Meibang Clothing And Zhou Chengjian! To Live

Meibang clothing and Zhou Chengjian!

After transferring the equity of the subsidiary in March and selling the real estate of its clothing Museum, the company plans to sell its 10.1% equity of Huarui bank.

Continue to sell assets to recover funds, Meibang clothing is just to survive.

　　 420 million selling banks

In 2014, when Meibang clothing (002269. SZ) participated in the preparation for the establishment of Huarui bank, Zhou Chengjian was in high spirits. He hoped to make use of the financial platform of private banks to better serve private enterprises and small and medium-sized enterprises, integrate industrial resources, form interaction and complementarity with the business of listed companies, and promote the transformation and upgrading of the company.

Huarui bank is one of the five private banks in the national pilot project of ＂ the Chinese Communist Party ＂, which was originally jointly sponsored by Junyao group and Fosun Group. During this period, Fosun retreated and joined hands with Ali to establish an e-commerce bank.

It was after Fosun's exit that Meibang clothing got the opportunity to invest 450 million yuan and hold 15% equity of Huarui bank, becoming the co sponsor and the second largest shareholder.

In recent years, Huarui bank has been able to contribute tens of millions of yuan to Meibang clothing investment. Why sell?

Meibang apparel said that it is now in a critical period of strategic change of the company. The sale of assets can obtain a certain amount of liquidity to support the development of core business, so as to further focus on the field of clothing design and sales, and improve the competitiveness of the company's clothing industry. Although Huarui bank has a strong ability to hold shares, it has nothing to do with the main business of the company and cannot form a synergistic effect.

Through the asset-based approach and market approach, the overall valuation of Huarui bank is 4.071 billion yuan (as of December 31, 2020), and the impairment rate is 2.86%. After negotiation between the two parties, the price of the 10.10% equity of Huarui bank to be transferred is RMB 1.4/share, and the total consideration is RMB 424 million.

The transferee of the equity is Kaiquan pump, which is one of the sponsor shareholders of Huarui bank. Currently, it holds 8.15% equity of the company, which is the top five shareholders. After the completion of the transaction, Kaiquan pump will hold 18.25% equity, becoming the second largest shareholder. For the remaining 4.9% of the equity, Meibang apparel expressed the intention of further transfer.

As the first private bank in Shanghai, the development of Huarui bank in recent years is not satisfactory. From 2018 to 2020, the operating revenue will be 1.093 billion yuan, 993 million yuan and 1.158 billion yuan respectively, and the net value will drop from 327 million yuan to 203 million yuan.

The scale of banks is small, but the number of complaints is not small. According to the data released by the Shanghai Banking and Insurance Regulatory Bureau, in 2020, Huarui bank had 911 complaints, accounting for 57% of the total complaints of Chinese funded corporate banks in Shanghai, ranking first among all banking institutions in Shanghai. It is understood that more than 9 of the complaints against Huarui bank have become personal loan business complaints.

This is closely related to the business adjustment of Huarui bank. In 2020, Huarui bank has intensified the development of personal loans and advances, with the total amount of RMB 11.131 billion from RMB 4.031 billion in the previous year. Among them, the consumption loans with an increase of * * increased from RMB 753 million to RMB 7.727 billion.

　　 Everything can be sold

Since reaching its peak in 2011, Meibang clothing has been on the decline channel for 10 years in a row. In 2019 and 2020, it is even more than 800 million yuan in two consecutive years.

Zhou Chengjian, a former small tailor who made Meibang clothing bigger, inflated himself after the company went public. With a huge amount of money, he ran around the country and copied the big store model, which laid a hidden danger for the company's decline.

In the rapid development period of the company, Zhou Chengjian gradually lost his mind. He became a rich man from an entrepreneur. He was addicted to playing with capital. Unconsciously, he left himself outside the clothing industry.

Since the beginning of this year, Zhou Chengjian has talked about the return of the company. He has no longer been ambitious. He has reduced the scale and cut down the unreasonable stores and greedy shop areas before, so that the company can realize the goal of "success" in the new year.

In order to achieve this goal, Meibang clothing is willing to sell everything, even if it is the company's symbolic "clothing Museum".

In March this year, the company transferred 100% of the shares of the company to Bacchus liquor, with a transaction consideration of 448 million yuan. The main assets of the company are the real estate located at No. 799, Kangqiao East Road, Pudong New Area, Shanghai, with a total construction area of 38255.12 square meters. The clothing Museum of Meibang is here.

The company said that the transaction is conducive to the revitalization of existing assets, resulting in asset disposal of about 250 million yuan.

As a result, in the first quarter of this year, while the operating income of Meibang clothing decreased by 13.40%, the net attributable to its parent increased by 155.41% to 122 million yuan. However, the net loss of non net deduction was still 169 million yuan.

Zhou Chengjian also took measures to relieve the debt pressure when the listed companies disposed of their assets.

Since this year, Huafu investment controlled by Zhou Chengjian has transferred its equity of Meibang apparel for three times to reduce the equity pledge rate.

In January, the stock price of Meibang clothing remained at a low level. Huafu investment signed agreements with Zhang Yu, Lai Xingyu and Zhongtai securities to transfer its 50.25 million shares and 54.27 million shares to two natural persons. The total amount of money obtained was 125 million yuan, which was used to repay the stock pledge loan from Zhongtai securities.

More than ten days ago, Huafu investment transferred another 50.25 million shares to Lai Xingyu at a total consideration of RMB 186 million at RMB 369905 per share. These money, also without investment in Huafu, directly into the account of China Thailand securities.

As of May 20 this year, Huafu investment has held 1.168 billion shares of Meibang clothing, accounting for 46.49% of the total share capital of the company, and has pledged 616 million shares, accounting for 52.71% of its shares.

In the next six months, the total number of pledged shares due from Huafu investment will be 218 million, accounting for 18.70% of its shares, and the corresponding financing balance will be 150 million yuan.