Proposed total price of 302 million yuan to transfer control *ST Busen faces seventh change of ownership; new actual controller's capital path attracts attention | Quick read of the announcement

Securities Times, March 22 (Reporter Chen Kang) *ST Bosen (002569.SZ) disclosed plans to change company control. Following this announcement, some online forums and chat groups have posted comments related to “Aofei Data.” In response, the company issued a statement tonight saying that Guangzhou Yanfeng Digital Technology Co., Ltd. (referred to as “Yanfeng Digital”), which is about to become the company’s controlling shareholder, has no direct relationship or business connection with Aofei Data (300738.SZ).

According to a notice released on the evening of March 20, the company’s controlling shareholder, Baoji Fangwei Tongchuang Enterprise Management Partnership (referred to as “Fangwei Tongchuang”), signed a share transfer agreement with Yanfeng Digital. The plan is to transfer 21.33 million shares (representing 14.81% of the company’s total equity) for a total of 302 million yuan. After the transaction, Yanfeng Digital will become the company’s controlling shareholder, and Wang Bo will become the actual controller.

New actual controller Wang Bo has extensive experience in capital operations, including P2P and off-market financing businesses.

Public information shows that Wang Bo is a seasoned player in the capital circle, with a background that includes senior management roles in listed companies and diverse financial experience: he has served as Vice President of *ST Lingda (rights protection) (300125.SZ), Vice President of Zhongguancun (000931.SZ), and earlier, Vice President of Beijing Jin Gang Game Technology Co., Ltd. (which delisted from the New Third Board at the end of 2018).

Tianyancha indicates that Wang Bo holds 98% of the equity in Shandong Jinnuo Private Equity Investment Fund Management Co., Ltd., owns 5% of Hedao Capital Holdings Limited, and has connections with financial entities such as Zhongji Jian Investment (Beijing) Co., Ltd. His business activities include private equity, factoring, and financing, with rich capital operation experience.

He was one of the founding individual shareholders of Jinhui Bolin Capital Management Co., Ltd. After its establishment in 2014, he was deeply involved in operations until he exited the shareholder list in 2019. From February 2016 to July 2021, Wang Bo served as Chairman and General Manager of Jinhui Bolin (Tianjin) Commercial Factoring Co., Ltd. During his tenure, Jinhui Bolin Capital launched the online financial platform “Quetou” in 2015, focusing on P2P internet finance and off-market stock financing, claiming annualized returns of 14%-17%, with a minimum investment of 100 yuan, and incorporating third-party guarantees and fund custody.

Currently, Wang Bo controls Guangzhou Yanfeng Digital through Beijing Jiaxin Run Technology Co., Ltd., which owns 100%. Yanfeng Digital focuses on software and information technology services, including software development, IT consulting, data processing, and storage support, with Beijing Jiaxin Run holding 71.19% and Guangdong Panta You Network Technology holding 11.87%.

Regarding ownership structure, Yanfeng Digital’s connection to Aofei Data lies in that Aofei Data’s controlling shareholder, Guangzhou Haomeng Computer Technology Co., Ltd., holds an 11.87% stake in Yanfeng Digital through its subsidiary Guangdong Panta You. The two companies have no direct equity relationship.

Once a traditional clothing company, *ST Bosen has become a capital shell with control changes occurring seven times.

As a veteran A-share men’s clothing enterprise, *ST Bosen listed in 2011 but gradually deviated from its main business, becoming a “shell resource” for capital speculation. Since its first change of control in 2015, it has experienced six control shifts over ten years, with frequent changes in actual controllers, operational turmoil, continuous losses, and mounting pressure to maintain listing.

In 2015, the original actual controller, the Shou Caifeng family, transferred part of their shares to Shanghai Ruidi Asset Management Partnership, marking the beginning of control instability. Subsequently, control shifted to Yang Chen, Tian Yu, Mao Guiliang, and Liu Jing.

In 2016, Xu Maodong, founder of Xinghe Group, acquired 95.02% of Ruidi Asset for 1.012 billion yuan, becoming the new actual controller. However, due to personal violations such as guarantee issues, he fled to the U.S., failing to promote healthy development.

In 2017, Zhao Chunxia, founder of the online finance platform “Ai Touzi,” took over 13.86% of *ST Bosen’s shares and 16% of voting rights, becoming the third actual controller. After her P2P platform collapsed, Zhao also moved abroad, leaving the company’s control uncertain.

In 2019, Beijing Dongfang Hengzheng Ke Mao Co., Ltd. acquired 16% of *ST Bosen through judicial auction, with Wang Chuanjiang becoming the fourth controller. However, Wang was later investigated for suspected embezzlement and has been detained in the U.S., unable to fulfill his control duties.

In 2021, Wang Chuanjiang entrusted his voting rights to his mother-in-law, Wang Yazhu, who became the fifth controller. Due to limited funds and resources, she was unable to reverse the company’s declining performance, and losses continued to grow.

In 2024, Baoji Finance Bureau, through relevant platforms and market-oriented entities, established Fangwei Tongchuang to acquire 14.81% of *ST Bosen held by Dongfang Hengzheng, achieving control. Market expectations initially believed that state-owned assets could bring improvements, but subsequent developments showed limited progress in integration and no significant industrial synergy. Within less than two years, Fangwei Tongchuang initiated a share transfer, and control changed again.

*ST Bosen, repeatedly changing hands among capital players, has seen no improvement in operations. From 2016 to 2024, except for 2021, the company’s net profit minus non-recurring gains and losses has been in the red.

Against this backdrop, Wang Bo and Yanfeng Digital’s takeover marks another critical point: control changes once again, and the company faces the challenge of whether it can truly break free from the cycle of “frequent ownership changes and business distraction.”