Close Shop Losses, Sale Of Assets And So On La Natsu Bell Encountered Equity Pledge Explosion Risk

Sale of assets, a loss of 4.4 to 540 million yuan, more than 2400 stores closed...... La Natsu Bell, who is constantly twists and turns, is now facing the risk of equity pledge explosion. In August 6th, Shanghai La Natsu Bell apparel Limited by Share Ltd (hereinafter referred to as "La Natsu Bell") disclosed the actual controller's share pledge default and risk warning announcement.

Notice that the company recently received a notice from the controlling shareholder and the actual controller, Mr. Xing Jiaxing, who was informed that the 141600000 shares (all A shares) of the company's limited sale conditions to its Haitong Securities were lower than the lower performance guarantee ratio. Since the company did not purchase the securities in advance and did not take any safeguard measures, the pledgee issued a written notice of the stock pledge breach, which constituted a breach of contract.

The announcement shows that Xing Jiaxing holds 141874425 shares of the company's limited selling conditions directly, accounting for 25.91% of the total share capital of the company, accounting for 42.62% of the total share capital of the company's A shares. Since 2017, it has mortgaged the shares held to Haitong Securities for 6 times. Up to now, xingjiaxing accumulatively pledged 141600000 shares of the company, accounting for 25.85% of the total share capital of the company, accounting for 42.54% of the total share capital of A shares, accounting for 99.81% of xingjiaxing's direct holding of 141874425 shares.

La Natsu Bell said that as of the date of the announcement, xingjiaxing maintained a continuous communication with the pledgee and planned to solve the problem of collateral breach through supplemental guarantees, additional margin or early redemption of pledge shares.

On the same day, La Natsu Bell also issued a notice on the actual controller's consistent action shares replenish pledge. The company said in August 6, 2019 that Shanghai summer Investment Co., Ltd. (hereinafter referred to as "Shanghai summer summer", is the unanimous action of the company's actual controllers), and informed that, due to the recent stock price fluctuation, Shanghai's 6000000 shares (the total share capital of the company is 1.10%, accounting for 1.80% of the total share capital of the A share), will be replenish to CITIC Securities. The initial date of the supplementary pledge is August 5, 2019, and the repurchase date is October 8, 2020.

As the first domestic A+H share listed clothing company, La Natsu Bell has always adhered to the mode of "multi brand and heavy direct battalion", and paid attention to channel expansion. Data show that in 2012, La Natsu Bell's direct store was more than 1800, and by 2017, it has expanded to more than 9400, with nearly 20 brands.

However, in 2018, La Natsu Bell's revenue exceeded 10 billion, but for the first time there was a loss in operation. Net profit lost 156 million yuan. In the first quarter of this year, La Natsu Bell's revenue and net profit also showed a downward trend.

At the same time, La Natsu Bell began to accelerate the adjustment process of offline channels, close down the loss and inefficient Direct stores, and start selling assets. La Natsu Bell's previous announcement of performance loss shows that as of the end of June 2019, the number of operating outlets within the company had dropped by more than 2400 compared with the end of 2018.