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Capital Chain Overwhelms "Shoes Capital", Hundreds Of Enterprises In Jinjiang

2008/6/19 10:54:00 18

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Capital Chain Overwhelms "Shoes Capital"Hundreds Of Enterprises In Jinjiang

RMB appreciation, raw material prices, macroeconomic regulation and control resulted in tight money, rising labor costs, recruitment difficulties......

Jinjiang shoe enterprises with "former shops and factories" have been familiar with their current difficulties.

In the past ten years, the situation of making orders is different, and the repeated profits have made their living environment more and more dangerous.

When a large number of enterprises are bankrupt in disguise because of capital problems, a large number of enterprises are seeking to raise funds badly needed through listing.

Half of the business went into confusion.

In a crisscross 3~5 floor shoe factory, workers are busy on the production line, and BMW's Mercedes Benz, a local licensed vehicle, is still on the road.

This is a scene repeated every day in Jinjiang, China's shoe capital, Chen Dai town.

"Almost every week there are factories closing down, not receiving orders, but we dare not take orders again."

A few days ago, in Chen Dai Town, Jinjiang, reporters learned that before and after the Spring Festival, there were 30 years of shoe making history in Jinjiang shoe enterprises, the first round of closure has occurred, and hundreds of factories have been shut down. According to industry analysis, this situation will continue, and small and medium-sized enterprises will be phased out.

It is worth mentioning that here is the "Hometown" of CCTV listed companies, such as 361 degrees, del Hui, and gold lake. This area, which is only 38.8 square kilometers, has accommodated more than 3000 shoe enterprises and supporting enterprises, employing more than 300 thousand people. The locals once exported their production shoes to foreign countries as a major channel for getting rich, and at the moment, they had to consider new ways.

"Packaging fees increased by 30% to 50%, soles increased by 30%, and technical workers' wages increased by 30%."

On the one hand, RMB appreciation and rising raw material costs and workers' wages, on the other hand, the bank's tightening of money and the increase of private lending interest, the enterprise's capital chain unprecedented embarrassment.

"Triangle debt can also kill people, owe too much money, and the outside accounts will not come back, so many enterprises are so down."

Mr. Shi, who has two buildings with five storeys and tall buildings, has been engaged in shoe business since the 90s of last century. According to him, most of the cheddar enterprises started with family shops have been in debt relationship with each other.

Usury is a common way of financing. Generally, millions of loans are borrowed from each other. Under the oppression of high interest rates, many enterprises often pay debts by assets.

It is understood that the shoe enterprises in Chen Dai town are only about half of the peak period, and some of the brand enterprises have begun to move out, most of which are in disguised form of bankruptcy.

However, in the interview, the reporter noted that Chen Dai people, who love to spell, did not want to give up the shoe industry that they knew very well. Although less than 10% of the enterprises actually made profits, they said they would continue to operate if possible.

"It is impossible to take care of the survival of workers and all other expenses."

Data show that 90% of Jinjiang shoe enterprises financing difficulties, and 80% of export dependent enterprises are in a dilemma.

According to the official statistics of Jinjiang, in the first quarter of 2008, 309 of the 712 taxpayers of the shoemaking enterprises in the city were in the same period of decline or zero storage, accounting for a decrease of 40% yuan compared to the same period of last year, compared with a decrease of 32 million 770 thousand yuan.

Building a "Jinjiang plate" by shuffling the cards

In view of the above crisis, at the end of 2006, the first local level listing office was established in Fujian province. The Jinjiang listing office began to carry out substantive work and prepared to solve the urgent need for the shoe enterprises.

In March 2007, Lan Banghua, the chief representative of the Fujian provincial stock exchange, served as assistant mayor of Jinjiang to assist local enterprises in listing. He was also the first professional person appointed to the county level city by the Shenzhen Stock Exchange.

In the turmoil of small and medium-sized enterprises in bankruptcy and pformation, large-scale enterprises in Jinjiang are brewing a big campaign - listing financing.

In 2007, Anta (02020, HK) was successfully listed in Hongkong. In June this year, second Jinjiang sporting goods company XTEP International (01368, HK) traded on the HKEx.

The same as the Jinjiang footwear sports brand PEAK, Jordan sports, 361 degrees and so on also entered the countdown to the market.

This annual production of 1 billion pairs of sports shoes, the market share of the country's total 40%, the world's 20% largest Chinese shoe industry base, the high profile announced that it will create the "Jinjiang plate" by 2010.

"Up to now, there are 65 listed companies in Jinjiang and 49 listed companies."

In an interview with the daily economic news, Lan Banghua said that in order to encourage more Jinjiang enterprises to go public and create the Jinjiang stock market, the Jinjiang municipal government intends to produce another about 20000000 yuan to encourage listed companies and listed reserve enterprises in addition to the 15 million 600 thousand yuan financial reward that has been fulfilled before.

It is understood that 10 listed companies in Jinjiang have successfully raised 8 billion yuan.

In addition to financing, Lan Banghua thinks listing is the main way to help Jinjiang enterprises pform from family management to modern management.

He pointed out that many family businesses and family businesses benefited from the family management mode. But when the enterprises developed to a certain stage, when family members were not competent enough for the development speed of enterprises, they needed the help of professional managers to establish the modern enterprise system.