He Sold Losses And Questioned His Ability To Restructure.

According to the latest news, shill sold shop to turn around and will expect to sell the shell to solve the dilemma. However, there is widespread doubt about the profitability of its restructured target, which is not in favor of the practice of the company.

It is understood that Huaxia life behind the gold master is preparing to re inject 30 billion of its funds for tomorrow. What is his ambition? Is Chongqing's sansanwei rich hand in hand? Is it a mysterious investment platform for the mysterious characters? The Yangtze River Commercial Daily exclusively plans to investigate the report of the "Sunu restructure Puzzle", with a view to exploring the secret behind these "dark horse" enterprises.

Recently, he was committed to building internationally renowned.

The brand's enterprise's plan for the suspension and reorganization of the company was questioned by the industry and attracted two inquiries from the Shenzhen Stock Exchange.

In March 31st, in response to the overdue reply to the inquiry letter, Ni Haining, a representative of the company, responded to the Yangtze daily news reporter that the company is pushing forward according to the plan, and will announce in detail the concrete exhibition.

Although Hinur did not claim to be a backdoor in the restructuring plan, Shen Meng, executive director of Xiang song capital, told the Yangtze daily news on 1 April that the apparel industry was in a sluggish fashion, and that Hinur, who was not competitive enough, had the intention to sell the shell through reorganization.

"If the reorganization fails, the next round of restructuring will be carried out."

Guotai Junan investment bank, Mr. Liu also believes that in the registration system, the strategic emerging board short-term launch of the hopeless reality, speculation shell resources will return to the upswing, he or hope to sell the shell to get out of the predicament.

China's top ten apparel enterprises and Jiangbei's first independent clothing brand listed enterprise, their main garment industry gradually plunged into the abyss of loss.

In March 10th, he published the annual report for 2015. The company made a profit of 22 million 586 thousand yuan, an increase of 148.48% over the same period last year.

However, the Yangtze River Commercial Daily reporter carefully examined the annual report found that seemingly slightly brilliant performance, not by the company's main clothing creation.

Last year, the company's operating income was 1 billion 13 million yuan, down 1.62% compared to the same period last year, operating profit -0.74 billion yuan, a negative growth of 10.45% over the same period last year, and the operating profit rate further declined.

However, the company's operating income of 108 million yuan is derived from the sale of shops in Beijing.

The cash flow of investment activities in 2015 was 195 million yuan, an increase of 3148.07% over the same period last year, mainly due to the sale of shops in Beijing during the current reporting period.

Hinur said in the announcement that the company turned its profits into profits by adjusting its product structure, optimizing marketing channels, saving energy and reducing consumption, and selling its own stores.

The Cheung Kong Daily reporter combed and found that the performance of 2010 listed in the city, the performance began in 2014, the first loss.

From 2010 to 2013, revenues were 1 billion 3 million, 1 billion 148 million, 1 billion 179 million and 1 billion 259 million, respectively. The operating profit of the same period was 172 million, 233 million, 144 million yuan and 76 million respectively.

The ugly annual report first appeared in 2014.

In those days, the operating income was 1 billion 29 million yuan, and the first loss of operating profit was -0.67 billion yuan.

Last year, operating profit losses widened further.

"With the rise of the electricity supplier, the marketing mode of the shop relying on physical stores is bound to be affected, and it lacks competitiveness compared with the low-cost electricity supplier."

In March 31st, Tianfeng securities told a Changjiang Daily reporter that in the era of Internet +, traditional sales mode will remain unchanged and leather will be threatened by survival.

In August 2014, Hinur announced that the company planned to sell / rent no more than 15 shops that had been purchased.

At the same time, the annual report also disclosed plans to reduce marketing shops.

Later, news about the shop was seen from time to time.

It has been announced that in the first half of last year, he closed some inefficient and invalid shops, and the number of stores was reduced by 46.

Hinur said in the 2015 annual report that this year's core business objectives will further explore the O2O mode and mobile terminal marketing methods, and create the "Internet +" Hinur brand.

Changjiang Daily reporter survey found that, as early as November 2014, he started the layout reorganization.

In November 21, 2014, the company invested 32 million 800 thousand shares (10.25% of the total share capital) to the Tibet County Road Consulting Co., Ltd., which was first registered in the early year, and the paction price was 338 million yuan.

At that time, the road was declared that it could not exclude the possibility of continuing to sell the shares of enor in the next year.

As a result, he has foreshadowed the first reorganization.

The Yangtze River Commercial Daily reporter inquired through the national enterprise credit information system, found that the majority shareholder of the Shanghai road is the Klc Holdings Ltd of Kun, the latter is the Shanghai Shanshan Industrial Co., Ltd., and the shareholders of Shanshan industrial group are Shanshan Group and Shanshan holding company.

In March 31st, a lady from Shanshan Group confirmed to the Changjiang Daily reporter that the company of Shanshan industrial group company.

Last April 29th, he issued a suspension and a major asset restructuring announcement.

However, the reorganization will soon be terminated.

In June 5th, he announced that the two sides finally failed to reach agreement on the terms of cooperation.

Insiders said that at that time, Hinur's restructuring target was Shanshan Group.

Later, in September 8th, Hinur suspended another major asset reorganization.

The disclosed restructuring plan shows that the company intends to increase the fixed price of 14.08 yuan / share issue and pay cash, making a total price of 11 billion yuan to acquire 100% stake in Xinghe interconnection. At the same time, it is proposed to raise 6 billion 910 million yuan to ten investors including large shareholders with the same issue price.

Hinur's position on Xinghe interconnection is the "Internet joint venture platform", and its vision is to become the driving force of China's Internet industry.

According to the announcement, the net assets of Xinghe Internet reached 378 million yuan at the end of 2014, and its net profit in 2014 was 488 million yuan.

Hinur's restructuring plan sparked market doubt, and the net assets of Silicon Valley paradise, Jiuding group and orient Fuhai, which belong to venture capital companies, were 2 billion 310 million yuan, 11 billion 460 million yuan and 660 million yuan at the end of 2014, respectively. The net profits in 2014 were 150 million yuan, 350 million yuan and 130 million yuan respectively.

Whether it is asset size, industry reputation or investment enterprise visibility, Xinghe interconnection is different from each other. Strangely, the profitability of Xinghe interconnection is far superior to that of the former.

The Shenzhen Stock Exchange has issued two enquiries covering 27 questions, focusing on whether the performance of Xinghe Internet commitments can be realized and the source of funds for the company's actual controllers to participate in matching fundraising.

The Changjiang Daily reporter learned that, according to the requirements, he should disclose the explanatory material to the Shenzhen Stock Exchange before January 11th and 21st, but the company is still thinking about how to answer it.

In March 15th, he issued a notice on the suspension of progress, saying that the individual problems in the inquiry letter still need to be further improved.

In response, Ni Haining, a representative of the securities company, responded to the Yangtze daily news reporter that the company is pushing ahead with the restructuring work as planned, and will announce the details in advance.

Whether or not the main business losses and actively pushing forward the restructuring are still uncertain, but the private placement is obviously ready to gamble.

In April 1st, Shen Meng, executive director of Xiang song capital, told the Yangtze daily news that the apparel industry was in a sluggish fashion, and that competition was not strong.

In particular, from the restructuring of the Xinghe interconnection plan, he has restructured the intention to sell the shell.

Hinur's restructuring plan claims that the deal does not constitute a backdoor listing.

The reason is that Hinur's actual controller has not changed before and after the paction.

The announcement shows that Wang Guibo, Hinur's actual controller, subscribed for matching funds through a limited partnership in November 24th last year, and the new holdings had a 21.76% stake in Hinur.

In this way, plus the existing shareholding, can effectively guarantee Wang Guibo after the completion of this paction is still the actual controller, avoid this reorganization constitutes a backdoor.

Shen Meng believes that the result of not forming a backdoor listing is to rely on the actual controller of the listed company, Wang Guibo, to participate in the financing of the subscription support.

In fact, as the Shenzhen Stock Exchange inquired about, Wang Guibo's participation in the increased matching funds was unknown. It was difficult to exclude the fact that the controlling stake was not actually changed. If Wang Guibo's matching funds came from the Xinghe interconnection side, the status of the real controller actually changed.

Mr. Wang, a broker dealer, also told the Yangtze daily news that the majority shareholder of sior had signs of selling the listed shell through reorganization.

He believed that in July last year, major shareholders and concerted action of the company signed a pfer of shares through the agreement, and successfully realized the split of shares. The shareholding ratio was less than 30%, which laid the foreshadowing for the subsequent withdrawal from HINOR, and the reorganization of Xinghe Internet is an excellent opportunity for him to leave.

Guotai Junan investment bank Mr. Liu believes that Hinur's total share capital is only 320 million shares, the company's total assets of more than 2 billion 700 million yuan, the main industry losses, belonging to a moderate scale, more clean shell.

In his view, in the short term of the registration system and strategic emerging board, there is no hope of reality, and the phenomenon of speculation and shell resources has returned to the uptrend.

"If the reorganization fails, the next round of restructuring will be carried out."

Mr. Liu said that Hinur is a better shell, and the company itself or hopes to get rid of the dilemma by selling the shell.

In fact, Hinur also admitted in the annual report that in the face of new competition in the industry, the company urgently needs to upgrade and seek diversified development and new profit growth point.

For the future of the city, private placement has been a big gamble.

A private fund manager who asked the Changjiang Daily reporter to keep secret revealed that he had spent tens of millions of dollars on the eve of last year's suspension.

In his view, if the reorganization is successful, it will be profitable. If the restructuring fails, the share price will drop by nearly 80% compared with the previous period, and the space for the second fall will be small.

"In the future, there are only two ways to succeed in the future, and the reorganization is successful. In the short term, the industry will be double dominated by clothing plus Internet services.

If we fail to succeed, we will continue the next round of restructuring.

The manager of the private equity fund, a gamble gamer, said that the fund manager decided.