Chinese Garments Withdraw From Shunde

Beijing equity exchange published information, Foshan Shunde District Zhongfu textile printing and dyeing Co., Ltd. the 70% equity interest is to be transferred by 54 million 554 thousand and 570 yuan, the transferor is the Chinese clothing [9.02 0.33% shares bar Research Report (000902). After the completion of the transfer, it will no longer hold the equity of Shunde Zhongfu textile printing and dyeing Co., Ltd.

Chinese clothing also announced in the transfer notice that in order to optimize the company's asset structure and develop new businesses, it intends to sell shares in Shunde. Caixing International Co., Ltd. has the remaining 30% stake in Shunde Zhongyi company, which has abandoned the exercise of preemption for the transfer.

According to introduction, Foshan Shunde District Chinese clothing Textile printing and dyeing The limited liability company was established in 2004 with a registered capital of 7 million 200 thousand US dollars. It mainly produces cotton, linen, wool, woven, woven textiles, garments, fiber products, leather products, chemical fibers, knitwear, dyeing and printing.

In 2010, it achieved operating income of 160 million yuan and net profit of 2 million 710 thousand yuan. As of August 31st, the monthly report shows that the company achieved a net profit of 201 thousand and 700 yuan. On the basis of May 31, 2011, the net value of Shunde's Chinese clothing net assets was 69 million 462 thousand and 500 yuan, the assessed value was 77 million 935 thousand and 100 yuan, the added value was 8 million 472 thousand and 600 yuan, and the appreciation rate was 12.20%.

Chinese clothing also said that the preliminary calculation of assets valuation value is expected that the proceeds from the transfer of shares will be 1 million 420 thousand yuan.

In the first three quarters of this year, the appreciation of the renminbi led to exports. Order Decline, Raw material China's clothing net profit loss was 12 million 859 thousand and 500 yuan due to factors such as rising prices of production materials, increasing labor costs and increasing costs.