The official emergency response that famous products were shorted was groundless. The announcement shows that the famous board of directors (including the audit Committee) is reviewing these allegations and considering taking appropriate actions to protect the interests of all shareholders. Famous products are short-sold, and the official emergency statement has no basis.
Famous products are short, and the official emergency statement has no basis. On July 27th, 2022, Famous Brand (09896.HK) responded to the accusation of short-selling institution Blue Orca Capital against the company. Ming Xiaopin believes that the report is groundless and contains misleading conclusions and interpretations of company information.
The board of directors of the company (including the audit committee) is reviewing these allegations and considering taking appropriate actions to protect the interests of all shareholders. According to the suggestion of the company's management, in order to protect the interests of all shareholders, the Board of Directors decided to set up an independent committee composed of independent directors Xu Lili, Zhu Yonghua and Wang Yongping to supervise the independent investigation of the relevant allegations in the report. Under appropriate circumstances, the independent commission may engage independent professional consultants to assist in the independent investigation.
The Company will make further disclosure in a timely manner in accordance with the applicable rules and regulations of the Securities and Exchange Commission of the United States, the new york Stock Exchange and The Stock Exchange of Hong Kong Limited. In addition, the Company emphasizes its continuous and firm commitment to maintaining high standards of corporate governance and internal control, and making transparent and timely disclosure in accordance with applicable rules and regulations.
As of the close of July 26th EST, the famous American stock market closed down 14.98% to 6. 13 USD. Famous H shares opened lower today, falling more than 12% in early trading.
On July 26, 2022, Blue Orca Capital released a short report, arguing that hundreds of shops with famous products were secretly owned and operated by company executives and close individuals. Blue Oka Capital also accused famous brands of falsely describing the core business model.
In addition, Blue Oka Capital believes that famous products are going downhill. Blue Oka Capital said in the short-selling report that the income of famous products has shrunk, the franchise fee has dropped, and the stores have closed.
According to Blue Orca Capital, in the statement that the famous product official website was deleted, the company admitted that the revenue in 20 18 reached the peak of17 billion yuan, which means that the revenue of famous products has shrunk by more than 40% since then.
According to the prospectus of famous Hong Kong stocks, as of June 30, the company's revenue was 9.395 billion yuan, 8.979 billion yuan and 9.072 billion yuan respectively. The losses during the year were 294 million yuan, 260 million yuan, 65.438+0.465438+0.50 billion yuan respectively.
As of 202 1, 65438+2, 3 1, the company has more than 5,000 famous stores in the world, more than 3 100 in China and about 1, 900 overseas.
Famous products are short-sold, and the official emergency statement has no basis. Liangyou products issued a voluntary announcement on the 27th, responding to the allegations made by short-selling institution Blue Orca Capital in a short-selling institution report.
Ming Xiaopin believes that the report is groundless and contains misleading conclusions and interpretations of company information.
According to the announcement, MasterCard's board of directors (including the Audit Committee) is reviewing these allegations and considering taking appropriate actions to protect the interests of all shareholders.
In terms of countermeasures, Ming Chuangyou said that according to the suggestion of the company's management, in order to protect the interests of all shareholders, the board of directors decided to set up an "independent committee" composed of independent directors Ms. Xu Lili, Mr. Zhu Yonghua and Mr. Wang Yongping to supervise the independent investigation of the relevant allegations in the report.
In addition, under appropriate circumstances, the independent commission may engage independent professional consultants to assist in the independent investigation.
Famous products were listed on the Hong Kong stock market in mid-July 2022. According to the prospectus, the company is a global retailer providing creative life home products, and its two brands are famous products and top toys. According to Jost Sullivan's report, by the end of 20021,the company had more than 5,000 famous stores in the world, including more than 3 100 in China and about 1900 overseas.
Earlier, according to Hong Kong's Economic Daily, the short-selling institution Blue Orca Capital recently reported that through the investigation since 200211,it was found that hundreds of so-called famous independent franchisees were registered in the name of famous executives or individuals closely related to the company's chairman, rather than independent franchisees. Therefore, it is considered that these evidences show that these shops are secretly owned and operated by the company, and famous products lie about their business model.
Famous products are short, and the official emergency statement has no basis. Blue Oka Capital, a well-known short-selling institution, released a report saying that it shorted famous companies.
"Black Whale" said that after seven months' investigation of famous and excellent products, it was believed that hundreds of stores in the company did not have an independent franchisee network, but were secretly owned and operated by company executives and close individuals.
At the same time, Blue Orca believes that the famous premium brands are going downhill, with revenue down by 40% compared with the peak before listing and experiencing large-scale store closure. In addition, the company's franchise fee has dropped by 63% in the past two years.
As soon as the short report came out, the stock price of famous products plummeted, closing down 15%, leading the decline of CSI.
In response to a short report of Blue Orca Capital, Ming Xiaopin announced on the Hong Kong Stock Exchange that the report was groundless and contained misleading conclusions and interpretations of the company's information. The board of directors of the company is reviewing these allegations and considering taking appropriate actions to protect the interests of all shareholders.
In addition, Ming Chuangyou said that according to the suggestion of the company's management, in order to protect the interests of all shareholders, the board of directors decided to set up an independent committee composed of independent directors Ms. Xu Lili, Mr. Zhu Yonghua and Mr. Wang Yongping, with the purpose of supervising the independent investigation of the relevant allegations in the report. The independent commission will hire independent professional consultants to assist the independent investigation at an appropriate time.
Earlier, the short-selling institution Blue Orca Capital released a report saying that after seven months of investigation on famous products, it was believed that hundreds of stores in the company did not have an independent franchisee network, but were secretly owned and operated by company executives and close individuals.
At the same time, Blue Oka Capital believes that the brand of famous and excellent products is declining, the revenue has dropped by 40% compared with the peak before listing, and it has experienced a large-scale store closure. In addition, the company's franchise fee has dropped by 63% in the past two years.
According to the financial report data, from the fiscal year 20 19 to the fiscal year 200210, the famous products lost 290 million yuan, 260 million yuan and14.3 million yuan respectively, and the accumulated loss in three years was nearly 2 billion yuan.