More Cash Out And Less Shareholding Of Baoxiniao Is Suspected To Pave The Way For Additional Issuance

　　 clothing The founder, shareholders and senior executives of the enterprise Baoxibird started to increase their holdings of the company's shares on the eve of its private placement after significantly reducing their holdings.

On September 7, Annunciator According to the announcement, Wu Zhize, one of the founders of the company's shareholders, increased his holding of 347800 shares. In December 2011, senior executives also increased their holdings in the secondary market.

It is worth noting that before that, three of the five founders of the company had resigned from their positions and kept reducing their shares in the company, while the company's major shareholder, Baoxiniao Group Co., Ltd. (hereinafter referred to as "Baoxiniao Group") and company executives were also intensively reducing their shares in the company.

A market person said to the reporter that Wu Zhize, the founder of the company, increased his shareholding in his personal capacity, while Baoxiniao Group and the other four founders did not increase their shareholding, which means that the five founders of the company have great differences on increasing their shareholding in the company's shares, which is not good news for the future of the company's additional issuance.

　　 Founders and executives intensively reduce their holdings and cash out

"The founders and executives of Baoxibird intensively reduced their holdings of the company's shares before 2012, and recently began to increase their holdings. It's hard to see what's behind the smoke bomb." An investor complained to reporters.

The "bird of joy" among the above investors is domestic spin A listed company in the industry, which landed in the small and medium-sized board market in August 2007, mainly engaged in men's series such as suits and shirts Clothes & Accessories Production and sales of products.

Prior to the IPO of the Company, the total capital stock of Baoxibird was 72 million shares, of which, Baoxibird Group controlled by Wu Zhize, Wu Zhensheng, Chen Zhangyin, Wu Wenzhong and Ye Qinglai held 65% of the shares of the Company. The above five promoters hold 32%, 20%, 20%, 20% and 8% of the shares of Baoxibird Group respectively.

After the company entered the A-share market, its total share capital increased to 96 million shares. Baoxiniao Group holds 46.8 million shares of the company, accounting for 48.75% of the total share capital. Wu Zhize, Wu Zhensheng, Chen Zhangyin, Wu Wenzhong and Ye Qinglai actually hold (the sum of direct and indirect shares) 27.975%, 15.900%, 13.425%, 13.425% and 4.275% of the company's shares, respectively. The above shares were released on August 16, 2010. At the same time, the positions held by the above five persons in the company are director, vice chairman, vice chairman, chairman of the board of supervisors and director.

After the expiration of the ban, Baoxiniao Group and the founder of the company were eager to reduce their shares of the company.

From August 31, 2010 to September 17, 2010, Baoxiniao Group reduced 12.5065 million shares of the company through centralized bidding and block trading in the exchange, accounting for 4.26% of the total shares of the company, The shareholding ratio decreased from 41.42% (as the company's additional issuance in 2009 and the completion of the first exercise period of the first equity incentive in 2010, the proportion of shares held by Baoxiniao Group in the company became 41.42%.) to 37.17%, realizing 288 million yuan.

From October 13, 2010 to November 17, 2011, Baoxiniao Group reduced its holdings of 8.85 million shares of the company through block transactions for three times, cashed out 134 million yuan, and its shareholding ratio dropped to 35.29%. As for the reasons for the reduction, Baoxiniao Group said that it was due to the development needs of its shareholders.

The company's founders Ye Qinglai, Wu Zhize and Wu Zhensheng also reduced their shares at the same time as Baoxiniao. According to the reporter's statistics, Ye Qinglai, Wu Zhize, Wu Zhensheng and Baoxiniao Group, the major shareholder of the company, cashed out a total of 822 million yuan from the date of the original share ban lifting to November 2011.

In addition to the major shareholders and founders who continuously reduced their holdings of the company's shares, the company's executives also became the main force in reducing the company's shares.

In December 2007, the company launched the "First Phase shares Option Incentive Plan. On June 11, 2010, 63 of the 120 incentive objects submitted the exercise to the board of directors of the company, and completed the first exercise of 4.0675 million shares at the exercise price of 12.20 yuan per share. The actual listing and circulation time of the shares exercised this time is December 21, 2010, and the circulation amount is 25% of the total shares exercised this time by the incentive object.

On the second day of the lifting of the ban, December 22, 2010, the company's senior executives began to intensively reduce their holdings of the company's shares. On that day, the company recorded 21 share reductions. Among them, the company's director secret party Xiaobo reduced the shares held by him for three times, and the statistical cash out was 4.0442 million yuan.

As for the reduction of the company's shares held by senior executives, Fang Xiaobo said publicly that the reason why he reduced his shares was that I also needed to improve my life. The house on the opposite floor sold for 38000 yuan per square meter, and now more than 2 million yuan is really only enough to buy a small house.

　　 Additional holding, escort and issuance?

Right there market Fearing that the founders, major shareholders and senior executives of the company would continue to reduce their holdings of the company's shares, the senior executives and founders of Baoxibird began to increase their holdings of the company's shares. What are the reasons behind the first reduction and then increase?

The reporter found that it was closely related to the company's public offering plan through the time point when the company's executives and founders increased their shareholding in the company's shares.

On April 27, 2011, Baoxiniao released the Proposal on the Scheme of the Company's Additional Issuance of A Shares in 2011 (hereinafter referred to as the "Additional Issuance Scheme"), which shows that the Company will publicly issue no more than 50 million additional shares, and plans to raise no more than 1.5 billion yuan for marketing network optimization and construction projects.

In June 2011, as the company increased 10 shares per 10 shares to all shareholders with capital reserve in 2010, the number of additional shares issued publicly in the Additional Issuance Plan was adjusted to 100 million shares.

On November 30, 2011, the application for the Additional Issuance Plan was conditionally approved by the CSRC's Examination Committee.

The management of the Company began to increase its shareholding in the Company just after the Additional Issuance Plan was approved by the CSRC. On December 22, 2011, Baoxibird directors, senior managers and some key business personnel purchased 847700 shares of the company through Shanghai Golden Yarn Investment Co., Ltd. (hereinafter referred to as "Shanghai Golden Yarn") on the trading system of Shenzhen Stock Exchange, with an average transaction price of 11.61 yuan/share.

According to the data, Wu Zhize, the founder of Baoxiniao, holds 73.5% of the shares of Shanghai Jinsha, and the chairman and general manager of the company holds 10% of the shares of Shanghai Jinsha. The rest of the shares of Shanghai Jinsha are held by 11 senior executives, including the company's director, secret party and wavelet.

On May 31, 2012, the CSRC officially approved the Company's Additional Issuance Plan.

After the Company's "Additional Issuance Plan" was officially approved by the CSRC, Wu Zhize, who had previously reduced his shareholding in the Company, also began to increase his shareholding in the Company.

Wu Zhize bought 347600 shares of the company through the trading system of Shenzhen Stock Exchange from September 4 to 5, 2012, with an average transaction price of 11.05 yuan per share.

"From the time point of the company's senior executives and founder Wu Zhize's increasing shareholding in the company's shares, the intention of the company's senior executives and founders to increase their shareholding in the company's shares is obvious, apparently to escort this additional issue." A textile industry analyst in Shenzhen told reporters that, because the company raised 1.5 billion yuan and issued 100 million shares, In order to raise enough capital, the issue price of each share of the company must reach 15 yuan. The closing price of the company on September 12 was only 11.61 yuan per share, a certain distance from 15 yuan. If the share price of the company is less than 15 yuan within the validity period of the additional issue, it is very difficult for the company to make this additional issue. After all, no institution is willing to buy shares and lose money.

A textile industry analyst who did not want to be named said that although Wu Zhize, the company's senior manager and founder, had an obvious intention to increase his holding of the company's shares to escort the company's additional issuance, it would be difficult to achieve better results.

"First of all, Wu Zhize, the founder of the company, increased his shareholding in the company in his personal capacity rather than through the Baoxiniao Group." The above analyst said that this meant that the five founders of the company had different opinions on increasing their shareholding in the company.

"Secondly, judging from the total amount of funds spent by the company's executives and Wu Zhize's shareholding increase, it is more symbolic." The analyst further pointed out that Wu Zhize's use of the capital for shareholding increase this time is much less than the total amount of cash out by the company's major shareholders, founders and executives, so it is very difficult to drive the company's stock price only by this amount of capital for shareholding increase.