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

The takeover agreement was just signed recently, and *ST Bosen (formerly listed as Bosen Co., SZ002569) issued an urgent clarification before resuming trading to address market speculation.

On the evening of March 20, 2026, *ST Bosen announced that its controlling shareholder, Baoji Fangwei Tongchuang Enterprise Management Partnership (Limited Partnership) (hereinafter referred to as Fangwei Tongchuang), plans to transfer 21,333,800 shares (accounting for 14.81% of the company’s total equity) through an agreement transfer to Guangzhou Yanfeng Digital Technology Co., Ltd. (hereinafter Yanfeng Digital). 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 Bosen, external observers found that there are overlaps between Yanfeng Digital and Aofei Data, a listed company, in the ownership structure. On the evening of March 22, *ST Bosen issued a further announcement to respond to market speculation, stating that Yanfeng Digital and Aofei Data have no direct relationship and no business connection.

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

In recent years, as consumer markets changed, *ST Bosen has gradually fallen behind. From 2022 to 2024, the company’s revenue declined year by year, approximately 155 million yuan, 146 million yuan, and 132 million yuan respectively; net profit attributable to the parent was approximately -78.5574 million yuan, -66.9983 million yuan, and -51.3974 million yuan. According to the company’s latest performance forecast for 2025, it is expected to achieve operating revenue between 120 million and 170 million yuan, with a net profit of 9 million to 13 million yuan.

*ST Bosen also noted 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 Bosen is currently in a critical period of “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 Bosen announced that Fangwei Tongchuang and Yanfeng Digital had officially signed a share transfer agreement.

On the evening of March 22, *ST Bosen issued another announcement stating that after the share transfer announcement was published, some online forums and message boards posted content and comments involving “Aofei Data.” After verification with Yanfeng Digital, Guangzhou Haomeng Computer Technology Co., Ltd. (Aofei Data’s major shareholder, hereinafter Guangzhou Haomeng) holds Yanfeng Digital shares through two channels: one is via its wholly owned subsidiary, Guangdong Panta You Network Technology Co., Ltd., which holds 11.87% of Yanfeng Digital; the other is as a limited partner (LP) in the investment fund Guangzhou Fupu Changyue Equity Investment Partnership (Limited Partnership), indirectly holding Yanfeng Digital shares.

*ST Bosen stated that Guangzhou Haomeng is only a minority shareholder in Yanfeng Digital. Additionally, Guangzhou Haomeng has numerous external investments, and Yanfeng Digital is just one of its indirect investments with a relatively low stake. There is no direct relationship or business connection between Yanfeng Digital and Aofei Data.

Regarding the company’s future development, *ST Bosen said that Yanfeng Digital and its actual controller Wang Bo promised that within 36 months after the completion of this equity change, there are no plans or arrangements to relist through restructuring or to inject related-party assets. Moreover, the company’s current net assets are small and cannot 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.

Cover image source: Meiri Media Library