French fashion group SMCP announced that the Singapore High Court has ordered Dynamic Treasure Group to return a 15.5% stake in SMCP within one week to European Topsoho, a holding entity once controlled by China’s Shandong Ruyi Group. Dynamic Treasure is led by Qiu Chenran, daughter of Qiu Yafu, the former chairman of SMCP’s board and head of Shandong Ruyi. The disputed shares are part of Ruyi’s earlier aggressive global expansion, during which it acquired multiple international fashion assets financed largely through high-leverage borrowing. Between 2010 and 2019, Qiu Yafu reportedly spent up to 40 billion RMB ($5.5 billion) on acquisitions worldwide.