The Crisis Threatened To Drag Dragons.

The company's major customer, Fujian, July 2014, suddenly revealed the boss's run over.

According to the prospectus, after the loss of the chairman of Fujian's chairman, the company's contract with $15 million 400 thousand and 200 worth of money remained unfulfilled.

Because he could not pay the money, he had to cancel the contract.

"Fashion design" makes less money.

He called himself a cultural creative and design service company focusing on garment design and providing organization and production services to customers according to their needs.

But according to the prospectus, the company's clothing design revenue accounts for only about 20%.

In the 2012-2014 years, the main business revenue of the company was 436 million yuan, 516 million yuan and 550 million yuan respectively, of which the proportion of design income was 24.03%, 22.07% and 22.6% respectively.

As a supporting business of design business, the contribution of the organization's production revenue to the main revenue is as high as 75.85%, 77.93% and 77.4% respectively.

The company said that as of the end of 2014, the company's designers reached 230, and in 2014, 7871 designs were designed, forming a large-scale design capability.

However, the reporter noted that only 1173 of the 7000 garments designed by the company last year were sold, accounting for 14.9%.

This sales ratio was 15.35% and 14.15% in 2012 and 2013 respectively.

On the whole, the design of the company's clothing accounts for about 15% of its sales, while the ZARA of the same model only has 18% of the clothes that are not very popular with consumers.

Big client boss runs

In mid July of last year, Ding Hui, chairman of Hongkong's main board listed company, Fujian's chairman, and his wife sold cash rumors, which shook Fujian's entrepreneurs circle.

Along with this rumor fermentation, the odd price began to plummet on the 21 day of the month and was suspended on the 23 th of the month.

Then, in July 31st, the board of directors confirmed that Ding Hui had pferred more than 228 million yuan of funds to four times in January 27, 2014, March 11th and April 3rd in three days.

In addition, the company also owed more than 80 suppliers a total of up to 470 million yuan, of which the most arrears amounted to about 10000000 yuan.

After the loss of contact, Fujian, including many branches in Xiamen, shops closed.

The unexpected crash in Fujian's sprint, and the sprint of the IPO's Castle dragon was also unlucky.

According to the prospectus, Fujian's 2012-2014 largest Tenth -, eighth and sixth largest customers of the company are in the past two years.

Although the company did not disclose the specific paction volume, the sales share of Fujian's regional growth is increasing from the customer ranking.

In July 25, 2014, when he announced that his chairman and actual controller Ding Hui had lost contact, the company had not fulfilled the contract with $15 million 400 thousand and 200 worth of money.

The company paid close attention to the progress of the deal and communicated with it again.

Reporters learned that Fujian is now pushing forward debt restructuring process, temporarily avoiding bankruptcy fate, but the company's business and resumption of licensing is still no substantial progress.

How do we view the impact of the odd event? The company has a larger potential customer base and plans to further expand its existing and potential customers' business. Therefore, the loss of the chairman of the company has little adverse effect on the company.

It should be pointed out that, apart from the abolition of the $10 million contract between Fujian and the company, no relevant provision for bad debts has been prepared.

The prospectus shows that Fujian has bought t-shirts for burger dragon.

At the end of 2013, there were 139 thousand and 700 T-shirts in Fujian, which cost 9 million 867 thousand and 300 yuan.

What was the quantitative impact of the sixth major customers on the company? For this reason, the reporter sent a telegram to the division of the division and sent an interview outline, but the staff said that he was not in the company and could not be interviewed.

By the end of the press release, he did not respond to the interview.

Family holding nearly 90%

And many Guangdong,

Like private enterprises, the company has strong family management.

Statistics show that the former Guangdong Puning Bai Bo Long costume Co., Ltd. was established by Chen Weixiong and Chen Nana in 2006 for 500 thousand yuan.

Prior to this, the image of "IPO" was shown in the image of the company. Until 2011, when the company was preparing for the matter, Chen Wei hung and his wife dispersed their shares.

In November 2011, Chen Weixiong and Chen Nana introduced four investment institutions, namely, Jiaxing era, five Yue Jiayuan, five Yue Qian Yuan and Shenzhen Hao Jia.

In completing the pfer of shares at the same time, Chen Weixiong gave his father Chen Qiuming 5 million shares, wife Chen Nana free gifts to father-in-law Chen Changxiong 5 million shares.

At present, the Chen Weixiong family holds 85.88% of the total.

Among them, Chen Weixiong held 35 million 530 thousand shares, accounting for 45.17%; wife Chen Nana held 22 million 20 thousand shares, accounting for 27.99%; father Chen Qiuming and father-in-law Chen Changxiong held 5 million shares, accounting for 6.36% respectively.

The four investment institutions share a total of 14.12%.

There are other considerations for the couple's equity setting.

Because the top four shareholders of the company are family members of the Chen family, Chen's family has a natural advantage in setting up the board of directors.

Reporters noted that the company's 6 board seats, Chen Weixiong and Chen Nana respectively served as chairman and vice chairman, Chen Wei hung, his father Chen Qiuming, father-in-law Chen Changxiong two people as directors.

In addition, deputy general manager and Jiang Weirong is Chen Weixiong's distant relative.

"At the previous generation training workshop, regulators stressed that the Dong Jiangao setting of family businesses is reasonable and cannot be held by family members."

People with investment bank comment on this.