Noch confirms that the chairman of the company loses part of its directly operated stores and suspends business

On July 25th, Nochi, which had been suspended, issued a statement through its official microblog that the board of directors of the company had confirmed that Chairman Ding Hui had been lost and had filed a report in Hong Kong. At present, the Hong Kong police have been involved in the investigation.
It is understood that Ding Hui is the board of directors and chief executive of the company and the company’s major shareholder. Prior to this, it was reported that he had absconded with large sums of money due to his debts.
While confirming Ding Hui’s loss of link, the statement released on the official Weibo and bearing the official seal of the company also mentioned that many members of the public and online media misunderstood Ding Hui’s misunderstanding as being absconded and that it was a fact that the missing link was missing. , But whether it involves the absconding and other issues, have not been confirmed by the company and any competent department, the majority of users can understand it as false statements made by others.
The statement also stated that Ding Hui’s loss of connection was his personal act and did not represent Fujian Nock Co., Ltd. Although its behavior affects the reputation of the company and affects the normal operation of the company, it cannot determine the company’s continuing operations. The board of directors of the company will also be responsible for the adverse impact it will have on the company and will handle it.
According to public information, Nuoqi is a clothing company in Fujian, which specializes in casual men's fashion. It was listed on the Hong Kong Stock Exchange on January 9 this year. Norwich submitted an A-share listing application to the China Securities Regulatory Commission in 2011, but it was not approved. The reasons for the veto include limited sales of products, the company’s brand promotion fees and R&D expenses are lower than listed companies in the same industry, and the sales model is affiliate sales. Master and so on. Some analysts believe that this mode of affiliate sales is the most vulnerable during the downturn of the entire industry.
Some of Noch’s direct-operated stores have already announced “suspended business” in recent days.
Some direct-operated stores are closed /
Noki's anomaly was first reflected in its stock price performance. Hong Kong Stock Exchange transaction information shows that last Monday (July 21), Noci shares fell 32.56%, turnover reached 33.1 million Hong Kong dollars, but the company's single-day turnover was less than 1 million Hong Kong dollars for a long time. In the evening announcement, Nuochi said that the Board was aware of the company's stock price decline and volume increase. Upon enquiry, the board of directors confirmed that it was not aware of any reasons leading to the stock price decline and volume increase, or any information that must be announced to avoid false market conditions in the company's securities. Or any inside information that needs to be disclosed. On July 23, Noch shares had to apply for suspension. At the same time, Nochi’s chairman Ding Hui and his wife owed at least 1.5 billion yuan to abscond from the society and the Internet.
In response to the above news, Nochi issued announcements on the official Weibo for three consecutive days on July 23, July 24, and July 25. The first two announcements did not disclose whether the chairman of the board had lost news, insisted that the headquarters and stores were in normal operation, and said that they would reserve the right to pursue legal liabilities against unfavorable news confirmed by the company.
In addition, just after Nochi issued a statement on July 25 that the company's normal operation, local media in Quanzhou reported that on Friday, a Nookchi store in Jinjiang, Quanzhou closed down.
On July 27th, when they visited the market, they found that a store in Noji, Xiamen Island posted a notice that “the goods have been emptied and the business was suspended.” A few clerk in the shop told reporters that this store is the direct store of Nochi in Xiamen. On July 26th, all the goods in the store began to perform clearance promotions.
However, the store's clerk insisted that the promotion had nothing to do with the chairman's “lost connection”. The reason for the suspension of business was due to inventory consolidation. As for when to resume business, it was necessary to wait for the company’s notice.
Mysterious shareholders sell more than tens of millions of shares/
On the three trading days of July 21, 22, and 23, Nochi continued to drop sharply and the stock price fell. The company was forced to suspend trading on the afternoon of July 23. Who started to punish Nochi before Ding Hui's loss of rumors?
According to information disclosed by the Hong Kong Stock Exchange, on July 21st, a natural person shareholder named “Su Yonghan” sold a large amount of 131.77 million shares of Nochi, and the proportion of shares held by it was 10.57%. The proportion of the total share capital, the same as below, dropped to 2.37%, which was almost emptied. The highest selling price per share was 2 Hong Kong dollars and the average price was 1.545 Hong Kong dollars.
In fact, this is already the sixth time that "Su Yonghan" has reduced the shares of Nochi. The first time was on the fifth trading day (November 15th) after the listing of Nochi (first held on January 9, 2014). On that day, Su Yonghan sold 650,000 shares at an average price of approximately HK$2.10 per share; In April of this year, Su Yonghan sold 4.863 million shares of Noch shares four times in a row, reducing the average price between 2.12 Hong Kong dollars and 2.13 Hong Kong dollars. It can be seen that Su Yonghan did not make money on Nochi in accordance with the issue price of HK$2.13.
However, the sell-off on July 21, Su Yonghan can be described as cost-free. It took out 131.77 million shares of Noch at an average price of HK$1.545. Even if it did not calculate the fees, Su Yonghan’s loss was as high as HK$7.7 million.
In addition to Su Yonghan, there is another shareholder named “Ding Mingfang” who also reduced shares of 3.312 million shares and 8 million shares of Nochi on January 13 and May 15 respectively. According to Hong Kong media, Ding Mingfang and Su Yonghan are friends of Nochi Ding Hui.
Attempts to check the two shareholders for more information but did not succeed.
In this regard, Hong Kong Investor Association Tan Shaoxing said that prior to the accident in Nochi, existing investors had reduced their holdings during the April and May period, and there were a lot of sell-offs on the 2nd before the suspension, which may be suspected of insider trading. . The Hong Kong Securities Regulatory Commission should follow up.
In addition, Ding Liguo, a veteran retailer, believes that there is a high stock situation in mainland garment companies and there are many shortcomings in the Norwich men's SPA model.
In addition, Ding Liguo also pointed out that the number of stores with less than 500 stores, the fast fashion men's clothing will face the problem of high cost.
In addition, it is reported that prior to Norwich's IPO in the country, the feedback from the CSRC includes that the company's product sales are mainly concentrated in Fujian Province. In the reporting period, brand promotion fees and R&D expenses were lower than listed companies in the same industry.