YOUNGOR 30 Percent Off Sells New Horse Clothing &Nbsp; Dump "Baggage" Or Pave The Way For Splitting.

The pfer of all the shares of Xin Ma garments to Sheng Tai yarn dyed fabric

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

YOUNGOR has always been a "frequent visitor" in the capital market, whether it is participating in private placement or investing in a listed company.

But now, what puzzled shareholders is that YOUNGOR is going to sell the clothing assets that have only begun to make money.

The chairman of YOUNGOR is the ultimate controller of YOUNGOR.

Company explanation: for long-term consideration

The announcement shows that the company intends to pfer all the shares of the wholly owned subsidiary of Xin Ma clothing to Sheng Tai yarn dyed fabric.

The details of the pfer are as follows: if the net asset price is below $80 million, the selling price will be $80 million; if the net asset price is above $80 million, the audited net asset value will be sold.

At the same time, YOUNGOR estimates that the net asset value of new Malaysia garments is less than + 10% when compared with us $80 million.

This means that the selling price is between $80 million and $88 million.

Reporters found that in 2010, new horse clothing net loss of 20 million 710 thousand yuan, but this year 1~5 months net profit of 13 million 760 thousand yuan.

Some netizens said in the stock bar that after a lot of blood pfusion and 3 years of hard waiting, they are now losing their profits and selling them as "net assets".

Some even reprimanded that it would be chilling to empty the listed companies in the name of strategic adjustment.

Where is Sheng Tai dyed?

It is worthwhile for the listed company to pfer the net profit of the subsidiary which has just lost its profits.

The reporters found that their legal representatives and chairman were Li Rucheng, chairman of YOUNGOR.

From the perspective of ownership structure, the 35% stake of Sheng Tai yarn dyed fabric is held by Sheng Tai textile and 30% by YOUNGOR.

It is worth mentioning that as of the end of 2010, Li Rucheng held 51 million 370 thousand shares of YOUNGOR, the third largest shareholder.

At the same time, it also held the YOUNGOR holding company as the ultimate controller of YOUNGOR.

Yesterday, the reporter sent a telegram to YOUNGOR, and Liu Xinyu, the manager of the company, said that the new horse clothing did not start to make profit until this year, and it made little contribution to net profit before.

It is mainly for long-term consideration why we sell when we turn around the deficit.

First of all, the new Ma clothing main OEM, its gross profit margin is only 10%, far below the gross domestic product 60% of gross domestic product.

With the appreciation of the renminbi and the rise in labor costs, the business is making money difficult at the moment.

Second, the future strategic goal is to pform to brand operation.

Mainly through the integration of the existing more than 2000 channels, and add 200 new channels each year to achieve.

Finally, Sheng Tai yarn dyed fabric is listed for consideration.

It should be noted that the sale of new horses has a certain effect on pushing forward the gross profit rate of domestic garment business.

The future goal is to stay above 60%.

The pfer rate is only 0.24 times.

Along this line of thinking, if Li Rucheng pfers the assets of listed companies to non-listed company with indirect shareholding, is the pfer pricing reasonable?

A researcher from a securities industry clothing industry has counted out such an account to reporters. According to the estimated price of 88 million US dollars, that is, 570 million yuan, the revenue of new horse clothing was 2 billion 413 million yuan last year, which means that the sales rate of assets sold is only 0.24 times.

It is far lower than the sales rate of A, a spinning and weaving lead, 0.7 to 1 times.

On the one hand, this shows that pfer valuation is indeed cheaper.

On the other hand, it also shows that assets are not very good, otherwise they can give higher valuations.

In fact, Sheng Tai textile, the major shareholder of the party, also has a deep historical origin with YOUNGOR.

Public information shows that as of last March, Xu Lei, former director of YOUNGOR, is also the actual controller of Sheng Tai textile.

It is interesting that Xu Lei resigned from directorship in March 19, 2010 because of job changes.

However, as of the end of last year, Xu Lei was also the legal representative of new horse clothing (Ningbo).

"We spent $70 million when we bought it," Liu Xinyu said. "This audited net asset price will not increase too much."

This means that the price is calculated according to the estimated price range.

Then the sale of new horse clothing will bring the company 10 million to 18 million dollars in revenue, equivalent to 14% to 26% of the rate of return.