*ST Busen Will Check Whether The Company Will Protect Its Shell.

On the night of January 14th, *ST Busen (002569) announced that it had received the notice of investigation by the China Securities Regulatory Commission in January 14, 2020 (No. 2020005). According to the relevant provisions of the securities law of the People's Republic of China, the China Securities Regulatory Commission has decided to file an investigation on the company because of its illegal disclosure of information. At the same time, there were also the original controlling shareholder, Chongqing an see Han Technology Co. Ltd. and more than 5% shareholders, Shanghai Rui Wei asset management partnership.

Five years four for real controllers

After *ST Busen quit from its founder family in 2015, there were four actual controllers in 2019.

In March 2015, the founder's family left the market, and Busen's shareholding changed from Busen group to Shanghai Rui Wei. In 2016, Xu Maodong's Xinghe win and Lhasa star scorching were priced at 1 billion 12 million yuan, which allowed the 95.02% stake of Shanghai Rui Wei to become Busen's new real controller. In 2017, Xu Maodong transferred its Busen 16% share to 1 billion 66 million yuan to the real controller Zhao Chunxia's security technology, Zhao Chunxia put the stock in pledge in 2017, and then met with the closing position; in May 2019, Dong Heng Zheng took 16% Busen equity to become the largest shareholder, while Zhao Chunxia stayed outside the border.

And Dongheng Heng became the largest shareholder of the company, and did not immediately get the company's actual control. Prior to this, Dong Heng Zheng submitted to the company a motion to re elect directors and supervisors, but the two proposals were not released by the board. In August 2019, the company also filed a complaint with the court that Dong Heng Zheng did not have the qualification of shareholders of the listed company and was accepted. When the shareholders' meeting was held in September 2019, there were fierce conflicts. Based on the company's investigation, investors holding *ST Busen in the evening of January 14, 2020 can send their names, telephone numbers and transaction records to the e-mail jzqsp2016@126.com to participate in the claim made by the "Jinling Evening News" "easy claims" channel, and do not have to pay any fees before winning the lawsuit.

Does it affect the company's shell preservation?

Two before the actual controller was investigated, the direction of the SFC investigation was more clear and should be targeted at the old matter. However, whether the investigation will affect the company's shell protection is worrying investors. In 2017, the company suffered a loss of 33 million 810 thousand yuan and a huge loss of 193 million yuan in 2018. If the company fails to make profits in 2019, it will face a delisting. According to the previous announcement of the company, the first three quarters lost 35 million yuan to 40 million yuan, down 619.18%-529.28% compared to the same period. The situation of shell keeping is more serious.

Following the announcement of the new controller, *ST Busen announced in September 11, 2019 that it will spend 138 million yuan to acquire 60.4% stake in Guangdong Xinhui, a wholly owned subsidiary of Yi Lian Hui wholly owned by Wang Chunjiang, a real controller. *ST Busen said in its announcement that the acquisition would help the listed company to turn around the deficit. On the same day, the company also announced the establishment of two subsidiary companies, the registered capital of 100 million yuan Zhejiang Busen clothing and registered capital of 30 million yuan of cloud network technology, the former will gradually undertake the parent company's clothing business assets, the latter will be engaged in industrial Internet technology development, technology services, big data analysis, software sales and other businesses.

Judging from this series of actions, the company's new real controller's idea of shell keeping is to complete the losses directly instead of immediately through capital operation. From this perspective, the company's shell keeping work is limited or limited.