Modern Avenue Fashion Group Co., Ltd. (hereinafter referred to as “Modern Avenue”), a local high-end men’s clothing listed company specializing in the Kanudi Road brand, announced on the evening of May 16 that the company’s wholly-owned subsidiaries Wuhan Yueran and Some of the company data of its subsidiaries are out of control. Except for Wuhan Yueran Guangzhou Branch, the operation and management of Wuhan Yueran, Lexiang Wuxian, Wuhan Megatron and other companies are basically out of control. The company is seeking cooperation from all parties to complete Wuhan Yueran. Office space takeover.
At the same time, Modern Avenue announced in an announcement on the same day that the company’s chairman Luo Changjiang resigned due to personal reasons and will not hold any position in the company, but will continue to provide consultants to the company consultation service.
First Textile Network previously reported that Modern Avenue issued an announcement in November 2016, paying 196 million yuan in cash to the counterparty and issuing 20.76 million shares at 14.16 yuan/share. Acquired 100% equity of Yueran Xindong Network Technology Co., Ltd. at a price of 490 million yuan. At the same time, the company plans to raise supporting funds of no more than 230 million yuan to pay cash consideration and transaction costs.
Yueran Xindong is mainly engaged in the development and operation of mobile Internet applications, and its industry segment belongs to the development and operation service business of mobile Internet social tool applications . Yueranxindong has developed more than 40 mobile social applications, mainly including personalized tool applications, social auxiliary tool applications, and micro-task tools. The products cover all mobile Internet platforms such as Apple and Google. The main users are European and American users.
At that time, its financial report showed that from January to June 2014, 2015 and 2016, Yueranxindong achieved operating income of 9.7355 million yuan, 20.1594 million yuan and 32.6559 million yuan respectively. ten thousand yuan, with net profits of 7.8891 million yuan, 14.1725 million yuan, and 16.9763 million yuan respectively.
Modern Avenue introduced that in October 2016, Yueran Xindong Company signed the “Agreement on Issuance of Shares and Payment of Cash to Purchase Assets” from Yan Qinghua, Liu Jinzhu, Zhao Wei, Chen Guoxing and others. A wholly-owned network technology company acquired. After the acquisition was completed, Yan Qinghua, Liu Jinzhu, Zhao Wei, Chen Guoxing, Lei Shuchao and others (hereinafter referred to as the “Wuhan Yueran original management team”) have been responsible for the specific operation and management of Wuhan Yueran. Due to the sharp decline in Wuhan Yueran’s performance and expanding losses, in April 2021, the company plans to initiate a special audit of Wuhan Yueran’s original management team and make relevant shareholder decisions in the name of Wuhan Yueran’s sole shareholder, which will be made by Wuhan Yueran Relevant suspension investigation notices, multiple on-site communications and letters requesting Wuhan Yueran’s original management team and other Wuhan Yueran senior managers to cooperate with Mr. Lin Yichao, Wuhan Yueran’s chairman and legal representative and their designated personnel appointed by the company, to hand over their The Wuhan Yueran seal, business license, financial information, contract documents and other important company information held.
After receiving the notice, the original management team of Wuhan Yueran refused to hand over the remaining Wuhan Yueran financial seal, contract seal, and bank reservation, except for some financial information. Seal, Ukey and password, business licenses of some subsidiaries, business contracts, personnel files, server permissions and other important company information. Moreover, since April 23, 2021, the original management team of Wuhan Yueran has adopted measures such as closing the office space and suspending business activities to resist the handover of data and investigation.
In view of this, Wuhan Yueran and its subsidiaries Wuhan Lewan Interactive Network Technology Co., Ltd. (hereinafter referred to as “Lewan Interactive”) and Wuhan Lewan Wuxian Network Technology Co., Ltd. (hereinafter referred to as “Lewan Interactive”) (hereinafter referred to as “Enjoy Unlimited”), Wuhan Megatron Network Technology Co., Ltd. (hereinafter referred to as “Wuhan Megatron”), and Wuhan Ledian Interactive Entertainment Network Technology Co., Ltd. (hereinafter referred to as “Ledian Interactive Entertainment”) have made respective An internal resolution was made to remove Yan Qinghua, Liu Jinzhu, Zhao Wei, Chen Guoxing, Lei Shuchao and others from all director, supervisor and senior management positions in Wuhan Yueran, as well as their legal representatives, executive directors, and General manager, supervisor and other related positions.
In response to the above-mentioned personnel appointment and dismissal matters, Wuhan Yueran and its subsidiaries have also sent letters multiple times, further requiring the original management team of Wuhan Yueran to cooperate with Wuhan Yueran and its aforementioned subsidiaries. Complete the handover of duties and information, provide financial information, restore business order, etc. However, so far, the aforementioned personnel have refused to implement the resolutions of Wuhan Yueran and its affiliated companies, and they still refuse the content of the letter issued by Wuhan Yueran and its affiliated companies. Cooperate. Because the original management team of Wuhan Yueran refused to hand over the official seals and business licenses of some of Wuhan Yueran’s subsidiaries, the industrial and commercial change procedures for the appointment and removal of personnel of some of Wuhan Yueran’s subsidiaries have not been completed so far, and the company has no control over the original management team of Wuhan Yueran. The storage location and integrity of the company’s information are unclear. Up to now, Wuhan Yueran’s office cannot be entered normally. As a result, except for the Guangzhou First Branch of Wuhan Yueran Xindong Network Technology Co., Ltd. (hereinafter referred to as the “Guangzhou Branch”), Wuhan Yueran, Lexiang Infinite, Wuhan Megatron, Lewan Interactive, Ledian Interactive Entertainment, Hong Kong Megatron Network Technology Co., Ltd., Hong Kong Yueran Xindong Network Technology Co., Ltd., Hong Kong Yifang Network Technology Co., Ltd., Hong Kong Unlimited Joy Network Technology Co., Ltd., Shannan Happy Unlimited Network�The usage time on the Yueran Xindong App has decreased (advertising monetization efficiency and revenue have decreased) and the number of monthly active users has decreased; in addition, the severe development of the epidemic has led to a downward trend in the income of users in Europe and the United States, thus reducing the user’s use of the company’s applications. purchasing power within.
The financial report shows that in 2020, Modern Avenue will be realized Operating income was 510 million yuan, a year-on-year decrease of 62.7%, and the decline was wider than the same period last year; net profit attributable to the parent company was 7.318 million yuan, compared with -1.47 billion yuan in the same period last year, turning losses into profits year-on-year; in the first quarter of 2021, the company achieved operating income 120 million, a year-on-year decrease of 37.5%, and the decline rate narrowed compared with the same period last year; the net profit loss attributable to the parent company was 16.154 million yuan, compared with a loss of 40.602 million yuan in the same period last year, and the loss range narrowed.
As of the last trading day when First Textile Network published this evening, Modern Avenue closed at 1.62 yuan per share, a decrease of 0.61%, with a market value of 1.154 billion yuan. </p
