Clothing Enterprises "Hand In Hand" State Capital To Pursue Win-Win Results

In recent years, clothing enterprises "hand in hand" state assets, and spanfer of equity to state-owned capital occurs frequently, and this case will occur more or more later.

Search several times to introduce strategic investors of state assets

In June 11th, in search of special announcement, the controlling shareholder, the actual controller Ma Hong and his co operative Guangdong Xingyuan Investment Co., Ltd. introduced the strategic investors to the company and reduced the proportion of stock pledge. Ma Hong spanferred the 138 million shares held by the company (4.46% of the total share capital) and Xingyuan investment to 16 million 656 thousand and 700 shares of the company (0.54% of the total share capital) of the company and spanferred to Jiaxing Yuxuan investment partnership enterprise (limited partnership). After the spanfer is completed, Yu Xuan of Jiaxing will hold 5% of the company's shares. The notice shows that the spanfer price of the underlying shares is RMB 2.70 yuan / share, and the spanfer price amounts to 417 million yuan.

The announcement said that the change of interest was Ma Hong and his co operative, Xingyuan investment, to introduce strategic investors to the company through the spanfer of shares of some companies through the agreement. After the spanfer of the agreement, Ma Hong and his co operative Xingyuan invested 1 billion 125 million shares in the company, accounting for 36.39% of the total share capital of the company. Ma Hong is still the controlling shareholder and actual controller of the company. This change in interest will not lead to the change of the controlling shareholder and the actual controller.

Statistics show that Jiaxing Yu Xuan was founded in May 22, 2019. Shandong Tong Jia Investment Co., Ltd., Ningbo Meishan bonded port Sheng De investment partnership, Jiaxing Jun heavy Asset Management Co., Ltd. holds 96.8973%, 3.1007% and 0.0019% shares respectively. Jiaxing Shandong Xuanjia Investment Co., Ltd., the largest shareholder of Yuxuan group, is sun's company of Zhonghai trust Limited by Share Ltd, and China National Offshore Oil Corporation (CNOOC) is wholly owned by the SASAC of the State Council, holding 95% of China Shipping Trust.

This is not the first time that he has introduced the national capital investment. In May 15th, in search of special announcement, Ma Hong and his co operative man Xingyuan investment will spanfer the shares of 309 million shares held by them to 760 million yuan of Guangzhou's high tech Zone Investment Group Limited. After the spanfer is completed, Guangzhou high tech Zone will hold 10% of the company's shares. In November last year, the company said that the company's controlling shareholder and real controller would spanfer the shares of its 154 million shares to 373 million yuan to Qianhai Rui Sheng. After the spanfer was completed, Qianhai Rui Sheng would hold 5% stake in the company. Statistics show that one of the shareholders of Qianhai Rui Sheng is Shenzhen Oriental Venture Capital Co., Ltd., the latter's shareholder is Orient Asset Management (China) Limited, and also has state-owned assets background.

More like the release of the draft reorganization, state assets to backdoor listing

In April 15th, he preferred to publish a notice that he would absorb the merger of Zhejiang construction investment group Limited by Share Ltd through asset replacement and issuance of shares. After the completion of the spanaction, the preferred controlling shareholder was changed to Zhejiang state capital operation Co. Ltd., and the actual controller was changed to Zhejiang SASAC.

The announcement said that the Zhejiang construction group and Chen Jun and Huang Yani signed the "share spanfer agreement" in April 12th. They intend to obtain the 60 million 860 thousand preferred shares held by Chen Jun and Huang Yani through the spanfer of the agreement (the corresponding shareholding ratio is 29.83%). The total spanfer price is 1 billion 253 million yuan, and the spanfer price is 20.59 yuan / share. After the share spanfer is completed, Zhejiang construction group will hold a 29.83% preferred share and will become the number one favorite shareholder.

In June 5th, he preferred to publish the report on the merger and reorganization of major assets and exchange and merger of Zhejiang construction investment group Limited by Share Ltd and related party spanactions (Draft). The draft shows that the listed company will replace the assets of the listed company with the assets of the state owned company. At the same time, the listed company buys the difference between the assets in excess of the set out assets and the merger of the Zhejiang construction group. According to the evaluation report, the asset spanaction price is set at 716 million yuan, and the asset spanaction price is set at 8 billion yuan. After the completion of this spanaction, Zhejiang construction group will become the main business entity of the listed company, and the Zhejiang SASAC will become the actual controller of the listed company.

According to the announcement, through this spanaction, the home textile business with weak growth and unclear future development prospects will be more integrated. Meanwhile, the related business assets with strong profitability and great development potential will be injected into the listed companies to achieve the spanformation of the main business of the listed companies.

Mei Sheng Culture intends to spanfer shares, state assets or controlling shareholders.

In March 27th, Masheng culture announced that the company received the notice from Zhao Xiaoqiang, the controlling shareholder of Maison holding company limited and its actual controller, that the company of Maison and its actual controller and the Sino Japan Guoxin (Hangzhou) Industrial Development Co., Ltd., the Ningbo Feng Shang Rong housing investment partnership company (Limited partnership), the Xi'an Ming Feng Real Estate Limited company and the Shenzhen Qianhai OMEGA Asset Management Co., Ltd., respectively, signed the 4 "share spanfer framework agreement" in March 27, 2019, which may lead to the change of the company's control rights.

According to the agreement, Maison and Zhao Xiaoqiang intend to spanfer the total share capital of the listed companies to 24.8%, 5.1%, 5.1% and 5.1% respectively at 1 billion 604 million yuan, 330 million yuan, 330 million yuan and 330 million yuan. In addition, Maison holdings and its actual controller promised to complete the reduction of shares held in the form of laws and regulations in 12 months, with a reduction of not less than 10% of the total share capital of listed companies. If the spanaction is completed, China and China will hold 24.8% of the company's share and 24.8% of the voting rights. It will become the largest shareholder of the company and become the controlling shareholder of the company.

According to the announcement, the Sino Singapore Guoxin company was founded in November 27, 2017 and is a wholly state-owned company wholly controlled by China Guoxin Information Corporation. China Guoxin Information Corporation is a wholly state-owned company which performs the investor's responsibility by the state information center 100%.

In May 27th and June 6th, Maison announced a series of announcements to disclose the progress of the spanfer of shares. Mei Sheng Culture said that the details of the spanfer of shares have not yet been fully completed, and it is not expected that the relevant work will be completed before June 6th. The controlling shareholders and the major acquirers have only reached a definitive spanaction intention, and have not yet signed a formal equity spanfer agreement. There is still uncertainty in the spanaction. If the equity spanfer is finally completed, the actual controller of the company will be changed.

Cross border through the spanfer of shares, state assets or will be taken in

In June 10th, the cross border announcement announced that it had received notice from the company's actual controller Yang Jianxin, fan Mei Hua and Xinyu Rui Jing Enterprise Management Service Co., Ltd., which signed the "share spanfer and voting rights agreement framework agreement" with Sichuan Golden rudder Investment Limited company in June 6, 2019. It is planning to spanfer some of its shares to Golden rudder investment and delegate the voting rights of the remaining shares to the Golden rudder investment, which will lead to changes in the company's control rights.

Statistics show that Sichuan Golden rudder investment limited liability company was founded in 2017 01, 18, with a registered capital of 2 billion 750 million yuan, the main business is investment and asset management, equity investment, debt investment, mergers and acquisitions, investment information consulting (except financial business), business management consulting. Golden rudder investment is a wholly owned subsidiary of Luzhou Laojiao Refco Group Ltd 100%, while Luzhou Laojiao group is controlled by the state assets supervision and Management Committee of Luzhou 100%.

Announcements show that Yang Jianxin currently holds 18.19% of cross-border shares, and fan Mei Hua currently holds 2.28% of cross-border shares, and Xinyu Rui Jing currently holds 1.67% of cross-border shares. The three party collectively holds 22.14% of cross-border shares and the number of shares is 345 million shares. The announcement said that after the completion of the spanaction, the spanferee promised to give the necessary capital and business support to the listed companies on the premise of meeting the state asset management regulations and market operation practices, and to ensure the sound development of the listed companies, including, but not limited to, the gold futures investment to provide the necessary guarantee for the listed company's debt financing, increase the trust, subscribe to the bonds issued by the listed companies, increase the fixed amount, and jointly establish industrial funds with the listed companies to support the business development of the listed companies.

Cross border links were formerly known as the 100 round pants industry. Data show that the 100 round pants industry was founded by Yang Jianxin and Fan Meihua in 1995. In July 2014, the global purchase was bought by 100 round pants industry. The industry of 100 circles was renamed as cross-border connections, and the main business was spanformed from trousers to cross-border electricity suppliers.

Modern Avenue introduces strategic shareholders of state owned assets

In November 6, 2018, the announcement of the modern Avenue announced that it had received the notice from the Limited by Share Ltd of Guangzhou Ruifeng group, a controlling shareholder of the company. Ruifeng Group signed a strategic cooperation framework agreement with a state-owned fund management company. Ruifeng Group intends to spanfer its holding company not more than 100 million shares (accounting for 49.14% of its shareholding, 14.03% of the total share capital of the company) to a state-owned fund management company. The state-owned fund management Co., Ltd. has been allowed to become a strategic shareholder of modern avenue after the relevant shares have been granted. It also provides support for the development of the modern Avenue, specifically based on the formal spanaction agreement signed by both parties.

The announcement indicates that the state-owned fund management Co., Ltd. is a private fund manager established and lawfully surviving in China. In order to respond positively to the decision of the CPC Central Committee and the State Council on guarding against and defusing risks, it plans to issue private equity funds to support the development of private enterprises. Modern Avenue said that the introduction of state-owned fund management Co., Ltd. as a strategic shareholder, intends to launch strategic cooperation through the issuance of private equity funds, project investment and shared resources to support the development of private enterprises. The announcement did not disclose the specific name of the state-owned shareholder.

The 2018 annual report of modern Avenue shows that the company achieved operating income of 1 billion 562 million yuan in 2018, an increase of 69.56% over the same period last year, and realized a net profit of 27 million 854 thousand and 700 yuan attributable to shareholders of listed companies, a decrease of 79.32% compared with the same period last year. The net profit attributable to shareholders of listed companies after deducting non recurring gains and losses was 16 million 714 thousand and 600 yuan, down 41.02% from the same period last year. Modern Boulevard said that the increase in business revenue in 2018 was mainly due to increased revenue from agency brand business, Internet business and self owned brand business. There are two reasons for the inconsistency of revenue and profit. One is the provision of goodwill impairment, the two is the confirmation of impairment of assets. This resulted in a sharp decline in net profit in 2018 and inconsistent with the trend of operating income.

Hua Shang observation: clothing enterprises "hand in hand" state capital to pursue win-win results

Since last year, the cases of state-owned enterprises' private enterprises have frequently occurred. This year, this phenomenon is more frequent. Most of the clothing listed enterprises belong to private enterprises, so the above garment enterprises "hand in hand" state assets. However, although enterprises are also introducing state assets, they do not have the same way. In search of Qianhai, Rui Sheng, Guangzhou high tech Zone and Jiaxing Yu Xuan were the three strategic investors of state-owned assets. They liked to invest in state-owned assets by restructuring and become the targets of state capital backdoor listing; Maison culture spanferred state ownership to state assets, state-owned assets became controlling shareholders; modern Avenue was a strategic cooperation with a state-owned fund company supporting private enterprises, and introduced strategic shareholders of state-owned assets.

Behind the introduction of state owned strategic investors, the restructuring of state assets, the admission of state assets into the controlling shareholder, and the operation of state owned funds to become strategic shareholders and other garment enterprises, the action of "holding the hand" of state assets is the result of many factors such as macro-economy, capital market and policy orientation. Some private enterprises are confronted with pressure in financing and liquidity. The introduction of more "huge financial" state assets to relieve pressure is a kind of "facing the reality" behavior; on the other hand, state-owned assets are also deepening the reform of state owned enterprises, such as promoting the reform of mixed ownership, enhancing the capital operation ability of state-owned assets, and establishing the state capital capital operation platform. Therefore, the "hand in hand" between private enterprises and state-owned enterprises is also the result of the joint demand and willingness between the two sides. From this point of view, some private enterprises' "taking in" state capital in the capital market is also a manifestation of this desire.

In the long run, whether the state-owned assets take the initiative to hand in private enterprises or private enterprises "take in" state assets, as a member of the clothing enterprises of private enterprises, they hope to make every effort to complement each other in the process of "integration", enhance their competitiveness, and upgrade the reality of industrial upgrading, corporate governance, capital operation and technological innovation, so as to achieve a win-win effect of two plus one.