Jiangsu Sainty (company)

Jiangsu Sainty Corporation Limited is a Chinese listed company based in Nanjing, Jiangsu Province. The company exported clothes to overseas.[4]

Not to be confused with former sister company and professional football club, Jiangsu Sainty F.C., now known as Jiangsu Suning F.C..
Jiangsu Sainty Corp., Ltd.
FormerlySainty International Group Jiangsu Garments Imp. & Exp. Co., Ltd.[1]
Typepublic
SSE: 600287
ISINCNE0000014H8
IndustryManufacturing
PredecessorJiangsu Garments Imp. & Exp. Corporation[1]
Founded28 December 1993 (1993-12-28)[1]
Headquarters
Nanjing
,
China
Productsclothing[2]
BrandsSainty
CN¥83 million (2017)
Total assets CN¥3.933 billion (2017)
Total equity CN¥1.737 billion (2017)
Owner
Jiangsu Provincial Government (via Jiangsu Guoxin Group)(49.97%)
Number of employees
2,526 (2017)
ParentJiangsu Guoxin Group
Chinese name
Simplified Chinese江苏舜天股份有限公司
Traditional Chinese江蘇舜天股份有限公司
Chinese short name
Simplified Chinese江苏舜天
Traditional Chinese江蘇舜天
Websitewww.saintycorp.com
Footnotes / references
in consolidated financial statement[3]

Jiangsu Sainty was majority owned by Jiangsu Sainty International Group. However, it was merged with fellow state-owned Jiangsu Guoxin Investment Group in 2010, becoming an intermediate holding company.

History

Jiangsu Sainty Corporation Limited was incorporated in 1993 as a "company limited by shares" (Chinese: 股份有限公司; similar to public limited company), by transforming a state-owned enterprise namely 江苏省服装进出口（集团）公司 (literally Jiangsu Province Garments Import & Export (Group) Corporation).[1] At that time employee owned a minority stake of the new legal person.[1] In December 1996, a new intermediate holding company, Jiangsu Sainty International Group (Chinese: 江苏舜天国际集团) was formed.[1] In the next year Jiangsu Garments Import & Export Co., Ltd. was renamed to [Jiangsu] Sainty International Group Jiangsu Garments Imp. & Exp. Co., Ltd. (Chinese: 江苏舜天国际集团服装进出口股份有限公司).[1] It became a listed company in 2000. Before the initial public offering, Jiangsu Provincial Government, via Sainty International Group, owned 81.81% shares and was proposed to diluted to 60.38%.[1]

In 2010, the parent company Sainty International Group was merged with fellow state-owned holding company Jiangsu Guoxin Group.

Jiangsu Sainty also acquired a significant stake of a financial leasing company 南京国际租赁 (now 江苏省国际租赁) from parent company Jiangsu Guoxin Group in 2013 (announced in 2012[5]). However, in 2015 the stake was sold to a subsidiary of fellow state-owned enterprise Jiangsu Broadcasting Corporation.[6]

Controversies

In 2013 Securities Daily (Chinese: 证券日报) criticized Jiangsu Sainty had a large sum of prepayment to a former related parties. Jiangsu Sainty clarified that the prepayment to the business partner was part of a normal operation, despite that company was owned by a former employee of Jiangsu Sainty.[7]

References
  1. 招股说明书 [Prospectus] (in Chinese). Sainty International Group Jiangsu Garments Imp. & Exp. 10 August 2000. Retrieved 4 June 2018 – via jrj.com.cn.
  2. 服装企业在“洗牌”中培育新优势 高端市场兴起. 国际商报 (in Chinese). 8 May 2016. Retrieved 31 May 2018 – via XiahuaNet.
  3. 2017年年度报告 [2017 Annual Report] (PDF) (in Chinese). Jiangsu Sainty. 27 March 2018. Retrieved 3 June 2018 – via Shanghai Stock Exchange website.
  4. 江苏舜天：由贸易中间商转型为综合服务商. 第一财经日报 (in Chinese). 4 April 2014. Retrieved 31 May 2018.
  5. 江苏舜天资产置换腾挪 基金疑惑待购资产业绩暴增. 21世纪经济报道 (in Chinese). 19 October 2012. Retrieved 3 June 2018 – via East Money.
  6. 关于转让南京国际租赁有限公司25.96％股权的公告 (PDF) (Press release) (in Chinese). Jiangsu Sainty. 6 August 2015. Retrieved 3 June 2018 – via Shenzhen Stock Exchange.
  7. 江苏舜天2亿预付款迷雾　疑欠款方剪不断理还乱. Securities Daily (in Chinese). The Economic Daily Press. 25 September 2013. Retrieved 31 May 2018 – via Sina news portal.
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