Group 1: Mergers and Acquisitions Overview - During the period from September 5 to September 11, 2025, two listed companies announced new mergers and acquisitions, namely *ST Bosen and Xiangrikui, involving two merger and acquisition events in the textile and apparel, and pharmaceutical industries [1][7]. Group 2: *ST Bosen - *ST Bosen is focused on men's apparel design, production, and sales, with its main brand "Bosen Men's Wear" promoting the concept of "comfortable business men's clothing" [2][7]. - The company plans to sell 35% of its stake in Shaanxi Bosen Apparel Intelligent Manufacturing Co., Ltd. to Nantong Erfangji Co., Ltd. in cash, aiming to optimize its asset structure and improve cash flow [2][7]. - Shaanxi Bosen was established on April 13, 2021, with a registered capital of 200 million yuan, and is primarily engaged in clothing manufacturing and sales [2][7]. Group 3: Xiangrikui - Xiangrikui is engaged in the research, production, and sales of pharmaceuticals, focusing on anti-infection, cardiovascular, and digestive system drugs, with a complete integrated industrial chain [3][8]. - The company plans to acquire a controlling stake in Zhangzhou Xipu Material Technology Co., Ltd. and 40% of Zhejiang Beid Pharmaceutical Co., Ltd. through issuing shares and/or cash payments, while also raising matching funds [3][8]. - Major products include clarithromycin raw materials and tablets, widely used for treating infectious diseases, hypertension, and digestive system diseases [3][8].

Group 1 - The core point of the article is that *ST Bosen plans to sell 35% of its stake in Shaanxi Bosen to Nantong Erfangji Co., Ltd., which is expected to constitute a major asset restructuring [2][5] - The transaction aims to help the company focus on its core business, improve liquidity, and optimize its asset structure, particularly in the apparel sector [5][6] - The transaction is still in the preliminary planning stage, and key elements such as the transaction plan and price need further verification and negotiation [5][6] Group 2 - *ST Bosen's main products include men's shirts, suits, trousers, jackets, T-shirts, and professional attire, with a focus on "comfortable business men's clothing" [6] - The company reported a revenue of 51.95 million yuan in the first half of the year, a year-on-year decrease of 25.19%, and a net loss of 10.46 million yuan [6] - Due to financial constraints, the company experienced a decline in orders compared to the previous year, leading to a larger net loss [6]

Core Viewpoint - The speculation surrounding the potential reverse merger of *ST Bosen with Xifeng Liquor has intensified following the proposal for a board reshuffle, despite the company's repeated clarifications that there is no connection between the two events [2][4][8]. Group 1: Company Background and Current Situation - *ST Bosen, established in 1985, is a large apparel enterprise primarily focused on men's clothing, with its main brand being "Bosen Men's Wear" [11]. - The company has faced significant operational challenges, reporting continuous losses since 2022, with net losses of 78.45 million yuan, 67 million yuan, and 51.4 million yuan from 2022 to 2024 [11][12]. - As of the end of 2024, *ST Bosen had only 205 stores remaining nationwide, indicating a decline in its retail presence [11]. Group 2: Recent Developments - The proposal for a temporary shareholders' meeting to elect a new board and supervisory committee has been put forward by the controlling shareholder, Fangwei Tongchuang [2][3]. - Notably, several candidates for the new board have backgrounds linked to Xifeng Liquor, which has fueled speculation about a potential reverse merger [4][10]. - The company has publicly denied any connection between the board reshuffle and a reverse merger with Xifeng Liquor, emphasizing that there are no related restructuring plans [2][4][8]. Group 3: Financial Performance and Risks - *ST Bosen's stock has been marked with "delisting risk warning" due to its financial performance, with the company failing to meet certain profitability and revenue thresholds [10][12]. - The company reported a revenue of 32.345 million yuan in the first quarter of 2025, with a net loss of 4.166 million yuan [12]. - The ongoing financial struggles and the need for a turnaround are critical, as the company faces a limited timeframe to improve its financial health before potential delisting [12].