By CHEN Qirui

Ribo Fashion Group is to transfer no more than 30 percent of its shares to LIANG Feng, chairman of the new energy company PTL Group. The controller of Ribo, WANG Weidong and QU Jiangting, will also transfer their stakes to Liang.

Backdoor opening

According to Beijing Business Today, Liang was planning to list another new energy company under his control, Shanghai Jayson New Energy Materials, but may now be planning a backdoor listing via Ribo.

In addition to transferring part of its equity to Liang, Ribo will also purchase equity in Jayson New Energy from Liang to fully incorporate it into the company’s control.

At present, Wang and Qu hold 64.2 percent of Ribo shares. Once the transaction is completed, Liang will become the actual controller of Ribo.

Since Jayson New Energy is not a listed company, its specific revenue has not been publicized. Nevertheless, according to the PTL Group financial report, its operating income increased by 71.9 percent to 15.5 billion yuan (US$ 240 million) in 2022.

In contrast, Ribo’s operating income fell by 7 percent. Affected by changes in consumer preferences, the apparel industry is under pressure. Many local clothing brands fell sharply in 2022, with some seeing their first losses since being listed.

Sunnier outlook

But the new energy field is a different story entirely.

Shanshan Group has transformed from a shirt maker into a new energy company. In 2022, its revenue was 21.8 billion yuan and its profit was 2.7 billion yuan. The clothing business only brought in 880 million yuan of that.

Investors are optimistic about the restructuring and Ribo stock has risen accordingly.