Bushen Shares Changes Control: YanFeng Digital Plans to Take Over with 300 Million Yuan: No Plans for Restructuring, Listing, or Injection of Related Party Assets Within 3 Years

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Daily Economic News Reporter | Wen Duo Daily Economic News Editor | Liao Dan

On March 20, 2026, the control rights of *ST Bosen (SZ002569, hereinafter referred to as Bosen Co., Ltd.) underwent a major change.

The company’s controlling shareholder, Baoji Fangwei Tongchuang Enterprise Management Partnership (Limited Partnership) (hereinafter referred to as Fangwei Tongchuang), signed a “Share Transfer Agreement” with Guangzhou Yanfeng Digital Technology Co., Ltd. (hereinafter referred to as Yanfeng Digital). Yanfeng Digital plans to acquire 14.81% of the listed company’s shares for approximately 302 million yuan.

After the transaction is completed, Yanfeng Digital will become the company’s controlling shareholder, and its actual controller, Wang Bo, will become the new actual controller of Bosen Co., Ltd.

Whether this change in control can bring a turning point to this men’s clothing company that has been continuously losing money and faces delisting risk has become the focus of market attention.

According to the announcement released by Bosen Co., Ltd. on the evening of March 20, the company’s controlling shareholder, Fangwei Tongchuang, and Yanfeng Digital have officially signed the share transfer agreement. Fangwei Tongchuang intends to transfer 21,333,800 shares of the company to Yanfeng Digital through an agreement transfer.

The total consideration for this transaction is 301.575 million yuan, with the corresponding share price approximately 14.136 yuan per share.

Previously, the company’s stock was suspended from trading starting from the market opening on March 16, 2026, with an initial plan to suspend trading for no more than 2 trading days. Later, due to ongoing negotiations on the overall plan, the suspension was extended. The latest announcement shows that the company’s stock will resume trading on March 23, 2026 (Monday).

Yanfeng Digital, as the counterparty in this transaction, appears to have certain financial strength based on the transaction consideration of 302 million yuan. However, the announcement provides limited details about Yanfeng Digital’s specific business scope, operational status, shareholder structure, etc.

According to Tianyancha, Yanfeng Digital was established last August with a registered capital of 56.1867 million yuan, and its business scope is software development.

The change in control of Bosen Co., Ltd. is not the first. On June 14, 2024, Baoji Fangwei Tongchuang Enterprise Management Partnership (Limited Partnership) acquired the company’s shares for 162 million yuan, becoming the controlling shareholder.

Subsequently, due to Bosen Co., Ltd. appointing Qin Benping, former chairman and general manager of Shaanxi Xifeng Liquor Co., Ltd., to the company, there was widespread speculation in the market about a possible “Xifeng Liquor backdoor listing,” which the company repeatedly denied.

It is worth noting that Fangwei Tongchuang also attempted capital operations. In September 2025, the listed company announced plans to cash out 35% of its stake in Shaanxi Bosen Apparel Intelligent Manufacturing Co., Ltd. to optimize asset structure, improve cash flow, and focus resources on core businesses. However, three months later, on the evening of December 12, the company announced that the transaction was terminated after parties failed to reach an agreement on key terms such as price and plan.

Now, less than two years after the state-owned assets took control, Fangwei Tongchuang has chosen to exit, transferring control to Yanfeng Digital.

As a former top-tier brand in China’s men’s clothing industry, Bosen has faced ongoing operational pressure in recent years.

Financial data shows that from 2022 to 2024, Bosen’s revenue declined from 155 million yuan to 132 million yuan annually, with net profit attributable to the parent company suffering losses for three consecutive years.

In the first three quarters of 2025, Bosen achieved revenue of 89.99 million yuan, with a net loss attributable to the parent of 5.66 million yuan.

The company’s 2025 performance forecast indicates that the full-year revenue will be between 120 million and 170 million yuan, compared to 132 million yuan in the same period last year. The net profit attributable to the parent is expected to be a loss of 9 million to 13 million yuan, compared to a loss of over 50 million yuan in the same period last year.

Although a turnaround is expected, the revenue after deducting non-recurring gains and losses remains below the delisting “red line” of 3 billion yuan.

According to Article 9.3.1 of the Shenzhen Stock Exchange Stock Listing Rules, if a listed company reports “a total profit, net profit, or net profit after deducting non-recurring gains and losses in the most recent audited fiscal year is negative, and the revenue after deducting non-recurring gains and losses is below 3 billion yuan,” the company’s stock trading will be subject to a “risk warning of delisting” based on the 2024 audit report. Additionally, if “the company’s net profit before and after deducting non-recurring gains and losses for the past three fiscal years is negative, and the latest year’s audit report shows ongoing operational uncertainties,” the stock will continue to be under “other risk warning.”

If the audited indicators for 2025 meet the conditions specified in Article 9.3.12 of the Shenzhen Stock Exchange Stock Listing Rules, the company’s stock will be delisted.

Regarding the arrangement after Yanfeng Digital takes control, Wang Bo and Yanfeng Digital have promised: “After the completion of this control change, there are no clear plans within the next 12 months to sell, merge, or jointly invest or cooperate with the assets and businesses of the listed company and its subsidiaries (except where the reduction of registered capital of Shaanxi Bosen triggers a major asset reorganization), nor are there plans to acquire or exchange major assets through the listed company. Within 36 months after this equity change, there are no plans or arrangements for restructuring or injecting related-party assets through the listed company.”

The announcement also states that, given the company’s current small net assets and difficulty in acquiring major assets, the company will continue to strengthen and expand its existing business to ensure that its main operations do not undergo significant changes.

Cover image source: Meiri Media Library