After Restructuring Failed Many Times, Busen Shares Fell Into Development Dilemma.

Recently, Zhejiang Busen

Limited by Share Ltd (hereinafter referred to as "Busen shares") released its first quarter results in 2018, and its performance fell again.

Prior to this, Busen shares issued a strategic plan for 2018-2022 years, plans to develop new clothing retail business in the next five years, and develop financial technology solutions business in the main direction of supply chain management.

In recent years, Busen shares in clothing

The brand competitiveness has gradually weakened, and has been seeking pformation to reverse the situation. However, after the failure of reorganization and repeated changes, the pformation of Busen shares is not smooth.

Slippery Sen's three reorganization failure

In April 2011, Busen shares landed at Shenzhen Stock Exchange, and its performance continued to decline after listing.

Annual report shows that Busen shares began to decline in net profit from 2012, until the first quarter results announced in 2018, Busen shares failed to turn around.

In the case of declining performance, Busen shares began restructuring in 2014, hoping to reverse the situation.

In August 2014, Busen shares announced an asset restructuring plan of 4 billion 170 million yuan from the Hong Wah agricultural Limited by Share Ltd in Guangxi, but less than three months later, Busen shares announced the termination of asset restructuring with Hong Wah's agriculture.

In March 2015, Busen signed an agreement to pfer 29.86% of its shares to Shanghai Rui Wei asset management partnership, and its assets became the controlling shareholder of Busen shares.

When Busen sought to restructure again, the former Hong Wah agriculture was suspected of false information in the process of restructuring. Busen shares were issued by the SFC under investigation notice, referring to Busen shares suspected of violating the securities laws and regulations, and decided to investigate the company's acquisition of Hong Wah's agriculture case.

At this point, Busen's second reorganization failed.

The pressure of declining performance forced Busen to start its third restructuring.

According to the information disclosed at that time, the restructuring plan of Busen shares includes the purchase of the 100% stake of the Mdt InfoTech Ltd (referred to as "Xin Xin Bao") by the way of issuing shares.

However, the reorganization was affected by the regulation of the major assets reorganization of the listed companies issued by the Securities Regulatory Commission at that time, and had to be terminated.

After the failure of the three reorganization, Busen shares finally came to "new owners", and the focus of the company's business also shifted.

In August 2016, Xinghe won the new shareholding stake in Busen shares by 1 billion 12 million yuan, which was awarded to 95.02% of the controlling shareholder of Lhasa listed company.

As the Xinghe win was controlled by Xu Maodong with Lhasa star burning, after the completion of the paction, Busen chairman of Xinghe interconnection became a new controller of Busen shares.

Xu Maodong is a relatively familiar Internet investor in the industry. After he became the actual controller of Busen, his business began to turn to financial technology.

In November 2016, Busen shares halted the "annual output of 400 thousand high-end jacket production line construction projects". At the same time, Busen shares also planned to pfer Tongling Busen's 100% stake at a price of 96 million 13 thousand and 900 yuan.

Then, the company set up a wholly owned subsidiary Xinghe gold suit.

The annual report said that Busen shares will gradually pform from traditional clothing enterprises to financial technology companies providing one-stop financial services for SMEs.

Business is a must.

These changes did not bring Busen's performance growth.

According to the 2016 earnings report, the operating income of the company during the reporting period was 370 million yuan, down 8.15% from the same period last year, and the net profit attributable to shareholders of listed companies was 6 million 599 thousand and 500 yuan, a decrease of 42.63% compared to the same period last year.

Subsequently, Xu Maodong pferred to Busen shares, the company controller changed again.

In November 2017, Rui's assets pferred 16% of the shares of Busen shares to the Chongqing Security Technology Co., Ltd. (hereinafter referred to as "security technology"). By the way, the voting rights of the remaining 13.86% stake were entrustment to the Security Technology Co., Ltd., and the technology share control of the voting rights of Busen shares was 29.86%. It became the largest shareholder and the actual controller was Zhao Chunxia.

It is reported that Zhao Chunxia is the founder and chairman of Internet finance "love investment", and love investment is known as "the first gold Internet platform for P2C Internet financial pactions in China".

Busen said that it will promote the pformation of listed companies to financial technology companies, including, but not limited to, foreign mergers and acquisitions.

It can be seen that Zhao Chunxia continued the development of Xu Maodong, and continued to promote Busen's financial technology business.

Long after being thrown away.

Only four months after Zhao Chunxia's entry into Busen shares, in January 24, 2018, Busen shares announced that capital player Liu Jun and his unanimous action partners had signed a share pfer agreement with the general partners of Rui Qian's assets and won a 13.86% stake in Busen shares by 183 million yuan.

In fact, after Zhao Chunxia took over Busen, he continued to develop the pformation route of financial technology before setting up a supply chain management company after the completion of the equity change, and then did the supply chain finance business accordingly.

Although this struggle for power ended in Liu Jun's abandonment of control, Busen's stock became a "shell company".

Although Zhao Chunxia said outside this year, the top priority of men's clothing is this year.

At the same time, dealing with the relationship between the traditional textile and garment industry and the new financial technology business is the biggest challenge at present. However, the adjustment and upgrading of the industry through the promotion of financial technology has begun. In the future, the strategy of "financial technology + upgrading of traditional industries" will not be ruled out by means of extension and merger.

But after many years of change, the huge losses in recent years can not be made up for short term business pformation. The future development of Busen shares is still not very clear.