Xingjiaxing Failed To Save La Natsu Bell. Did He Invite Foreign Aid To Succeed?

Xing Jiaxing has always had a magical story: during the SARS period 17 years ago, commercial retail was hit hard, and under the leadership of La Natsu Bell, he "gamble", and made full use of the potential to make full use of his power. He finally became famous in the first World War and became the "shop king" of the Chinese clothing industry.

17 years later, xingjiaxing saved the hope of La Natsu Bell with his power, and resigned from the chairman and all the duties of the company, leaving the field in a slightly sad way.

This is another big gamble by Xing Jiaxing. He put all his hopes on others.

　　 Real controllers are hard to pull through.

Close shop, lay off staff, increase revenue and reduce expenditure, and deal with inventory. The self-help measures that can be used are all used. Xing Xing Xing failed to make La La Natsu Bell (603157.SH) in a critical situation in 2019.

According to the performance forecast, the company lost 1 billion 700 million -22 billion yuan in 2019, and the loss increased by 160 million yuan compared with the previous year.

The reasons for the huge losses in 2019 are:

Contraction front, focusing on the core women's clothing business, domestic business outlets from the beginning of the 9269 to the end of more than 4800, closing shop losses and one-time amortization of decoration costs;

We should increase the handling and discount of the over season goods, reduce the inventory, and lower the gross profit margin of the company, resulting in a decrease in gross profit.

The increase of loan balance leads to the increase of financial expenses; the cost of depreciation is increased when the headquarters building is put into use.

Suspension of investment in new projects, losses caused by the withdrawal of investment projects, etc.

　　 After the 2019 annual report is released, La Natsu Bell will wear a star cap.

In February 3rd, Xing Jiaxing, the real controller of the company, submitted a resignation report to the board of directors, and applied for resigning all duties including Chairman of the company, and temporarily took the responsibility of chairman of the board by President Yu Qiang.

While resigning, xingjiaxing nominated Lu Ersui and Cai Guoxin as candidates for non independent directors, and recommended Lu Er Sui as chairman of the company.

Whether the two party can be successfully elected must be considered by the board of directors and shareholders' meeting.

In the whole 2019, xingjiaxing rushed on both sides of the company's business and personal debt handling.

At the end of 11 that year, xingjiaxing proclaimed that its pledge to Haitong Securities's stock broke out, and the problem was never solved.

Zebra consumption noted that as of the end of the three quarter of 2019, xingjiaxing directly held La Natsu Bell's 141 million 900 thousand shares of A shares (25.91%), 141 million 600 thousand shares had been pledged, and the concerted action group of Shanghai had 45 million 204 thousand and 400 shares (8.25%), and 38 million 500 thousand shares were pledged. The pledge shares have accounted for 96.27% of the total shareholding.

La Natsu Bell's situation is even more optimistic. The asset liability ratio continued to rise. By the end of the three quarter of 2019, it had reached 73.81%, far higher than the industry average.

More serious is the company's liquidity crisis. At the end of the three quarter, the company's Monetary Fund was only 234 million 500 thousand yuan, but the short-term loans and the non current liabilities due within one year amounted to more than 1 billion 800 million yuan.

　　 Who is the foreign aid Lu Er Sui?

Xing Jiaxing is the one who knows La Natsu Bell best, and he can not do anything about the current situation of the company. Then, what is the sacred side of the director and his successor he elected?

The public resume shows that Lu Er Sui and Cai Guoxin have served in Jiangsu three friends of the former A share company, respectively as chairman of the board of directors and chairman of the board of supervisors.

Jiangsu Sanyou's main business is clothing OEM and ODM export business, the main export market for Japan.

Lu Ersui was a Nantong native of Jiangsu. Before 2012, he was not very eye-catching in the capital market. Most of his personal industries were located in Nantong. Enterprise investigation shows that Lu's business covers real estate, automobile trade, finance and other business segments.

In October 2012, Lu Er Sui invested only 166 million yuan in the capital market. He only invested 39.30% yuan in the Nantong friendship of Jiangsu Sanyou controlling shareholder. The direct and indirect holding of the friendship interest of Nantong reached 50.98%, and became the new actual controller of Jiangsu three friends.

Lu Ersui did not lead the development of three friends in Jiangsu. After only two years, he planned to sell the shell.

In March 2015, Jiangsu Sanyou and the United States big health and other parties reached an agreement on asset replacement and the issuance of shares to buy assets. The original assets of Jiangsu Sanyou were priced at 486 million yuan and part of the US health equivalent was replaced.

After the completion of the restructuring, Nantong friendship still holds 125 million shares of the US health year, accounting for 5.167% of the total share capital.

The assets of Jiangsu Sanyou have fallen to Lu's own assets, which are currently installed in Jiangsu's industrial clothing company under its control. Statistics show that Jiangsu three friends set up assets in 2014, operating income and net profit were 716 million yuan and 49 million 513 thousand and 100 yuan respectively.

After the completion of 002044.SZ, the company's share price rose and Nantong friendship began to reduce its share. In July 20, 2016, for the first time, the company reduced 2 million shares (13.85 yuan / share) and cash in 27 million 700 thousand yuan. In July 27th, it reduced 3 million shares (13.44 yuan / share) and cash in excess of 40 million yuan, and reduced its shareholding to below 5%.

According to the financial report, at the end of 2016, Nantong friendship also held 102 million shares of the US health year, accounting for 4.22% of the total share capital of the company, ranking the fifth largest shareholder. By the end of 2017, it had withdrawn from the former ten largest shareholder and its share holdings fell to 41 million 980 thousand shares.

A preliminary estimate of zebra consumption shows that Lu Er Sui has gained more than 5 times earnings from trading Jiangsu three friends.

It should be noted that although Lu Er Sui has more personal industries, he has never set foot in the national retail business. At the time of La Natsu Bell's crisis, Xing Jiaxing's commitment to entrust the company to Lu is probably the most important experience of Jiangsu's three friends. If Lu Er Sui is successfully elected chairman La Natsu Bell, what kind of cure can he give to the company?