Frequent Restructuring No Fruit Boulevard Controlling Shareholder Stake Suddenly Freeze By The Judiciary

The controlling shareholder of 002656.SZ, formerly known as card slave Road, has committed itself to insurance.

According to the announcement in the morning of March 11th, when morden Avenue recently inspected shareholders' shareholding regularly, it was learned that the controlling shareholder of Guangzhou Ruifeng group, the actual controller Lin Yongfei and some of the shares held by Wuqiang had been frozen by law in March 7th. Altogether 135 million 589 thousand and 600 shares were frozen, accounting for 19.03% of the total share capital of the company.

"This is being dealt with by the judicial freeze of major shareholders. The result is not clear yet. As for other stocks that have been pledged, there is no risk to it. There is no feedback from other brokerages at the moment."

In March 11th, people in modern Avenue told reporters.

The 19.03% share held by the three parties is frozen by the Hunan provincial high court for its case of a pledge backed securities repurchase dispute with Founder Securities.

After the initiative, the stock price suddenly flashed.

Ruifeng group, Lin Yongfei and Weng Wuqiang share some of the shares were frozen by law, there was no sign.

Reporters access to the modern Avenue announcement found that in February 13th, the controlling shareholder's share pledge situation disclosed in February 13th showed that Lin Yong Fei and his concerted action people Weng Wuqiang, Weng Wu you, Yan Yan and Ruifeng group altogether hold 306 million 869 thousand and 600 shares representing 43.07% of the modern Avenue, and the total amount of pledge is 259 million 456 thousand shares, accounting for 84.55% of the total shares held.

At that time, the announcement clearly stated that Ruifeng group had good credit standing and had the ability to repay funds, and the risk of pledge was controllable.

Before, in fact, Lin Yongfei's announcement of supplemental pledge is also the same as above.

But the words are still in the ear, Ruifeng group and Lin Yongfei appear to eat their own words.

Ruifeng group is through the previous announcement to show their strength.

In December 19, 2018, the announcement of the modern Avenue announced that Ruifeng group issued a letter of recommendation to all employees and promised that all employees of morden Avenue and its wholly owned subsidiary and the controlling shareholder would use their own funds. During from December 24 to 28, 2018, they bought the shares of morden road through the two tier market bidding and held for more than 12 months in a row. If the actual yield is less than 8%, the difference will be partially compensated by the Ruifeng group, and there will be no upper limit for the compensation.

Unexpectedly, the next day after the announcement of the controlling shareholder's bottom line increase initiative was announced in December 20, 2018, the stock price of modern Avenue suddenly collapsed, and the 4 trading day was down, but the stock price fell by 41.73% on the 8 trading days from the announcement of the announcement to the deadline for the increase.

Even if the stock price is relatively cheap due to the sharp fall, the enthusiasm of the employees on the modern Avenue is not high.

According to the announcement of January 7th this year, during the purchase of Ruifeng group, there were 30 employees in the modern Avenue holding 159 thousand shares of the company's stock, and the average price was about 6.6452 yuan / share. The total amount was 1 million 56 thousand and 600 yuan.

Statistics show that as of October 31, 2018, the total number of on-the-job employees of modern Avenue and its wholly owned subsidiaries and controlling subsidiaries was 1531, and the average remuneration of all employees was about 106 thousand yuan / year.

This shows that only 1.96% of the total number of employees who participated in the controlling shareholder initiative increased their holdings.

"Buying stocks depends on everyone's situation. Some people do not buy stocks, some do not have spare cash to buy, 100 percent of employees go to buy, other listed companies can not do it."

The above mentioned people in modern Avenue explained to the economic news reporters in twenty-first Century.

In fact, Ruifeng group plans to introduce foreign aid through the pfer of its shareholdings before it advocates employee enrichment.

4 months ago, the November 7, 2018 announcement showed that Ruifeng group would pfer to the state-owned fund management company no more than 100 million shares, accounting for 14.03% of its total share capital, accounting for 14.03% of the total share capital of the company.

"Controlling shareholders' introduction of state-owned funds is still under discussion. At present, it is not heard that the shares are frozen by the judiciary, which has an impact. If the state-owned fund is formally introduced, it will become the second largest shareholder of modern Avenue."

The above modern avenue people said.

Major earnings assets remain unknown

It is puzzling that the controlling shareholder of modern Avenue due to the freezing of shares is also planning to buy the modern Avenue assets in cash for 2 billion 240 million yuan.

The announcement shows that the assets to be sold to controlling shareholders by morden Avenue in October 2018 include the 100% stake in the forecast value of 720 million yuan and the related assets and liabilities of the headquarters building estimated at 1 billion 520 million yuan.

But in 2016 and 2017, the group lost 333 million 464 thousand and 600 yuan and 53 million 938 thousand and 100 yuan respectively.

Mainly engaged in the development and operation of mobile Internet applications, it is the modern Boulevard in April 2017 issued by shares to pay cash in conjunction with the acquisition of assets, then the consideration of 490 million yuan, the controlling shareholder ready to take over the premium is 46.94%.

"The sale of assets has been terminated. The reason is that Yuetan is still in a performance commitment period and is not suitable for sale. Headquarters building's real estate ownership certificate has not yet been completed."

The personage of the former modern Avenue told the twenty-first Century economic news reporter that "the promise performance of 2018, which is pleasing to the heart, should be completed by now."

Historical announcements show that when the modern Avenue purchase was pleasing to the heart, the other side promised that the net profit after deduction in 2018 was 61 million 500 thousand yuan, while in 2017 it was 45 million 500 thousand yuan, and the actual completion was 49 million 715 thousand and 200 yuan.

But from the acquisition of modern Boulevard and ready to set out, we can see that the management strategy of modern Boulevard is in a state of uncertainty.

The explanation of modern Avenue is that the "Internet +" global fashion brand operator, established in 2015, plans to build a complete industrial chain spanning many fields such as retail, service, media and culture. But in 2018, with the new retail technology platform as the company's 2018-2020 year development strategy, it is also necessary for strategic adjustment to sell.

However, the extension of modern Avenue was frustrated repeatedly. Only in 2018, the controlling power of the first acquisition of Harbin Mai yuan Agel Ecommerce Ltd and another Internet and related service industry failed. Finally, the acquisition of Beijing's brand management limited liability company failed.

The performance of morden Avenue will also drop significantly in 2018. According to the forecast, its net profit in 2018 was 70 million yuan to 100 million yuan, down 48.03% to 25.75% from the same period last year.

"In 2018, the main business earnings increased in 2017 compared with that in 2017. The overall performance decline was the operating income in 2017, but not in 2018."

The above modern avenue people said.

According to the performance forecast of morden Avenue, it was the main source of the company's net profit in 2018 that it had planned to sell, which accounted for at least 61.5% to 87.86%.

"Whether or not to sell the future depends on the decision behind the company. The main business of the company is clothing retailing."

The above modern avenue people said, "it is possible to make any decisions, but not necessarily."

The Ruifeng group, which had planned to take over the most profitable assets of modern Avenue, actually controlled Lin Yongfei in early 2018, with an average price of 22.16 yuan / share, which accounted for 2% of the 2% of modern Avenue and cash in the amount of $197 million.