Chen Jianfei, Whose Annual Salary Is 300 Thousand, Was Dismissed From Class. After 80, He Became The General Manager Of Busen Shares.

Zhejiang Busen apparel Limited by Share Ltd (hereinafter referred to as "*ST Busen") announced in the evening of June 12th, according to the company's strategic development needs, in order to avoid the company's main business continued losses and lead to the company's serious consequences of delisting, the company's board decided to remove Mr. Chen Jianfei's general manager from now on.

In view of the fact that the board of directors removed the position of general manager of Chen Jianfei, and the head of the company's finance was appointed by deputy general manager, the chairman of the company nominated Ms. Feng as the general manager and chief financial officer of the company to ensure the normal operation of the company's production and operation.

It is understood that *ST Busen received the advance notice of disciplinary action issued by the Shenzhen Stock Exchange in May 30, 2019, during the period from August 2017 to August 2018.

The listed company's violation of external guaranty involves 185 million yuan in principal.

Chen Jianfei, the company's current general manager and then chairman and general manager of the company, failed to fulfill his duties and fulfill his duty of honesty and diligence. He was suspected of violating the relevant provisions of the Shenzhen Stock Exchange and was responsible for the above violations.

The Shenzhen Stock Exchange intends to give Chen Jianfei a disciplinary sanction.

In addition, *ST Busen's losses in 2017 and 2018 for two consecutive years led to the risk of delisting.

Net profit after deducting non recurring gains and losses in 2018 and 2017 was 45 million 688 thousand and 700 yuan and 6 million 936 thousand and 500 yuan respectively, and the net cash flow generated by business activities was -4745.04 yuan and -996.92 million respectively, and the main business continued to deteriorate.

In May 24, 2019, Chen Jianfei resigned from the managing director to the board for personal reasons, and later issued a statement of reluctance to resign.

Snow was born in November 1982, with a Chinese nationality and a bachelor's degree.

EMBA is reading at Hong Kong University Science & Technology.

From March 2005 to March 2008, he served as the Foreign Affairs Management Office of the international division of the people's Bank of China; from December 2008 to July 2015, he served as the deputy general manager of Company limited by guarantee assurance business department of China enterprise credit financing; from September 2015 to February 2018, he served as the business director of the Finance Department of an investment and Finance (Beijing) Financial Information Service Co., Ltd., and has served as director and deputy general manager of Zhejiang Busen apparel Limited by Share Ltd.

In addition, the reporter noted that at the Twelfth Meeting of the Fifth Board of directors of *ST Busen today, all the participating directors deliberated and adopted the motion of general manager of the removal of the company and the motion of general manager and chief financial officer on the basis of a written vote, while the independent director Ye Xing, Lin Mingbo and Tao Baoshan abstained from voting on the motion because they could not judge the familiarity and control ability of the recruited staff in the clothing industry.

Chen Jianfei was born in 1965. He was chairman of Busen Group Limited from August 2009 to November 2013. He was appointed chairman of the company from June 2005 to July 2011. He was appointed director of the company from July 2011 to.

Public information shows that the main business of Busen shares is the design, production and sales of men's brand clothing, with Busen's men's clothing as the main brand.

In 2014, Busen shares began to seek pformation. In August of that year, it announced an asset restructuring plan of 4 billion 170 million yuan with the Hong Wah agricultural Limited by Share Ltd of Guangxi, but in less than three months, it announced the termination of its asset restructuring.

In March 2015, Busen signed an agreement with Shanghai Rui Wei asset management to pfer 29.86% of its shares to the other side.

Since then, Rui has become the controlling shareholder of Busen shares.

In August 2016, Xinghe won and Lhasa Xingxing bought a 95.02% stake in Rui's assets at 1 billion 12 million yuan.

Because the Xinghe win and Lhasa star scorching real controllers are Xu Maodong, after the completion of the paction, Xu Maodong has become a new controller of Busen shares.

In April 2018, Xu Maodong was investigated by the SFC on suspicion of breaking the law.

In 2016, Busen shares pferred 100% stake in Tongling Busen at a price of 96 million 13 thousand and 900 yuan, and then set up a wholly owned subsidiary Xinghe gold suit.

In the 2016 annual report, Busen shares said it would gradually pform from traditional clothing enterprises to financial technology companies.

Since then, Busen's real controller has changed again.

In November 2017, Rui's assets pferred 16% of Busen's shares to ANN technology, and the remaining 13.86% of the voting rights were also entrusted to the security technology. The technology became the largest shareholder of Busen shares, and the real controller was Zhao Chunxia.

Today, 22 million 400 thousand stocks of Busen shares are auctioned by an technology company.

According to the financial report, in 2018, Busen shares realized a business income of 319 million yuan, a decrease of 6.99% compared with the same period last year, and a net loss of 192 million yuan attributable to shareholders of listed companies, a decrease of 470.36% compared with the same period last year.

For the decline in performance, Busen shares explained that in 2018, the company's clothing business was affected by the weakening of the overall market situation, the reduction of customer orders and the decline in revenue.

In addition, as the company added three cases in 2018, the total amount of litigation claims amounted to about 236 million 900 thousand yuan, including Zhu Dandan litigation and Xin Rong wealth cases.

If the company loses the lawsuit, the company will face a larger amount of compensation, which will adversely affect the company's cash flow and production and operation.

Busen shares said that the company will continue to strengthen its resources and competitive advantages in men's clothing business in the future, focusing on the "2018-2022 year development strategy plan outline", speeding up the reform and innovation of garment sales channels, opening up sales links under the online and offline sales lines, realizing the integration of Online and offline businesses, and vigorously developing new retail businesses.

The company will further optimize and adjust its organizational structure according to its business development, accelerate the introduction of advanced talents, and create an excellent team that understands industry and understands finance.

At the same time, the implementation of the above guidelines is guaranteed by the efficiency of capital use and internal control standards.