Lei Jianping reported on December 8
Hong Kong's Tide Brand Originator i.t Group (ticker symbol: 0999) has announced privatization.
i.t ltd． with brooklyn investment ltd. Agreed privatization. i.t Ltd was offered to privatize the founder and private equity fund CVC Consortium, and the shares of other shareholders will be cancelled at HK$3 per share.
Pre-privatization, shareholding structure
As of the privatization price submitted, the i.t group founders Shen Jiawei and Shen Jianwei brothers directly and indirectly held 63.61% of i.t group, and the remaining 36.39% of the equity was held by other investors.
The price of i.t Group's privatization is HK$3 per share, representing a 55% premium to the previous share price.
CVC Fund will provide HK$1.3 billion for the privatisation, mainly to acquire equity held by other investors, and based on this estimate, i.t Group's valuation is HK$3.572 billion.
At the same time, Shen Jiawei and Shen Jianwei brothers are guaranteed by the 13% shares held in their hands, and after CVC withdraws from full profit, the shares of the two brothers will be returned, and if CVC cannot withdraw in full, the private equity fund will enjoy a maximum of 63.5% preferred dividends on the shares held by Shen Jiawei and Shen Jianwei brothers.
Shareholding structure after privatization
After the completion of the transaction, I.T Group will be delisted, and the Shen Jiawei family's shareholding in i.t will drop to 50.65%, and CVC will hold 49.35%.
Wang Junkai's endorsement can not withstand the decline in revenue
The origin of i.t can be traced back to a simple concept: a unique fashion style that meets the taste and consumption needs of young people. In 1988, when i.t was still a small shop with only 200 square meters, it had introduced a number of European clothing brands that were not common in Hong Kong but had great potential, so it was highly respected by many fashion lovers and quickly became a fashion house at that time.
The increase in revenue has propelled the Group to the peak of success and made the i.t brand synonymous with fashion trends.
At present, having many brands and multi-level sales has always been it's proud business philosophy. In addition to the many world-renowned fashion brands, the Group also owns many fashion and high-quality own brands.
i.t, i.t, ete! And double-park is the multi-brand flagship store of i.t group: most of the fashion brands operated by i.t are masters from all over the world, while i.t mainly sells European, Japanese and Korean youth fashion brands. ete! is the first place to find trendy shoes and accessories, and double-park is a concentration of fashionable street brands for all ages and tastes.
On 4 March 2005, i.t Group was listed on the Hong Kong Stock Exchange and gradually developed into one of the largest fashion groups in Asia. In 2017, Wu Yifan endorsed, and now, i.t Group has chosen the post-95 star Wang Junkai to endorse.
However, the local turmoil in Hong Kong, coupled with the impact of the epidemic, and the backwardness of digital awareness are also stumbling blocks for i.t group, all of which make i.t group's life difficult, and i.t group stores in Hong Kong continue to decrease.
i.t Group's half-year revenue for the year ended 31 August 2020 was HK$2,735 million, down 31.88% from HK$4,015 million in the year-ago quarter.
i.t Group's loss for the period ended 31 August 2020 was HK$337 million, compared to an operating loss of HK$71.17 million for the same period last year.
Prior to this, joyce boutique, the originator of Hong Kong's boutique, also proposed privatization at a premium of about 91.78% from the majority shareholder, delisting at an ultra-low price of about HK$123 million.
Hong Kong star Qiu Shuzhen is the hostess
In fact, many people don't necessarily know much about the i.t group, but they must know the owner of the i.t group, Chingmy yau. As a well-known female Hong Kong star, Qiu Shuzhen is well known by many people in the mainland.
Qiu Shuzhen played Princess Jianning in stephen Chow's 1992 film Deer Ding Ji and was nominated for Best Actress at the 12th Hong Kong Film Awards for Naked Lamb. In 1993, he participated in the "Demon Sect Leader of the Dragon Slayer in the Heavens" as Xiao Zhao. In 1994, he participated in "New Shaolin Five Ancestors" and "God of Gamblers 2".
On October 31, 1999, Qiu Shuzhen married Shen Jiawei and had three daughters, Shen Yue, Shen Ri and Shen Xing. Nowadays, Shen Yue has grown up to be very tall, quite a bit of Qiu Shuzhen's beauty in those years.
Qiu Shuzhen has been in the shadows for many years, but her appearance is still imprinted in many people's minds. But she is still a goddess in the minds of many people.
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