Decline In Performance, Acquisition And Hopeless Net Profit Of Only 1 Million 50 Thousand

Nearly three months after the suspension, the restructuring and reorganization of the company announced that it failed in the August 25th announcement.

As a listed company under the Sha Sha holding group, the company has already failed in its second project reorganization in three months.

After the resumption of trading in August 25th, the shares fell 7 consecutive trading days, and the share price fell to 20.18 yuan per share from 43.84 yuan before the resumption.

On the same day, the mid day report showed that in the first half of this year, the company's operating income dropped 49.03%, and its net profit was 1 million 50 thousand and 100 yuan, down 80.73% from the same period last year.

In fact, since 2011, the performance of the company has been declining. In the four years from 2012 to 2015, the net profit of China's newspapers in the past year is about 9 million yuan, 7 million yuan, 5 million yuan and 1 million yuan.

In August 31st, the general agent of Wuhan said, "our business is not good enough to achieve good results."

Performance decline over 50%, was informed by the Shanghai Stock Exchange

She sold herself by selling socks.

In October 1995, Weng three brothers founded the Yiwu La Sha Knitting Co., Ltd. in the Yiwu economic development zone. In 2006, *ST was listed on the market.

It is worth mentioning that the sock's hosiery industry still belongs to the main business of the Sha Sha holding group and has not been injected into the listed shares.

The biggest subsidiary of the company is Yiwu's Lingsha Underwear Co., Ltd.

In recent years, because of the disorderly competition in the underwear market and the weak consumption, the business revenue of the company has been declining.

In August 25th, the company reported that the company's operating income decreased by 49.03% over the reporting period. Operating profit, gross profit, net profit, net profit after deducting non recurring gains and losses, basic earnings per share, basic earnings per share after deducting non recurring gains and losses and other major accounting data and financial indicators decreased considerably.

In fact, since 2011, the performance of the company has been declining. In the four years from 2012 to 2015, the net profit of China's newspapers in the past year is about 9 million yuan, 7 million yuan, 5 million yuan and 1 million yuan.

In August 31st, Mr. Sun, general agent of Wuhan, told the Changjiang Commercial Daily reporter that his current business was not good enough to achieve good results.

And in the local Yiwu Huangyuan clothing market selling socks and underwear shop, the shop assistant also told reporters that after all, Lingsha underwear can not catch up with socks and is competitive, and now does not enter underwear, only to enter socks to sell.

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And the electronic business platform that Lour Sha especially sees, also seems to add injury to its brand.

In 2010, she settled in Tencent pat net to seek profits.

Since then stationed in Tmall, Jingdong and other electronic business platform, and explore the micro business market.

The electricity supplier of the company has adopted the form of franchised stores, which has led many clubs to use the brand of Sha Sha to take other products, and the quality of products is uneven.

Hangzhou mosquitoes Agel Ecommerce Ltd general manager Wu mosmi has publicly pointed out: "the Sha Sha is a typical traditional industry scale development miracle, massive production of heavy goods to the channel rough mode has brought the market expansion, also causes the enterprise to neglect the brand construction."

In addition, according to Sun Xiaomei, a staff member of Lingsha underwear factory, the Lingsha underwear factory now often has a holiday.

The news report of the Sha Sha shares also shows that the company has the situation of "high price stocks and low price products".

The company's capacity is higher than the sales volume. If the product is sold, if the product is not sold, the cost will not be recovered and the company will lose money if it continues to produce.

Meanwhile, the export trade of the company has also been greatly damaged.

In June of this year, Ma Zhong Ming, the chief executive of the Sha Sha group, said publicly that "due to the continued appreciation of the RMB and the impact of the European debt crisis, the company's export sales have been frustrated and there will be no expansion plan for export in the future."

The Changjiang Commercial Daily reporter learned from Zhejiang's local import and export trade lady, "now that the environment is not good, there are so many enterprises that have failed in Zhejiang overnight, and many enterprises are superficial."

In the first half of this year, the net profit of the company was only about 1 million 50 thousand yuan.

And every year, the company receives the subsidy from the government of Yiwu. Data show that in early 2014 to December 8th of this year, Zhejiang's Lingsha Underwear Co., Ltd., a wholly owned subsidiary of the company, received 2 million 200 thousand yuan of support from the Yiwu government.

It can be seen that even in the case of government subsidies, the Sha Sha shares can not escape the decline of net profit, or even on the verge of loss.

According to the semi annual report of the company, as of June 30th, the company's controlling shareholder, the group, has held 41 million 490 thousand shares held by banks respectively, which are used for bank loan pledge and repurchase pledge, and pledge shares account for nearly 100% of their shareholdings.

Moreover, since the listing, no cash dividend and provident fund have been converted into equity shares.

In July of this year, the shares of the company were also due to 2014.

A decline of more than 50%, but not timely disclosure, was criticized by the Shanghai Stock Exchange.

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In August 3rd, the Shanghai Stock Exchange announced the decision to pay attention to the supervision of Sichuan's Cmi Holdings Ltd and its responsible parties.

It was decided that the annual report released by the company in April 20, 2015 showed that the net profit attributable to shareholders of listed companies fell 76.03% in 2014 compared with the same period in 2014.

The company did not disclose the performance notice before the end of January 2015 according to the provisions of the Shanghai Stock Exchange, and did not release the 2014 annual performance bulletin until April 10, 2015, disclosing the expected annual performance.

At the same time, the export trade of the waves has also been greatly impaired.

The export products of the wave are mainly the products of the OEM. Because of the change of the exchange rate, the equipment is depreciated and the profit space of the export is smaller.

In June of this year, Ma Zhong Ming, the chief executive of the Sha Sha group, said publicly that "due to the continued appreciation of the RMB and the impact of the European debt crisis, the company's export sales have been frustrated and there will be no expansion plan for export in the future."

Not only the underwear sales are bad, but also the main socks business of the company.

Mr. Xiong told reporters at the mobile phone store in the three stage of the factory, "now there are many fewer people left."

"We have a pair of socks for one or two dollars, and a lot of them are produced by them."

In August 28th, a local stocking manufacturer in Zhejiang said that in Zhejiang, there are many manufacturers who produce socks. As long as printing the packaging of the brand of Sha Sha can pretend to be the "Sha Sha", the products on the market are only brand influence, but they are not necessarily better than those of other manufacturers.

Mergers and acquisitions failed again, and was accused of speculation.

In the case of declining performance, the company also tried to seek.

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As early as last year, the company announced that it had to carry out restructuring and reorganization research.

This news also brought the stock price of lssha to a large extent and attracted a large number of external capital forces.

As a small cap with a total share capital less than one hundred million shares, there are many private-equity and retail investors in the ten largest tradable shareholders of the company. Since the first quarter of 2014, the average number of new circulation shareholders has reached 6 per quarter.

Including zhe Xi system, Zhejiang Zhongyang investment and other famous private placement.

The stock price of the company has also risen since February this year, from about 17 yuan per share to the highest price of about 45 yuan per share.

In August 25th, the announcement of the company said that in view of the progress of the related matters and the market changes, the company decided to terminate the planning of the non-public offering, and the company's shares will resume trading on August 25th. After 7 trading days, the company continued to limit its trading. Before the deadline, the price of the company reached 20.18 yuan per share, down from 43.84 yuan before the resumption to 20.18 yuan.

The restructuring plan of this group, which was announced by Fung Sha, wants to issue additional fundraising funds to buy the new material of 50 thousand tons of high-performance packaging film, which is owned by Zhejiang blue film company affiliated to the Latin American holdings group.

But the company said that the film market capacity is limited, the product price is not high, the profit margin is low, and can not be thickened in the past one or two years.

In addition, the optical film is a high-end polymer membrane material. Its main application areas are LCD backlight module, flexible OLED, flexible OLED lighting and so on.

However, at present, domestic technology is still not mature. After the construction of investment and investment, it may not achieve the expected investment income. Therefore, it has decided to terminate, and promised that it will no longer plan to issue non-public offering shares within six months.

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However, before the suspension date of May 29th (May 5th), the Sha Sha shares had been suspended for a major reason.

Just two weeks later, the company was planning to resume trading in Shanghai on May 20, 2015.

Then, in May 29th, the company again applied for a suspension on the ground of planning major issues.

That is to say, in the past three months, the company failed in the two major reorganization.

For the two failures that are so close to each other, investors in the Sha Sha group accused the company of reorganizing the concept of regrouping. "In May 6th, the suspension was restructured. In May 20th, the terms of the resumption were not ripe. How did it happen in May 28th?"

For the above

The question and whether the two reorganization of the group is consistent, Weng Rongjin, chairman of the Sha Sha holding group, said in an interview with reporters. "The announcement of the company is carried out under the strict supervision and control of the Securities Regulatory Commission and the Shanghai Stock Exchange.

Crossover holdings to finance

As the controlling shareholder of the Sha Sha group, the Sha Sha holding group has also made a lot of pformation attempts outside the socks industry, especially in the financial field.

As early as 2009, the small loan Limited by Share Ltd, founded by the Sha Sha holding group, was formally established and became the first private small loan company approved by the financial office of the Zhejiang provincial government in Yiwu.

In addition, in the annual report of the Bank of Jinhua in 2013, the company ranked the top ten shareholders of the company, the shareholders of the group and the Yiwu Blue Investment Co., with a shareholding ratio of 4.09%.

According to industrial and commercial information, the legal representative of Yiwu Blue Investment Limited is also chairman of Weng Rongjin, chairman of the group.

In April this year, Weng Rongdi, President of the group, said on "China's Internet financial health forum", "the company is entering this field. At present, the stock allocation business has been launched, and" Zhong Mi finance "will be launched in one or two months.

It is worth mentioning that the "Chung Mi finance" by Weng Rong Di, formerly known as Zhejiang Anxing photovoltaic Co., Ltd.

Earlier in 2010, the group and the wind and tide of the group rose to set up two companies, namely Zhejiang blue photoelectric and Zhejiang safe.

The telephone number of the company is exactly the same.

And the fax numbers used by both companies also use the same number.

There are investors who doubt that "it is estimated that all personnel are the same, a set of people, two shell work, nothing."

According to people familiar with the matter, the two companies have only workshops and no workers, which is a loss item.

Business registration information shows that in February of this year, Zhejiang Security Technology Co., Ltd. was renamed "Zhejiang Zhong Mi financial services outsourcing Co., Ltd.", or "Zhong Mi finance" for short.

Under the tide of Internet finance, AI Xing photovoltaic, which has been engaged in research and development, manufacturing and sales of solar panels, has turned into intermediary services, asset management and investment management. It has become a big bargaining chip for the group to enter the Internet financial field.