Ownership Change News Sparks Market Speculation *ST Busen Clarifies: Takeover Entity Yanfeng Digital Has No Direct Relationship with iQIYI Data

The change of ownership agreement was just signed recently. *ST Bushen (formerly listed as Bushen Co., SZ002569) issued an urgent statement to clarify market speculation before resuming trading.

On the evening of March 20, 2026, *ST Bushen announced that the controlling shareholder, Baoji Fangwei Tongchuang Enterprise Management Partnership (Limited Partnership) (hereinafter referred to as Fangwei Tongchuang), plans to transfer 21,333,800 shares of the company (accounting for 14.81% of the total share capital) to Guangzhou Yanfeng Digital Technology Co., Ltd. (hereinafter referred to as Yanfeng Digital) through an agreement transfer. The company’s stock will resume trading starting March 23.

The announcement shows that the total transaction price for this share transfer is 301.575 million yuan, with a unit price of 14.136 yuan per share. After the transaction is completed, Yanfeng Digital will become the company’s controlling shareholder, and Wang Bo, the actual controller of Yanfeng Digital, will become the company’s actual controller.

After the announcement of the change in control of *ST Bushen, external observers found that there are overlaps between Yanfeng Digital and Aofei Data, a listed company, in the new buyer’s equity relations. On the evening of March 22, *ST Bushen issued another announcement to respond to market speculation, stating that Yanfeng Digital and Aofei Data have no direct relationship and no business connection.

In a critical period for “preserving shell”

Public information shows that *ST Bushen was founded in 1985, mainly producing men’s shirts, suits, trousers, and professional wear. Its core brand, “Bushen Men’s Wear,” was once on par with Zhejiang clothing brands such as Yageer, Metersbonwe, and Semir.

In recent years, with changes in the consumer market, *ST Bushen has gradually fallen behind. From 2022 to 2024, the company’s revenue has declined year by year, approximately 155 million yuan, 146 million yuan, and 132 million yuan respectively; net profit attributable to the parent company was approximately -785.574 million yuan, -669.983 million yuan, and -513.974 million yuan. According to the company’s latest disclosed performance forecast for 2025, it is expected to achieve operating income between 120 million yuan and 170 million yuan, with a net profit of 9 million to 13 million yuan.

*ST Bushen also notes that the 2025 performance data has not been audited yet. If, after audit, the relevant indicators trigger the stock exchange’s delisting rules, the company’s stock will be terminated.

*ST Bushen is currently in a critical period for “preserving the shell.” On March 13, it announced that it had received notice from its controlling shareholder, Fangwei Tongchuang, that it is advancing work related to the change of control.

On the evening of March 20, *ST Bushen announced that Fangwei Tongchuang and Yanfeng Digital had officially signed a share transfer agreement.

Clarification on Yanfeng Digital’s relationship with Aofei Data

On the evening of March 22, *ST Bushen issued another announcement stating that after the above share transfer announcement, some online forums and chat groups posted content and comments involving “Aofei Data.” After verification with Yanfeng Digital, Guangzhou Haomeng Computer Technology Co., Ltd. (the major shareholder of Aofei Data, hereinafter referred to as Guangzhou Haomeng) holds Yanfeng Digital shares through two channels: first, through its wholly owned subsidiary Guangdong Panta You Network Technology Co., Ltd., which holds 11.87% of Yanfeng Digital; second, as a limited partner (LP) in the investment in Guangzhou Fupu Changyue Equity Investment Fund Partnership (Limited Partnership), indirectly holding Yanfeng Digital shares.

*ST Bushen states that Guangzhou Haomeng is only a minority shareholder in Yanfeng Digital. Moreover, Guangzhou Haomeng has many external investments, and Yanfeng Digital is just one of its indirect investments with a relatively low shareholding ratio. There is no direct relationship or business connection between Yanfeng Digital and Aofei Data.

Regarding the company’s future development, *ST Bushen states that Yanfeng Digital and its actual controller Wang Bo promise that within 36 months after the completion of this equity change, there are no plans or arrangements to restructure or list through the listed company or inject related-party assets. Additionally, the current net assets of the listed company are small and unable to support major acquisitions or asset injections. To ensure that the main business of the listed company remains stable, the company plans to continue expanding and strengthening its existing business.

(Source: Daily Economic News)