Core Viewpoint - The extended lock-up period for Tianchuang Fashion's share transfer is notable, as it exceeds the standard 18 months mandated by the China Securities Regulatory Commission, indicating the acquirer's confidence in the company's long-term prospects [2][3][10]. Group 1: Tianchuang Fashion - Tianchuang Fashion announced a control change plan on December 27, with the acquirer committing to a 5-year lock-up period for the shares acquired [2][3]. - The company's main business focuses on mid-to-high-end women's footwear, with financial data showing revenues of 1.274 billion yuan, 1.099 billion yuan, and 744 million yuan for the years 2023 to the first three quarters of 2025, respectively, alongside continuous net losses [4][5]. - The share transfer agreement involves the major shareholders, with Quanzhou Hetian and Hong Kong Gaochuang transferring a total of 459.59 million shares (10.95% of total shares) and 377.74 million shares (9.00% of total shares) for 345 million yuan and 283 million yuan, respectively, at a price of 7.50 yuan per share, reflecting a 10% discount to the pre-suspension price of 8.33 yuan [5][6]. Group 2: Shareholder Commitments - The new major shareholder, Anhui Xianrui, has committed to a 60-month lock-up and a 36-month pledge restriction on the shares acquired, while the existing shareholders have also made similar commitments regarding their remaining shares [7][10]. - The commitments from the shareholders aim to ensure stability and avoid risks associated with potential restructuring failures, as noted by investment banking professionals [10]. Group 3: Industry Context - The trend of extended lock-up periods is not unique to Tianchuang Fashion, as similar arrangements were observed in the share transfer of Aolian Electronics, where the acquirer also committed to a 5-year lock-up [8][9]. - The background of the new shareholders in both companies is linked to industries that are currently considered hot, which may influence the perceived risks and market reactions associated with these transactions [10][12].

天创时尚关于"超长"锁定期的安排并非孤例。在天创时尚披露 上述计划的同一天，奥联电也披露了其控制权拟发生变更的提 示性公告。收购方同样在公告中承诺，所获股份5年内不进行 转让。 作者： 黄一帆 封图：图虫创意 收购方承诺所获股份5年内不对外转让，3年内不质押——12月27日，天创时尚（603608.SH）发布 的一则控制权拟发生变更的提示性公告，引起市场各方的关注和热议。 中国证监会发布的《上市公司收购管理办法》规定，在上市公司收购中，收购人持有的被收购公司 的股份，在收购完成后18个月内不进行转让。 公开资料显示，天创时尚的主营业务为时尚鞋履服饰类业务，聚焦中高端女鞋。 财务数据显示，2023年至2025年前三季度，天创时尚的营收分别为12.74亿元、10.99亿元和7.44亿 元，净利润连续亏损。 2025年12月26日，天创时尚披露，控股股东泉州禾天投资合伙企业（普通合伙）（下称"泉州禾 天"）、实际控制人李林、第二大股东高创有限公司（下称"香港高创"）与安徽先睿投资控股有限 公司（下称"安徽先睿"）签署《股份转让协议》。 公告显示，泉州禾天和香港高创分别持有天创时尚17.45%和13.61%的股权。本 ...

近日，天创时尚（603608.SH）实际控制人发生变更，由原来的李林变为胡先根。后者是精密轴承零部件头部企业慈兴集团有限公司（下 称"慈兴集团"）的掌舵人。 根据12月27日的公告，天创时尚原控股股东泉州禾天投资合伙企业（下称"泉州禾天"）、第二大股东高创有限公司（下称"高创公司"）分 别将手中10.95%（占上市公司总股份比例，下同）、9%股份，转让给安徽先睿投资控股有限公司（下称"安徽先睿"）。交易总对价6.28 亿元，折合每股价格7.5元。 南都记者注意到，12月20日，天创时尚因"筹划公司控制权变更事宜"发布停牌公告，而在前一天，公司股价"抢跑"涨停，报收于8.33元/ 股。为此，股吧多位股民提出是否存在"内幕交易""老鼠仓"的疑问。 12月29日，天创时尚复盘涨停，但很快跳水，全天股价大幅震荡，收涨2.16%，换手率达22.54%。 安徽先睿由慈兴集团100%持股。慈兴集团创立于1985年，长期专注于精密球轴承、滚珠丝杠等产品的研发、制造与销售，产品主要应用 于汽车、高端家电等多个领域，并长期大量出口欧美市场，在墨西哥及美国底特律拥有生产基地。集团是中国机械工业500强企业、中国 轴承行业十强企业之 ...

Core Viewpoint - The company, Tianchuang Fashion (603608.SH), focuses on fashion footwear and apparel, actively leveraging digital marketing strategies to enhance online sales channels and brand exposure in the current digital economy [1] Group 1: Online Channel Layout - The company utilizes third-party platforms such as Tmall, Vipshop, and JD.com for public retail, as well as self-operated WeChat mini-programs for private channels [1] - The company is expanding its presence on content and social platforms like Douyin, Xiaohongshu, and WeChat video accounts, actively promoting through live streaming and video content to increase brand and product visibility [1] Group 2: Online Marketing Methods - The marketing strategies include "live streaming promotion," "content e-commerce," and "influencer collaboration," which encompass influencer live streaming and short video content creation [1] - The company collaborates with various influencers based on brand and product promotion plans to broaden communication reach and conversion pathways [1]

Core Viewpoint - The company, Tianchuang Fashion (603608.SH), focuses on fashion footwear and apparel, actively leveraging digital marketing strategies to enhance online sales channels and brand exposure without engaging in influencer economy business [1] Group 1: Online Channel Layout - The company utilizes third-party platforms such as Tmall, Vipshop, and JD.com for public e-commerce retail, alongside self-operated WeChat mini-programs for private channels [1] - The company is expanding its presence on content and social platforms like Douyin, Xiaohongshu, and WeChat video accounts, actively promoting through live streaming and video content to increase brand and product visibility [1] Group 2: Online Marketing Forms - The marketing strategies include "live streaming promotion," "content e-commerce," and "influencer collaboration," which encompass influencer-led live sales and short video content creation [1] - The company collaborates with various influencers based on brand and product promotion plans to broaden communication reach and conversion pathways [1]

Group 1 - The company, Tian Chuang Fashion, primarily operates in the fashion footwear and apparel sector, engaging in a full industry chain integration model that includes research and development, production, supply distribution, sales, and services [2] - Currently, the company's business model does not involve C2M (Customer to Manufacturer) aspects [2]