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[Concern] YOUNGOR 30 Percent Off Sold 120 Million US Dollars Three Years Ago.

2011/6/22 8:57:00 40

Three years ago, 120 million dollars to buy businesses, now sold to related parties.

The YOUNGOR [9.15 -1.29% stock, dubbed by the industry as "not doing the right thing", (600177), has been forgotten by investors in real estate and private placement business in recent years.

Yesterday, YOUNGOR announced the announcement of the pfer of shares of its clothing subsidiary, attracting investors' attention again.

Some investors questioned that in 2008, when they spent 120 million dollars on overseas acquisitions, after three years of cultivation, why do they now have to discount nearly 30% of the pfer? Analysts pointed out that the pfer, despite being questioned by the outside world, the pfer of related businesses after mature cultivation, YOUNGOR's surface was to throw away a business that dragged down its performance for many years, but to a certain extent, it projected Li Rucheng's intention to break up three major businesses of YOUNGOR clothing, finance and real estate.

Transfer of overseas enterprises by discount

According to the announcement issued by YOUNGOR yesterday, the company has signed the "equity pfer agreement" with Sheng Tai yarn dyed fabric, and pferred all the shares of Xin Ma clothing to Sheng Tai yarn dyed with the net asset price of the wholly owned subsidiary of new Malaysia garments audited in May 20th.

If the net asset price of audit is below $80 million, the selling price is set at $80 million; if the net asset price of audit is above $80 million, the selling price is audited net asset value.

Mention

New horse clothing

The industry is not new.

In the textile and garment industry, which was generally short of Chai and the rice for winter, YOUNGOR completed the purchase of the international menswear enterprise Xin Ma group at the net asset price of $120 million in 2008. It was the largest overseas merger and acquisition case in the domestic textile and garment industry.

According to the data, the new Malaysia clothing business includes the world famous brand "

POLO

"The more than 20 brands of ODM business, more importantly, have many years of marketing channels and have close business relations with dozens of large department stores in the United States.

Although new YOUNGOR clothing has helped YOUNGOR get through the US sales channel and has accumulated a lot of marketing and design talents for its own brand to the world, its performance has not excited investors.

Because according to YOUNGOR's annual reports in the following years, the new Malaysia clothing business has been a drag on the clothing business.

YOUNGOR's annual report in 2008 pointed out that clothing and

shirt

Operating margins decreased by 11.89 and 21.16 percentage points respectively, mainly due to the increase in the scope of the consolidated statements this year, mainly in the export business, with lower operating margins.

At the same time, the management cost of new horse clothing increased by 45.38% over the previous year.

YOUNGOR's 2009 annual report continues to point out that we should speed up the shift of the production base of new Ma clothing, and adjust the market structure and optimize the product mix, so as to weaken the adverse impact of the export market's weakness on foreign trade.

According to a notice released yesterday by YOUNGOR, the net assets of new Malaysia clothing were 536 million 540 thousand yuan audited, and net profit was 20 million 710 thousand yuan last year.

Throw away the burden or pave the way for splitting up.

The performance of new Malaysia clothing has attracted investors' doubts about YOUNGOR's overseas acquisitions.

Now, the stock pfer which looks like a "burden" has attracted investors' criticism.

The reason is that YOUNGOR announced in the announcement that new Ma clothing realized losses in 1~5 months this year and realized a net profit of 13 million 760 thousand yuan.

At this time, YOUNGOR chose a wholly-owned pfer, while the pferee was Li Rucheng holding the Sheng Tai yarn dyed fabric. Investors thought that the new horse clothing that had passed the most difficult period was suspected of being "cheap sale".

YOUNGOR said that this related paction is conducive to the realization of the strategic goal of "brand pformation" from the "production management to brand operation", and the gross profit margin of the company's brand clothing business will further improve, which is conducive to the healthy and sustainable development of the company.

Meanwhile, media reports recently reported that YOUNGOR invested huge sums of money in Shengzhou to build Shengzhou YOUNGOR emerging industry science and technology park.

The YOUNGOR emerging industry science park, which is still known as the title of "YOUNGOR", is made up of four companies of YOUNGOR, Shengzhou Sheng Tai dyed Weaving Technology Co., Ltd., Shengzhou Sheng Tai Knitting Co., Ltd., Shengzhou hemp Biotechnology Co., Ltd. and Shengzhou YOUNGOR Wool Textile Co., Ltd.

It is understood that Shengzhou hemp Biotechnology Co., Ltd. and Shengzhou YOUNGOR Wool Textile Co., Ltd. are respectively set up by Ningbo eke [15.80 2.27% Share Co., Ltd. and Ningbo YOUNGOR wool dyeing and finishing Co., Ltd.

According to the development strategy of the industrial park, we will set up Sheng Tai Textile Holding Limited company through the implementation of shareholding system pformation, and incorporate all the sales revenue of the subordinate enterprises into the joint stock company, and proceed to seek listing after the new project is put into operation.

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Prior to this, Li Rucheng himself has publicly expressed in March this year to re comb its financial, real estate and clothing business, straighten out the group's equity relations, and do not rule out the possibility of separate listing.

Analysts pointed out that, from a variety of information, the pfer may not be a simple investment and assets that investors think, which may be the premise of YOUNGOR's separate listing of its clothing business in the future.