new Malaysia clothing business has been a drag on the clothing business.

YOUNGOR's annual report in 2008 pointed out that the operating profit margins of garments and shirts decreased by 11.89 and 21.16 percentage points respectively, mainly due to the increase in the scope of the consolidated statements in this year, mainly in the export business and low operating margins. At the same time, the management cost of new horse clothing increased by 45.38% over the previous year. YOUNGOR's 2009 annual report continues to point out that we should speed up the shift of the production base of new Ma clothing, and adjust the market structure and optimize the product mix, so as to weaken the adverse impact of the export market's weakness on foreign trade. According to a notice released yesterday by YOUNGOR, the net assets of new Malaysia clothing were 536 million 540 thousand yuan audited, and net profit was 20 million 710 thousand yuan last year. {page_break}

Throw away the burden or pave the way for splitting up.

　　 New horse clothing Such a performance has led investors to question YOUNGOR's overseas acquisitions. Now, the stock transfer which looks like a "burden" has attracted investors' criticism.

The reason is that YOUNGOR announced in the announcement that new Ma clothing realized losses in 1~5 months this year and realized a net profit of 13 million 760 thousand yuan. At this time, YOUNGOR chose a wholly-owned transfer, while the transferee was Li Rucheng holding the Sheng Tai yarn dyed fabric. Investors thought that the new horse clothing that had passed the most difficult period was suspected of being "cheap sale".

YOUNGOR said that this related transaction is conducive to the realization of the strategic goal of "brand transformation" from the "production management to brand operation", and the gross profit margin of the company's brand clothing business will further improve, which is conducive to the healthy and sustainable development of the company.

Meanwhile, media reports recently reported that YOUNGOR invested huge sums of money in Shengzhou to build Shengzhou YOUNGOR emerging industry science and technology park. The YOUNGOR emerging industry science park, which is still known as the title of "YOUNGOR", is made up of four companies of YOUNGOR, Shengzhou Sheng Tai dyed Weaving Technology Co., Ltd., Shengzhou Sheng Tai Knitting Co., Ltd., Shengzhou hemp Biotechnology Co., Ltd. and Shengzhou YOUNGOR Wool Textile Co., Ltd.

It is understood that Shengzhou hemp Biotechnology Co., Ltd. and Shengzhou YOUNGOR Wool Textile Co., Ltd. are respectively set up by Ningbo Yi Ke Technology Industrial Co., Ltd. and Ningbo YOUNGOR wool dyeing and finishing Co., Ltd. According to the development strategy of the industrial park, we will set up Sheng Tai Textile Holding Limited company through the implementation of shareholding system transformation, and incorporate all the sales revenue of the subordinate enterprises into the joint stock company, and proceed to seek listing after the new project is put into operation.

Prior to this, Li Rucheng himself has publicly expressed in March this year to re comb its financial, real estate and clothing business, straighten out the group's equity relations, and do not rule out the possibility of separate listing.

Analysts pointed out that, from a variety of information, the transfer may not be a simple investment and assets that investors think, which may be the premise of YOUNGOR's separate listing of its clothing business in the future.