Rachabel faces serious debt crisis, real controller wants to remove chairman of the board

Beijing, December 28 (Reporter Yu Qi) a “recall” announcement of Xinjiang lashabel Clothing Co., Ltd. (hereinafter referred to as “lashabel”) has pushed the company to the forefront of the storm. Duan Xuefeng, the chairman of the board of directors with a term of only seven months, may be recalled by Xing Jiaxing, the actual controller. Recently, rashabel announced that Xing Jiaxing, the actual controller of the company, convened the first general meeting of shareholders in 2021 according to the company law of the people’s Republic of China and the articles of association of the company to review and approve the removal of Duan Xuefeng, the director and chairman of the board of directors of the company. < / P > < p > it’s only seven months since Duan Xuefeng was elected chairman of the company. On May 8 this year, rashabel announced the appointment of Duan Xuefeng as the chairman of the Fourth Board of directors, which will take effect from May 8 to the expiration of the term of office of the Fourth Board of directors. In the announcement, Xing Jiaxing added further information on the proposed removal, believing that Duan Xuefeng failed to perform his duties faithfully during his tenure as director and chairman of rashabel, so as to safeguard the interests of shareholders and the company, and earnestly perform his duties and obligations as a director. < / P > < p > specifically include: during his tenure, Duan Xuefeng failed to have a deep understanding of the company’s business operation and management, and the company’s performance dropped significantly during his tenure; he failed to establish a stable internal management structure according to his responsibilities, and failed to ensure the stable operation of the company; Duan Xuefeng also operated the same business as rashabel for himself or other people. < p > < p > according to the regulatory letter of Shanghai Stock Exchange, rashabel disclosed the notice on the company’s shareholder Xing Jiaxing calling the first general meeting of shareholders in 2021, and proposed to remove Duan Xuefeng, the company’s director (Chairman). This matter has a significant impact on the company. According to Article 17.1 of the Listing Rules of Shanghai Stock Exchange, the following regulatory requirements are put forward for rashabel. < / P > < p > the Shanghai stock exchange requires rashabel to disclose the specific situation and relevant procedures of the company’s shareholder Xing Jiaxing’s request for the convening of the extraordinary general meeting of shareholders, whether the company has fulfilled the obligation of information disclosure in strict accordance with the relevant provisions of the stock listing rules, and whether the board of directors and the board of supervisors have verified the relevant situation of the shareholders’ self convening of the general meeting of shareholders, indicating whether they are diligent and conscientious, and whether they are in strict accordance with the company listing rules To fulfill their duties in accordance with the relevant provisions of the law of the people’s Republic of China and the articles of association. < p > < p > at the same time, the Shanghai Stock Exchange asked rashabel to explain whether Duan Xuefeng, the chairman of the board of directors, has failed to perform his duties diligently, safeguard the interests of shareholders and the company, and has failed to fulfill his duties and obligations as a director; whether Xing Jiaxing, the shareholder of the company, has any other agreement or arrangement with Duan Xuefeng, the chairman of the board of directors, and the current state of control of the company. < p > < p > in addition, the Shanghai Stock Exchange also requires rashabel to disclose in detail the current performance of directors, supervisors and senior executives of the company, comprehensively standardize the operation of corporate governance, and fully prompt the existing risks. < p > < p > according to the public information, lashabel brand, founded in 1998, is the first a + H-share listed clothing company in China. It is mainly engaged in independent design and R & D, outsourcing production, brand promotion and direct sales of clothing, and its founder is Xing Jiaxing. At present, Xing Jiaxing alone holds 142 million shares of the company, accounting for 25.91% of the total share capital, and is the actual controller of the company. < / P > < p > it is worth noting that, according to the company’s announcement, prior to the “recall” storm, the senior management of rashabel had been constantly shaken and the senior management changed frequently. < p > < p > in October 2019, Xing Jiaxing resigned as president of rashabel, and Yu Qiang, the company’s chief financial officer, CO president and executive director, took over the post. < p > < p > in February this year, Yu Qiang resigned as executive director and President of rashabel due to the need to invest more time and energy in his own business, and Xing Jiaxing took over again. < p > < p > in April this year, Xing Jiaxing applied to resign as president for personal reasons, and Yin Xinzai took up the post. Previously, Yin Xinzai served as general manager, vice president of marketing and senior vice president of sales and marketing department of La xabelle. < p > < p > in August this year, Yin Xinzai resigned for personal reasons. Since then, the post of president of rashabel has been vacant for three months. Until November this year, Zhang Danling took over as the president of the company. < / P > < p > in fact, in addition to the high-level shock, rashabel’s financial situation is not satisfactory. Since landing a shares in 2017, the performance has been in the doldrums. < / P > < p > according to the financial report data, in 2018, the net profit of rashabel attributable to the shareholders of the listed company was – 155800 yuan, a year-on-year decrease of 131.24%; in 2019, the loss of rashabel continued to expand, and the net profit attributable to the shareholders of the listed company was – 2052 million yuan, a year-on-year decrease of 1186.39%. < / P > < p > according to the announcement on replying to the regulatory work letter of Shanghai Stock Exchange disclosed by the company on December 22, the company has 439 lawsuits involving about 1.523 billion yuan from December 9, 2019 to December 9, 2020. Among them, there was one major litigation case involving about 176 million yuan, and a total of 438 litigation cases involving about 1.347 billion yuan. In terms of equity freezing of subsidiaries, the total amount of execution is 436 million yuan; in terms of bank account freezing, the total number of accounts with actual frozen amount is 85, the total amount of actual frozen amount is about 205 million yuan, and the total book value of real estate seized by the company is 1.297 billion yuan. < / P > < p > rashabel said that in the case of a sharp decline in the company’s sales revenue, especially due to the company’s operating losses, and considering the cash expenditure pressure brought by the company’s operating activities and repayment of due debts, the company is facing greater cash flow pressure and debt collection cashing risk at this stage. < / P > < p > Disclaimer: the purpose of this article reprinted by CNFC is to convey more information, and it does not represent the opinions and positions of CNFC. The content of this article is for reference only, and does not constitute an investment proposal. 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