Last weekend unsolicited management disclosed that the company’s sports retail chain retailer Bao Sheng International (Holdings) Co., Ltd. (3813.HK), which had “inaccurate sales records†in December, fired the Hong Kong stock market today after December sales data.
Although He Mingkun, spokesperson of Baosheng International's Taiwanese parent company Baocheng Industry Co., Ltd. (TPE:9904), emphasized today that the relevant data has been deducted from the problematic part and there are no incorrect sales figures, Pou Sheng International's December integrated camp The rapid growth of 30.1% achieved is still very noticeable. Synthetic revenue has soared to RMB 1,042.6 million from RMB 1,077.9 million in the same period last year.
In January 2016, the Group also recorded a strong sales growth of 28.8%. In the fourth quarter, Pou Sheng International's sales increased significantly. In October and November, it increased by 10.9% and 9.1% year-on-year, driving the annual growth rate of 12.4%, and comprehensive revenue increased from 14.4822 billion yuan in 2015 to 16.278 billion yuan. However, the increase in settlement in US dollars was only 6.4%. The group began using the monthly report in July 2016 as the reporting currency of the financial statements. It had previously used the US dollar.
In an announcement on Sunday evening on the 8th, Pou Sheng International stated that during the preparation of the internal review of the annual report, the Group discovered on Friday that there were certain incorrect sales records in December 2016, which may result in sales transactions that did not occur before the end of 2016. Included in operating income. The group did not mention whether there were similar false sales figures in the previous month, but pointed out that the sales amount involved in the December incident was not significant and had hired Deloitte Touche Tohmatsu to fully check the accounting records. If any further problems were found, it would be revisited. announcement.
Pou Sheng International's Board of Directors believes that the incident shows the weaknesses of financial monitoring, and the Chief Financial Officer Chen Guolong was found to have authorised the approval of the termination of his employment as of January 6th. , In addition, CEO of the Group, Mr. Kh\x{5db0}ard also submitted his resignation to the board of directors and was approved to take effect immediately on January 6, with the chairmanship of Chairman Wu Bangzhi as the temporary CEO.
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The above "Black Swan" incident caused Pou Sheng International (3813.HK) to rush to 23.0% of its stock price on Monday. The biggest drop was 37% in intraday trading. It was the largest one-day drop since it was listed and it also affected the direct parent Yuyuan (Industry). ) The stock price of the Group Co., Ltd. (0551.HK) plunged 7.4% on the day. The fraudulent incidents of the two companies have been downgraded by a number of brokers and their target prices.
On the other hand, YuYuan Group’s consolidated revenue for December was US$760.9 million, up 2.8% year-on-year, and 2016 consolidated revenue for the full year rose slightly by 0.6% to US$8.48877 billion. Yuyuan Group holds 62.41% of the shares of Pou Sheng International, while Taiwan Baocheng Industry holds 49.98% of the shares of Yue Yuen Group, which indirectly holds 31% of Pou Sheng International.
YuYuan Group is mainly responsible for footwear foundry in China and Southeast Asia, and is the world's largest manufacturer of sports and casual footwear, while Pou Sheng International (YYsports) is a major Chinese distributor of Nike Nike and Adidas Adidas, two world sports brands. One of them also acts as an agent for several international sports and leisure brands.
In November 2016, Yue Yuen Group mainly engaged in sports marketing and organizing sports competitions PPG Bros (Baoji Sports Platform Co., Ltd.)
The entire equity injection into Pou Sheng International, the price of 92.26 million US dollars, is expected to allow Pou Sheng International to enhance the talent pool in the sports marketing industry, to create a team of sports marketing professionals and enter the sports service industry.
As the sports and fitness industry in the Chaoyang industry in mainland China continues to heat up, Pou Sheng International is accelerating its market layout beyond retail sales and distribution. Last weekend it opened its first domestic gym in Shenyang, YYsports Shengdao Fitness Park. Song Weifeng, general manager of the Shenyang Group, pointed out that customers are “no longer satisfied with the new lifestyle of buying only sports products but wishing to interact with health, leisure, sports, fashion and environmental protection†under the “consumption upgrade backgroundâ€.
Entering the gym market is one of the plans for the transformation of Pou Sheng International, the founder of Cai Chengrui, the founder of Bao Cheng Industry, Cai Peijun. As the successor to the sports “shoe kingâ€, Cai Peijun, currently the CEO of Baocheng International Group, Baocheng Industrial, the managing director of Yueyuan Group and the non-executive director of Pou Sheng International, hopes that Pou Sheng International will start to turn a profit from 2014. In the future, Yuyuan Group can contribute half of the profits to Baocheng Industry. Her dream is that Baosheng grows much bigger than Yuyuan.
Pou Sheng International (3813.HK)'s stock price stabilized on Tuesday, rose 3.73% throughout the day to close at 1.67 Hong Kong dollars, the market value of 8.83 billion Hong Kong dollars. Yue Yuen Group (0551.HK) rose 1.85% to HK$27.55 with a market value of HK$45.43 billion.
Reproduced Source: No Fashion Chinese Network
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