La Natsu Bell Chairman Xing Jiaxing Resigns

In the past two years, La Natsu Bell (603157) often has negative news such as clearing up and closing stores. After disclosing the bad news of a loss of more than 1 billion 600 million yuan in 2019, La Natsu Bell is now in turmoil. On the night of February 3rd, La Natsu Bell announced that Chairman Xing Jiaxing resigned.

The announcement shows that La Natsu Bell's board of directors received Xing Jiaxing's resignation on February 3, 2020. Xing Jiaxing applied for resignation from the third board chairman and board of Directors Committee for personal reasons. He will no longer hold any post in the company after his resignation. According to Wind, Xing Jiaxing served as chairman of La Natsu Bell in May 8, 2014.

La Natsu Bell said that Xing Jiaxing confirmed that there was no disagreement with the board of directors and that there was nothing else to be concerned about the company's shareholders. His resignation did not cause the company's board members to be below the statutory minimum number, and would not affect the normal operation of the company. In view of the vacancy in the position of chairman of the company, all directors of the company unanimously elected the executive director and President Yu Qiang to perform their duties as chairman until the new chairman was elected.

Xing Jiaxing submitted his resignation application while La Natsu Bell also received Xing Jiaxing's letter on the nomination of the third board of directors of Shanghai La Natsu Bell dress Limited by Share Ltd. Xing Jiaxing nominated Lu Ersui and Cai Guoxin as candidates for the third independent directors of the board of directors of the company, and suggested that Lu Ersui be the chairman of the third board of directors of the company. The term of office will be held from the date of the consideration of the shareholders' meeting to the end of the third session of the board of directors.

Statistics show that Lu Er Sui was the chairman of Nantong Xincheng Group Co., Ltd. in 1999-2011 years; he served as chairman of Limited by Share Ltd group of Jiangsu Sanyou group for 2012-2017 years; in 2018, he established Jiangsu industry Clothing Co., Ltd. and acted as chairman of the board.

La Natsu Bell said in the announcement that the company will arrange the deliberation and election procedures for the nomination of directors as soon as possible in accordance with relevant laws, regulations and relevant provisions of the articles of association, and promptly fulfill the obligation of information disclosure according to the relevant progress.

In addition to personnel changes, La Natsu Bell also carries enormous operating pressure. In January 22nd, La Natsu Bell released the 2019 performance forecast. It is estimated that the net profit attributable to shareholders of Listed Companies in 2019 will be -16 billion to -21 billion yuan. For the reasons for the loss of performance, "the company actively contracted and focused, concentrating resources on the development of core women's clothing business, and accelerating the closing of losses and inefficient stores. The number of domestic outlets has dropped from 9269 at the beginning of the year to more than 4800 at the end of the year. Due to the closing of the store's operating losses and one-time confirmation of the amortization and amortization expenses, it resulted in a loss of 400 million -4.5 billion yuan. During the reporting period, the company continued to conduct a comprehensive assessment of the investment projects, stop the new outbound investment, withdraw from projects that do not meet the company's development strategy, resolutely dispose of projects that seriously drag down the company's performance and cash flow, and reduce or stop financial support for projects that are substantially lower than expected. Because of the loss of some investment projects and the company's disposal of losses, the company lost about 300 million yuan in the reporting period, "La Natsu Bell said in the announcement.

La Natsu Bell, the boss of the company, broke down on the first trading day of the rat. As of February 3rd closing, La Natsu Bell reported 4.78 yuan / share, the stock price fell 9.98% on that day.

In view of the company's future development plan and other related issues, Beijing Commercial Daily reporter once sent an interview to La Natsu Bell's office. However, as of press release, no one answered the phone.