85, The Post Chairwoman Suspected That She Was Running Away. The Shareholders' Meeting Was A Mess.

Yesterday afternoon, *ST Busen held the first provisional shareholders' meeting in 2019 in Hangzhou, Zhejiang. The deliberations were about the motion to remove six non independent directors and two supervisors from the incumbent chairman Zhao Chunxia and general manager. The final consideration will mark the *ST Busen's control over who wins the stage.

*ST Busen market value evaporated after 7 billion and 85 women chairman suspected "run away"

As early as August 20th, the listed company *ST Busen announced that five shareholders said, "the board of directors led by Zhao Chunxia is unable to reverse the deteriorating situation of the listed companies, and the 85 post chairman Zhao Chunxia himself runs on the road".

In fact, since Zhao Chunxia's accession to *ST Busen, the company's performance and share price have plummeted. Financial data show that in 2017 and 2018, *ST Busen realized operating income of 244 million yuan and 320 million yuan respectively, and the net profit attributable to shareholders of listed companies was -3380.7 million and -19282.22 million respectively, down 612.26% and 470.36% respectively.

In the two tier market, the stock price dropped from the highest 58.55 yuan in April 2017 to the closing price of 8.5 yuan in September 2nd. *ST's share price of Busen has dropped 80%, and its market value has evaporated 7 billion.

*ST Busen temporary shareholders meeting chaos, lawyers and directors of the high field leave

Reporter Pei Lei: in Hangzhou, Zhejiang Province, the 17 floor of the building is the *ST Busen office. A temporary shareholders' meeting was held at 1 pm on September 2nd, but the scene of the provisional shareholders' meeting was very chaotic. The lawyers who attended first said they could not witness the shareholders' meeting and then left the meeting. Then the chairman of the board of supervisors would unilaterally announce the cancellation of the shareholders' meeting.

Liu Yan, chairman of the board of supervisors of Zhejiang Busen costumes, Mr. Liu Yan: this meeting will be here. After your shareholders have formed a unified opinion, let's have this meeting again.

Zhejiang Busen apparel Limited by Share Ltd shareholders: I say a few points, the first point, the convenor is the board of supervisors; the second point, the board of supervisors has the obligation to make the shareholders' meeting successfully convened, not the shareholders form a consensus.

Reporter Pei Lei: then, the members of the board of directors and members of the board of supervisors left the meeting. Then, several security guards came in and said they wanted to clear the field. Some shareholders have been waiting at the scene, but they did not wait for the re appearance of board members and board members.

Zhejiang Busen apparel Limited by Share Ltd shareholders: so, you put us out, or we can fight out, then what we do, we will sit here.

*ST, Busen's largest shareholder, Dong Heng Zheng contacted the perennial legal counsel of *ST Busen and read the results of the online voting.

Yao Yidan, lawyer of Shanghai Jin Tian Cheng Law Firm: regarding the motion to remove Ms. Zhao Chunxia's non independent director's position, she agreed 80240458 shares, opposed 101502 shares and abstained 0 shares.

*ST Busen staff said that the shareholders' meeting did not affect the normal operation of listed companies. In September 2nd, reporters wanted to interview Mr. *ST, general manager of Busen.

Eight votes passed online voting exceeded 99% *ST Busen inquiry letter

*ST Busen released today's resolution on the first extraordinary general meeting of shareholders in 2019. The announcement shows that the shareholders' meeting failed to convene normally in accordance with the statutory procedures. There is no change in the resolution of the previous shareholders' meeting. So what happened to the shareholders' meeting? Is it legally effective?

In September 3rd, *ST Busen announced that the shareholders' meeting was held in the form of on-site meetings. The online voting is only a convenience provided by the company to facilitate shareholders' participation in the shareholders' meeting. It does not belong to the convening of the shareholders' meeting. In view of the serious interference of shareholders' Dongzheng Heng on the general meeting of shareholders, the on-site meeting could not continue, so the board of supervisors announced the cancellation of the shareholders' meeting. However, Du Xin, vice chairman of Dongfang Heng Zheng, the largest shareholder of *ST Busen, did not think the shareholders' meeting had been cancelled.

Du Xin, vice chairman of Beijing Dongfang Heng Zheng technology and Trade Co., Ltd.: the convening of a shareholders' meeting is legally effective. To cancel a shareholders' meeting, it is necessary to issue a notice two days in advance, and all small and medium shareholders will participate in the online voting through the Internet. After they make such a scene, the scene is not really smooth in the process, so two shareholders (Shanghai) Rui Fei assets have not voted. But we understand that the results of online voting can also reflect the final results and circumstances. If there is no accident, the proposal that all boards of directors should be removed should be effective.

It is worth noting that according to the results of the online voting shown in the announcement, a total of eight motions concerning the withdrawal of six non independent directors and two supervisors have been put forward, and the number of shares agreed by voting has accounted for more than 99% of the total number of shares held by all shareholders attending the meeting. In the motion, the chairman of the *ST Busen and Zhao Chunxia Busen general manager were asked to be removed from the non independent directors' positions. The general manager of Busen Busen limited.

In September 2nd, the management department of the small and medium-sized board company also sent an inquiry letter asking *ST Busen to make a written statement on cancelling the legal basis and legal compliance of the shareholders' meeting, the form of voting that the network voting does not belong to the general meeting of shareholders, whether the bill has been approved and formed a resolution.