La Natsu Bell Half Year Lost 500 Million Experts Said "Delisting Or Restructuring", There Is No Other Way Out.

Recently, La Natsu Bell, known as the "China Version ZARA" and the first domestic A+H share listed clothing company, announced that the proportion of the controlling shareholder Xing Xing Xing's equity pledge was "close to 100%, and it has constituted a breach of contract".

At the same time, the company's semi annual report released in July 30th showed that the net profit in the first half of the year was between -4.4 billion yuan and -5.4 billion yuan, down by about 286.6% to 329% compared with the previous year. The net profit attributable to shareholders of listed companies was -4.9 to -5.9 billion yuan, down 364.5% to 418.5% compared with the same period last year.


Real control shareholding ratio of nearly 100%


La Natsu Bell issued a notice that the controlling shareholder and the actual controller Xing Jiaxing's pledge of 141 million 600 thousand shares of A shares of Haitong Securities has been lower than the minimum performance guarantee ratio, because the failure to repurchase in advance and fail to implement the safeguard measures has constituted a breach of contract.


According to the announcement, xingjiaxing holds about 142 million shares of the company directly, accounting for 25.91% of the total share capital of the company, accounting for 42.62% of the total A share of the company. From November 2017 to June this year, Xing Jiaxing has mortgaged the shares held to Haitong Securities for the 6 time.


Up to now, xingjiaxing accumulatively pledged 141 million 600 thousand shares of the company, accounting for 25.85% of the total share capital of the company, accounting for 42.54% of the total A share of the company, accounting for 99.81% of its direct holdings.


Another announcement issued by La Natsu Bell on the same day showed that in recent years, due to the fluctuation of stock prices, the company's actual controller of Shanghai United summer Investment Co., Ltd., in August 6th, handled 6 million shares of A shares held by the company. Prior to this, Shanghai and summer has pledged 3 shares of the company's shares to CITIC Securities.


According to the announcement, Shanghai has 45 million 204 thousand and 390 shares, accounting for 8.25% of the total share capital of the company, accounting for 13.58% of the total share capital of A shares. At present, 38 million 500 thousand shares of the total Pledged Shares, representing 7.03% of the total share capital of the company, account for 11.57% of the total share capital of A shares, accounting for 85.17% of the shares held by them.


Xingjiaxing and Shanghai have accumulated 180 million 100 thousand shares of Pledged Shares, accounting for 32.88% of the total share capital of the company, accounting for 54.10% of the total share capital of A shares, accounting for 96.27% of their total holdings.


Cheng Weixiong, general manager of textile and clothing brand management and Shanghai Liang Qi Brand Management Co., Ltd., told China net financial reporter: "in the current market environment and capital environment is relatively depressed, the performance decline and the pressure of capital circulation are very serious. This is very fatal, for example, the actual controller of the Oriental Garden listed company has been reorganized, and as a listed company of A+H, La Natsu Bell should not be in such a dilemma."


"However, it appears that in the process of chasing the listing, enterprises in the early stage pay too much attention to the growth of enterprises, and do not take into account that enterprises need to be stronger and safer when they grow bigger. Cheng Weixiong said. "In the future, there will be no delisting or restructuring. There will be no other path."


Low performance, serious loss


In the clothing industry, La Natsu Bell was once a representative of civilian fashion. In October 9, 2014, La Natsu Bell, who was called "China Version ZARA" at that time, was listed on the main board of Hongkong stock exchange. In September 2017, after several rounds of A shares, La Natsu Bell finally landed on the Shanghai Stock Exchange. However, after becoming the first A+H share listed clothing company in China, La Natsu Bell's profits have been on the decline.


Public data showed that in 2017, the company's revenue was 8 billion 999 million yuan, and its net profit to the parent company was 499 million yuan, down 6.29% from the same period last year. In 2018, the company's revenue was 10 billion 176 million yuan, and its net profit to the parent company was -1.6 billion yuan, down 132% from the same period last year.


Among them, in 2018, La Natsu Bell's short-term borrowing amounted to 1 billion 912 million yuan, while the money on the account was only 605 million yuan, and the inventory was as high as 2 billion 534 million yuan. In addition, there was a long-term loan of 331 million yuan.


In addition, since 2018, La Natsu Bell has been shutting down stores. By the end of June 2019, the number of offline outlets decreased by more than 2400 compared with the end of 2018. According to this calculation, the number of stores closed by La Natsu Bell exceeds 13 in the first half of this year.


Although the accelerated closing of the store may lead to a certain decline in its revenue, theoretically, the cost should also be reduced. However, the 2018 annual report shows that La Natsu Bell's sales expenses amounted to 6 billion 32 million yuan, up 38.51% over the same period last year, and the management cost was 504 million yuan, an increase of 29.51% compared with the same period last year. The financial cost was 52 million 465 thousand yuan, an increase of 216.42% over the same period last year.


The regulatory authorities have asked the company to explain this problem. La Natsu Bell said that the increase in the cost of employees resulted from the rise in the average wage of the society, and the amortization of the expenses to be amortized was accelerated by amortization of inefficient stores, and the competition in the industry was fierce.


The latest half year 2019 performance loss notice said that the reason for this loss is the continued downturn in the domestic apparel retail market and the dual impact of actively optimizing the offline channel structure.


At the same time, it also indicated that due to the change of external financing environment, bank loans continued to be returned during the reporting period, which had a negative impact on its 2019 spring, summer goods orders, and so on.


On the above performance status, Cheng Weixiong bluntly said: "similar to La Natsu Bell's local women's clothing brand many, but not like the local sports brand, leisure brand, men's wear brand in the local market has enough appeal power brand appears, but scattered in the north and south of the regional brand and local brand, and women's clothing product upgrading frequently determines the local brand of women's clothing. And the current local women's clothing is worth vigilant. It should be more rational to slow down the pace of development, really do a good job in brand planning and positioning, and strive to develop products that meet the needs of consumers, focus on the refinement of the shop rather than scramble to build a large number of stores.