Reappearance Of The Nightmare Of "Earth Element" Is Reported On The Eve Of The Purchase.

On the way to restart the listing, Ye Danxue and Qian Wei once again came out to report that there were still many equity disputes and disputes over asset disputes in the field.

In June 4, 2018, di Su fashion launched the IPO A shares on the Shanghai Stock Exchange to restart the distribution arrangement and preliminary inquiry announcement, and restart IPO. At this point, the trend of fashion is once again caught in the news. The whistleblower is Ma Ruimin, the former mother-in-law of Ye Danxue, and Qian Qian, his former husband.

In the letter of commencement dated June 5, 2018, Qian Wei said that there were still three equity disputes and disputes over assets disputes in the field of IPO, which did not come into force and concluded. The illegal assault was restored to the market, attempted to pass the disease, and the small and medium investors were harmed, so that the SFC could terminate its IPO qualification according to law.

According to the "company's major litigation or arbitration matters" disclosed in the prospectus of the prospectus, there are 4 cases involving the former husband and the former mother-in-law between the actual controller and the actual controller. Among them, the property dispute case after Qian Weisu and Ma Ruimin's divorce has not yet been heard. "Ye Danxue v. Ma Yi Xin share spanfer dispute case", Ye Danxue lost one side; "money vying litigation issuer and Ma Ruimin shareholder qualification dispute case". Qian Wei Fang lost the lawsuit in the first instance, and now awaiting the second instance; "Ye Danxue sues Qian Wei, Ma Ruimin, Ma Yi Xin, the issuer confirms the contract invalid dispute case", the lawsuit is rejected.

According to this disclosure, two cases have not yet been fully resolved. Qian Wei once again reported that di Su fashion was suspected of being "ill listed".

For the case of being reported, the reporter contacted the local fashion, but the other side did not reply. Reporters also noted that before and after the meeting, earth element fashion The amount of funds raised has been greatly reduced. Up to now, the proposed fund-raising fund has been reduced by about 830 million yuan.

By the end of 2017, the net profit of Di Su fashion was 480 million yuan. According to the average PE of the industry in recent years, about 30 times, the market value would be 14 billion 400 million yuan.

After being reported for a year, he rushed to IPO again.

It will be purchased in June 12th. Ma Yunqi Xia Yunfeng fund is its third largest shareholder. The prospectus shows that investors can purchase online and offline in June 12th.

In the appendix of the prospectus issued by the prospectus, the reporter saw the approved approval from the SFC, which showed that the approved public offering of New Zealand's shares was no more than 61 million shares, and the date of the approval was May 7, 2018.

The way of listing is not smooth.

Before that, di Su fashion has been sprinting IPO twice. In September 2015, di Su fashion submitted the initial public offering A share prospectus (Draft), but unexpectedly suffered a huge stock market shock and IPO suspended. In April 2017, di Su fashion submitted to the prospectus again, continued to knock A shares, and was approved by the SFC in May of that year. It is approved that there are no more than 60 million shares of fashion public offering.

Landing in the capital market, the "admission ticket" has arrived, but the fashion has not been listed on schedule. The outbreak of "housework" has become a stumbling block.

In May 25, 2017, Ma Ruimin, the real controller of Di Su fashion, was reported by his former mother-in-law Ye Danxue and his ex husband Qian Wei and his mother in two real names.

The following day, the announcement of "Di Su fashion" decided to postpone the initial public offering of shares. The reason is "because of the need for verification of the existing issues, the issuer and the sponsor (the lead underwriter), China International Financial Limited by Share Ltd, have decided to postpone the follow-up issue in order to protect the interests of investors."

A year later, the company will restart the IPO and purchase this week. If there is no accident, A shares will usher in a fashion unit.

Public information shows that the local fashion is controlled by the founder, Ma Li Min, who owns 63.52% of the company's shares, and the second largest shareholder, Ma Yi Xin, is the daughter of Ma Ruimin and Qian Qian, his ex husband.

Apart from Ma Ruimin's mother and daughter, she also includes real family members such as Ma Limin and Ma Shu min. The last two were sisters with Ma Ruimin. Apart from holding shares in the company, Ma Limin and Ma Shu min are also directors of the company.

Industrial and commercial data show that Ma Yun and Yu Feng founded the Yunfeng fund, holding 10% of the shares of the fashion company, and the third largest shareholder of the company. So far, Yu Feng has been a director in the fashion field.

The former company reported that it had disclosed

Former husband complained that he was "ill listed". Company: lawyers believe that litigation does not constitute a real obstacle to listing.

The prospectus shows that there are 2 winning cases in the 4 related lawsuits.

Prospectus shows that the predecessor of Di Su fashion was the Shanghai Dai Ruo set up in May 2002, when Ye Danxue invested 1 million 512 thousand yuan in cash, accounting for 90% of the registered capital; Li Saijun (Ma Ruimin's mother) invested 168 thousand yuan in cash, accounting for 10% of the registered capital.

Later, the company was gradually taken over by Ye Danxue, the former daughter-in-law of Ma Ruimin. Ma Min Min has made two capital increases to di Su fashion. By September 2009, the shareholding structure of Di Su fashion was changed to Ma Min Min's shareholding of 86.21%, ye Dan Xue's shareholding 12.41%, and Li Saijun's shareholding 1.38%.

In February 2010, Ma Ruimin and the divorce agreement. In May 2013, the company changed to a joint stock company. According to the industrial and commercial data, Ye Danxue had nothing to do with the fashion at that time. In December 2010, 12.41% of the shares were sold to the granddaughter Ma Yi Xin at a price of 1 million 512 thousand yuan.

The fashionable prospectus shows that by the end of 2017, the total share capital of the company was 340 million, and its net profit was 480 million yuan. According to the relevant reports of Dongguan securities, as of May 9, 2018, the total PE of the shwan textile and garment sector is 26.2 times, and the average PE of the industry in recent years is about 30 times. According to the average PE of the industry, the market value of Di Su can reach 14 billion 400 million yuan if it goes on sale this year.

On the way to restart the listing, Ye Danxue and Qian Wei once again came out to report that there were still many equity disputes and disputes over asset disputes in the field.

Public information shows that there are many lawsuits between Ye Danxue's mother and son and Ma Ruimin and di Su fashion. Last May, ye Dan Xue sued Ma Yi Xin and Ma Ruimin and asked for the withdrawal of the original agreement on the fashion agreement which had been spanferred to Ma Yi Xin 12.41%. Neither the first instance nor the second instance verdict supported the appeal of Ye Dan snow. In September last year, Qian Weisu's fashion and Ma Ruimin asked for a division of the company's shares and ordered Ma Ruimin's 27.38% stake to be owned by Qian Wei. The case did not support Qian Wei's appeal, and Qian Wei appealed. At present, the second instance has not yet been heard. In addition, the pending case also includes Qian Wei v. Ma Ruimin's property dispute after divorce.

The progress of the above cases is consistent with the announcement on the matters relating to stock litigation issued in June 4th by Di Su fashion.

According to the "company's major litigation and arbitration matters" disclosed in the prospectus of the prospectus, there are 4 cases involving the former husband and the first mother-in-law between the company and the actual controller. Among them, the property dispute case after the divorce of Qian Weisu and Ma Ruimin has not yet been heard. "Ye Danxue complained about the dispute over the spanfer of Ma Yi Xin's share rights", and Ye Danxue lost one side. "The dispute between the money and the issuer and the Ma Ruimin shareholder qualification" has been lost in the first instance. The company said that the relevant information disclosure is true, accurate and complete, and there is no false record, misleading statement or major omission.

According to the prospectus, Ma Ruimin's shareholding ratio was 63.52% before the issue, which was the largest shareholder of the company.

Will equity litigation affect the restart of IPO?

Times nine and Lu Qunwei, senior partner of the law firm, believe that after the company has passed the meeting, if the company is not intentional to conceal the controversy after the company has passed the meeting, and the issue application does not involve matters that should be disclosed and not disclosed, the dispute should not affect the results of the audit. However, if the ruling results in changes in corporate control, it may still have an impact on the issue.

Raise the amount of fundraising by more than 800 million

A total of two prospectuses and two prospectus books were released on the way to the market. In these four documents, the amount of funds raised by the company has changed two times.

The prospectus in September 2015 and April 2017 showed that the proposed use of raised funds was 2 billion 412 million 540 thousand yuan; in May 2017, the prospectus of prospectus indicated that the proceeds from the prospectus were 1 billion 607 million 600 thousand yuan, while the prospectus of the prospectus in June 2018 indicated that the proposed fund-raising fund was 1 billion 582 million 140 thousand yuan. Up to now, the proposed fund raising has been reduced by about 830 million yuan.

At the same time, the names of the projects used for raising funds have never changed. They are still marketing network and brand building projects, information system upgrading projects, R & D center construction projects, supplementary working capital related to main business, and the total investment has not changed.

As for the reasons for the dramatic changes in the proposed fund raising, especially in the two documents around 2017, the reporter could not find an explanation in the public information, nor did he get the reply sent to the local fashion interview mail.

The main business of Di Su fashion is the design, promotion and sales of high-end brand women's clothing. There are three private brands: "DAZZLE", "DIAMOND DAZZLE" and "d" zzit.

According to the 2017 prospectus and the prospectus in 2018, the closing rate of the company was 8.01%, 12.42%, 17.4% and 12.42% respectively from 2014 to 2017. By the end of 2017, there were 395 direct shops and 643 outlets. The reasons for the increase in the number of outlets in 2015 to 2016 include: market The overall environmental impact; the overall adjustment of shopping malls; the market rent or high point of discount, resulting in a continuous loss of stores.

On the other hand, earth element fashion It points out that "closing invalid parts and inefficient shops played a positive role in net profit in 2016".

According to the prospectus of the June 2018 prospectus, the total revenue of the company from 2015 to 2017 is about 1 billion 852 million yuan, 1 billion 816 million yuan and 1 billion 946 million yuan respectively, and the corresponding net profit is about 503 million yuan, 522 million yuan and 480 million yuan respectively. 2017 has declined compared with 2016.