Meibang Sells Some Real Estate To Revitalize The Company'S Assets

On October 31, Shanghai MetS bonway Clothing Co., Ltd. (hereinafter referred to as "Meibang") issued a notice on the company's plan to sell some properties.

The announcement said: Meibang is Revitalize the company After the assets, comprehensive trading conditions and other factors, the company plans to sell the store in unit B, building 1, Spanish style street, Guanggu world city, Wuhan City, Hubei Province by cash transaction. According to the appraisal report issued by Shanghai can Heng Assets Appraisal Co., Ltd., the appraisal benchmark date is June 30, 2022, and the transaction price is finally determined to be 190 million yuan through negotiation between both parties.

It is reported that the subject of the transaction is the shop in unit B, building 1, Spanish style street, Guanggu world city, Wuhan City, Hubei Province, owned by Meibang, with a total floor area of 3810.2 square meters. The subject matter of the transaction is mortgaged, and there is no litigation or arbitration, and there are no judicial measures such as sealing up and freezing. The Seller guarantees that before submitting the registration and change procedures of property ownership transfer, there is no right restriction such as mortgage or sealing up on the subject property. The book value of the subject matter of the transaction is 134 million yuan, and the depreciation is 12.23 million yuan, and the evaluation value is 166 million yuan.

Meibang and Ningbo Youngor Clothing Co., Ltd. jointly signed the "housing sales contract.". This transaction does not constitute a connected transaction, nor does it constitute a material asset reorganization as stipulated in the administrative measures for material assets reorganization of listed companies.

Meibang believes that this transaction is conducive to the revitalization of the company's existing assets, in line with the company's strategic planning. According to the preliminary calculation of the Finance Department of the company, the asset disposal income of this transaction is about 55.39 million yuan (excluding taxes and expenses). The proceeds will be used to supplement the company's working capital, which will have a positive impact on the company's financial situation and operating results.

As a matter of fact, this is not the first time that Meibang has "sold land" to stop loss.

In June 2021, Meibang plans to sell 10.10% shares of Shanghai Huarui Bank Co., Ltd. to Shanghai Kaiquan pump industry (Group) Co., Ltd. by cash transaction. In March, Meibang sold 100% of the shares of Shanghai Modong Industrial Co., Ltd.

According to the latest financial announcement of Meibang, Meibang achieved a revenue of 968 million yuan in the first three quarters, a year-on-year decrease of 49.93%; The net loss was 759 million yuan.