“What? Youngor cooperated with the largest clothing manufacturer and retailer in the United States to enter the Chinese market? It was not written in company announcements! Really fake?” asked one investor doubtfully.

Recently, news of Youngor Group Co., Ltd. (600177.SH, “Younger”) and HSM (Hart Schaffner Marx, the largest suit manufacturer in the United States ("HSM")) began to flood the Internet. When the news came, they had to consider their authenticity and wondered how good the news was. Why did Younger not even have an announcement? What kind of inside story does this imply?

On October 8, a reporter from the Securities Daily contacted the staff of the Youngor Securities Department to ask whether the news was true. The staff member gave a positive reply to the reporter and said that Youngor’s cooperation with the largest clothing manufacturer and retailer in the United States was as early as last year. It has already started.

The "black box" hidden by Youngor for a year has finally been exposed to the public. However, Youngor's failure to issue announcements and conceal the company's cooperation with HSM remains puzzling.

Become the exclusive agent of HSM in China

I have to admire Youngor’s confidential work to get it right at home. If it’s not on the Internet, I’ve seen one or two news about the opening of the HSM. I’d like to mention that Youngor has a relationship with HSM. I’m afraid investors still can’t find the two. The family has long cooperated for more than a year.

Because Youngor's concealment has forced investors to doubt Younger’s motives and goals, he doubted whether Youngor’s disclosure of information complied with the rules and regulations.

Hu Xiaoke, an associate professor at the Central University of Finance and Economics, said that in general, the company’s disclosure of information mainly depends on the size of the amount. If the amount of disclosure is not reached, the company can choose whether or not to disclose it. In addition, if the company believes that this information is a major incident, it should also be disclosed.

It is understood that, in order to complete the cooperation with HSM, Youngor established a wholly-owned subsidiary, namely Leo Lion Mai Clothing Co., Ltd. (hereinafter referred to as “Leo Lion”) to represent the brand of HSM.

It is understood that the registered capital of LS Lions is 6.5 million U.S. dollars, among which, Youngor shares a total of 75% of the shares of Leosman. If it is said that its capital investment is not qualified to disclose information, then from the Younger company's establishment of a company to represent the brand of HSM, it can be seen that Youngor's emphasis on this cooperation project, then, this project was included in the company's major The incident is also a matter of course. However, Youngor did not announce the matter. There are only two explanations. First, the company believes that this matter is not important and there is no need to make announcements; second, the company is suspected of concealing information.

On October 8, a correspondent of Securities Daily contacted Younger Media's spokesperson Yu Guan. She said that the cooperation between Youngor and HSM has long existed, and it is unclear why the announcement was not made.

On October 13, Liu Xinyu, the Young Secretaries of the Board of Directors, said in an interview with this reporter that Youngor was cooperating with HSM from the beginning of last year. The reason for not making the announcement was due to the small scale, so there was no announcement.

Although Youngor frankly acknowledges cooperation, his low-profile handling of investors’ ignorance has revealed that the matter is different. According to industry analysts, Youngor’s undisclosed information and low-key handling of cooperation are likely to be due to the short time and small scale of cooperation with HSM, and the development of HSM in the Chinese market is still unknown, and future earnings cannot be estimated. the reason.

Wang Rong, an analyst in the textile industry at Union Securities, believes that: "The agents of foreign brands have a cultivation period. The length of the incubation period depends on how well the consumer groups accept the agency brands. According to the general situation, it will be one year at a time. For two or three years, since Youngor's agent brand is American, the acceptance level is probably not as good as that of European brands, so expanding the market in China can be considered as a risk investment."

Hao Tiancheng, general manager of Leo Lion, also has the same concerns. “There is great potential for HSM to enter the Chinese market, but the competition is also very cruel. American brands are less in China, European brands are particularly large, and Chinese consumers are aware of American brands. With fewer degrees, there are only a handful of American brands that are famous in the country, such as POLO and Brooks Brothers. There are countless European countries."