Reported before the listing of Sima garments suspected of tax evasion 3 billion

Risenma Apparel is on the verge of entering the capital market, which could once again bring a wave of wealth to the company. However, just before the critical meeting, reporters received insider information revealing that the company may have evaded over 3 billion yuan in taxes between 2003 and 2009. Currently, 12 tax authorities across the country are conducting investigations into the matter. The news has raised concerns about the company’s financial transparency as it prepares for its initial public offering (IPO). The China Securities Regulatory Commission announced that the issuing committee will meet on January 24 to review Zhejiang Risenma Fashion Co., Ltd.'s IPO application. This comes amid growing scrutiny over the company's tax practices. According to reports, Risenma Apparel has been accused of underreporting revenues and misrepresenting sales data. A source claiming to be "strong" stated that the company used cash transactions and unrecorded sales to evade taxes. These practices reportedly involved affiliated companies and retail outlets. The company, originally known as Wenzhou Risenma Children's Clothing, was established in 2002 and restructured into a joint-stock company in 2007. It later acquired the casual apparel business from its parent company, Semigroup, and became a major player in the fashion industry with brands like "Summer" and "Balala Balala." In its prospectus, Risenma Apparel reported operating revenues of 1.822 billion yuan, 3.322 billion yuan, and 4.25 billion yuan in 2007, 2008, and 2009 respectively, with net profits reaching 150 million, 443 million, and 696 million yuan during the same period. The investigation involves multiple regions, including Jiangxi, Hebei, Chongqing, Guizhou, Ningxia, Hainan, Guangxi, Tianjin, Zhejiang, and Huizhou, as well as local tax bureaus in Shanxi and Shandong. All 12 tax authorities have confirmed they have received the report and are conducting investigations according to their jurisdiction. Chongqing’s State Taxation Bureau mentioned that the case is being reviewed at the city level, with plans for a city-wide inspection. The process is expected to take time due to the complexity of the case. As Risenma Apparel moves forward with its IPO, the ongoing tax investigation casts a shadow over its future. Investors and regulators are closely watching how the situation unfolds.

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