FORISE INTERNATIONAL (fka Great Group):
Latest financials: 9M2015 revenue RMB254.8 million (-4.8% y-o-y), net loss RMB15.9 million (-4.4% y-o-y).
Key shareholders: Forise Capital Group owns 53.08%, which in turn is entirely owned by Wang Xin. His stake was entirely purchased this year via rights shares that Wen Weiwei, the previous CEO, undertook to sell to him.
Wen Weiwei is now in No.2 spot with a 15.1% stake (down from 68.49% prior to the Aug 2015 rights issue).
Business change: At an EGM on 10 Dec 2015, shareholders voted in favour of a change of name -- from Great Group to Forise International. (By the way, chairman Wang Xin inexplicably did not attend the EGM).
The company circular had said that the name change was to "better reflect the Company’s profile, business activities and business direction" and that the company intends to diversify into other new business segments, if and when opportunities arise.
(Its current principal business is the design, marketing, distribution, wholesale, export, trading, financing and manufacturing of undergarments for men and women, apparel for infants and children.)
The change of name "more appropriately reflects this intention and represents an important signal that the Board and the Company wishes to send to the wider market".
Board change: The board was reconstituted in Aug 2015. Changes included the appointment of Wang Xin as executive chairman and CEO. Christopher Chong, 57, who has significant experience in capital markets, securities law, corporate governance and corporate affairs, was appointed lead independent director. See company announcement here.
Risks: It's early days still... In fact, there is no substantive news so far on what new businesses Forise will enter into.