La Chapel Changes Hands! Xing Jiaxing Lost Control!

Today, rachabel announced the progress of judicial auction of the shares of the actual controller acting in concert and the change of control right.

According to the announcement, on March 26, Shanghai financial court auctioned 45.2 million shares of A-shares held by Shanghai Hexia, accounting for 8.25% of the total share capital of the latter. All the above A-shares have been completed through bidding and will be owned by the buyer, Shanghai Qijin enterprise management partnership (limited partnership) (hereinafter referred to as "Shanghai Qijin").

After the equity change, Wensheng assets directly holds 21.6 million shares of La charbelle, accounting for 3.94% of the total share capital. Shanghai Qijin will hold 85.2 million shares of La chapel, accounting for 15.56% of the total share capital. Wensheng assets and its acting partner Shanghai Qijin will hold 106.8 million shares of La chapel, accounting for 19.50% of the total share capital, and will become the first major shareholder of La charbelle.

Xing Jiaxing and Shanghai Hexia, acting in concert, held 80.278.815 shares of La charbell, accounting for 14.66% of the total share capital, making it the second largest shareholder. Xing Jiaxing will no longer be the actual controller of La chapel, and the company's control will change.

In addition, after the equity change, no single shareholder holds more than 50% of the company's shares, and no single shareholder can actually control more than 30% of the company's shares. The company will be in a state of no controlling shareholder or actual controller.

It is worth mentioning that all the 80 million shares held by Xing Jiaxing in lashabel were auctioned on April 16 and won by Haitong asset management with a price of 160 million yuan. If the 80 million shares of the auction are transferred, Xing Jiaxing will no longer be the major shareholder of lashabel. The auction involves the payment of the balance of the settlement price, the court's decision on the transaction, and assistance in handling the transfer registration procedures, The final result is uncertain.

On March 5, the 141.6 million shares of La chapel held by Xing Jiaxing were auctioned, of which 61.6 million A-shares were owned by the buyee Wensheng assets and Shanghai Qijin, and the ownership of these shares has been completed; 80 million A-share shares failed to be disposed successfully because some bidders failed to pay the balance of the transaction price within the prescribed time limit. The second judicial disposal was conducted on April 16, and Haitong asset management finally took over the shares.

Lashabel stressed that the auction will not affect the normal production and operation of the company, will not have an adverse impact on the company's main business, sustainable operation ability, and will not lead to the company's equity distribution does not meet the listing conditions.

In addition, according to LA charbell's 2020 annual performance express, the operating income in 2020 dropped by 76.27% year-on-year to 1.819 billion yuan, net profit loss was 1.347 billion yuan, and non net profit loss was 1.484 billion yuan, all narrowed compared with the same period in 2019.

La Chabel said that the expected loss during the reporting period was due to the closure of a large number of stores and the sharp decline in the revenue of offline outlets caused by the epidemic. In addition, the company resolutely disposed of the projects that seriously affected the company's performance and cash flow. The subsidiary companies Jack Walker (Shanghai) Clothing Co., Ltd. and NaF NaF SAS entered the judicial liquidation procedure due to their inability to continue operation.