Business Mulan is suspected of fraud: Boxin shares have a debt ratio of 98percent.

category:Finance
 Business Mulan is suspected of fraud: Boxin shares have a debt ratio of 98percent.


According to the official website, Chengxing International has nearly 180 core suppliers, providing more than 500 Catalogue Products Supply and customization services for partners and customers. As of fiscal year 2016, the sales volume of Chengxing International Group has exceeded 30 billion RMB, achieving a leap-forward development with an average annual growth of 100% for three consecutive years.

In 2018, Chengxing International ranked 105th in Guangdong Top 500 Enterprises and 14th in Guangdong Top 100 Circulation Industry.

Financial data as of the end of 2018 show that the turnover of Chengxing International Holdings, a listed company in Hong Kong, is HK$2.131 billion, of which 96% comes from the sale and distribution of IP derivatives and mobile devices. The total realized income was about HK$2.318 billion, an increase of 61.7% over the same period last year.

The companys balance sheet shows that its total assets in 2018 were HK$804 million, up from HK$714 million in 2017. Meanwhile, its liabilities are declining, totaling HK$215 million last year and HK$259 million in 2017. The operating cash flow of the company has been negative, ranging from - 484 million Hong Kong dollars in 2016 to - 5.25 million Hong Kong dollars in 2018.

In 2018, the company realized business income of 1.566 billion yuan, operating profit of - 65.8174 million yuan, total profit of - 64.5683 million yuan and net profit of - 54.447 million yuan belonging to the owner of the parent company. The company also said that 2018 is the year of transformation of the companys business, the company is facing challenges from all aspects.

According to the balance sheet, the total liabilities and assets of the company last year amounted to 514 million yuan and 526 million yuan, with the asset-liability ratio as high as 98%.

Analyzing the debt structure of Boxin shares, the debt of 514 million yuan is almost all current liabilities, accounting for more than 99%. Most of them are advances and payables, reaching 320 million and 172 million respectively.

Business Mulan

According to public information, Luo Jing founded Chengxing Group in Hong Kong in 1996. Its main business is to provide promotional products and promotional solutions for large-scale fast-consumer enterprises, and then set up subsidiaries in Guangzhou, Beijing, Shenzhen, Singapore, Hong Kong, Los Angeles and other places to expand continuously. Luo Jing acquired listed companies on Hong Kong motherboard and new additions in 2015. Poe motherboard listed company, to develop a large healthy consumer business and enter the international capital market; in 2017 into the operation of sports and tourist attractions, to accelerate the layout of the groups pan-entertainment industry, in May of the same year, acquisition by Manweis father, Spider-Man creator and producer Stan Lee founded POW Entertainment Company!

From Luo Jings personal social experience and achievements, she is active mainly in the field of advertising and brand promotion, and mostly shows her successful female image. For example, she was selected by the Advertising Professional Society as the annual international personage, the future star of Chinese enterprises, Mulan, the most influential business women candidate in China, 2016. New Rui Mulan was elected in 2007 and Mulan in the business circle in 2017.

Chengxing Internationals top management team published on its official website includes six people, four of whom are women, including Group Chairman and CEO Luo Jing, Boxin CEO Liu Hui, Chengxing International Holdings CEO Jiejing and Human Resources Director Luo Yufang.

Source: Responsible Editor of Economic Reporting in the 21st Century: Wang Xiaowu_NF