Ann: Appendix 4C - quarterly, page-14

This is not limited to SBB but most of Chinese companies are affected by slowdown in China economy and stiff competition for last 2 years. SBB is directly affected by online market and other apparel business dumping clothes at discount price. This is what happen supply exceeds demand and there is no demand/market to sell. If slowdown continue, I expect business acquisition and shutdown of many businesses. This will eliminate competition and over supply.

2 years ago, the company made big mistake in moving to retail and spending over 20m buying own distribution network and refurbishment. Definitely, it was high risk they took at wrong time and hasn't rewarded anything in return. I don't know what plan they have to increase sales/revenue in coming quarter but I don't see any change in cashflow for next 2-3 quarters. I suggest company to diversify business, and look beyond men clothing. They should stick to wholesale and start exporting clothes to other countries.