The Footwear Industry Of Tai Ya Is In A Bad Prospect, &Nbsp; Shareholders Have Only A Few Thousand Dollars In Net Assets.

November 26th, October 22nd. Thailand shoe industry Limited by Share Ltd's first application was approved by the SFC. This is about to enter China's A shares. market In the history of Quanzhou's largest sole manufacturer, there has been a huge amount of related funds being taken up by listed companies. In 2007 and 2008, the Lin family occupied a huge sum of funds for the sale of land and personal property, which amounted to 70 million and 50 million respectively. The huge family of Lin family occupied Tai ya footwear industry Funds suspected of violations. In addition, the media reported that the footwear industry and its subsidiaries had defects in the process of capital contribution and capital increase, and the operating costs of enterprises will also increase with the increase of labor costs and the cost of oil. Taya shoe industry has always been the sole supplier of Anta and XTEP, while the Taya shoe industry is only a dish. Although Anta is the sole sole supplier, the footwear industry is not the only one. It is worth noting that during the reporting period of the listing, the largest shareholder of the Tai Ya footwear industry, Lin's family took up the funds of Tai Ya shoe industry.

　 Lack of patent technology, sales costs are increasing.

In Quanzhou, Fujian, which is known as "China Shoes Capital", Anta, XTEP and 31st degree have been listed as shoe companies in Hongkong. But these enterprises are only the first squares of Quanzhou's footwear industry entering the capital market. Now, the imagination of capital is constantly deepening, and the second phalanx of the shoemaking industry chain begins to debut. As an enterprise supplying sole to Anta and XTEP, the Limited by Share Ltd of Thailand footwear (hereinafter referred to as Thailand footwear industry) was applied for approval in October 22nd IPO. Its sponsor is Huatai United Securities.

But how long can it last? Tai Ya shoes need to deal with decentralized markets, rising labor costs, rising oil prices and poor parent companies.

　 How much gold is attached to "famous brand"?

At present, Thailand footwear is the largest sole supplier of Anta and XTEP. It is also the sole supplier of the top five, 31st degree, Hongxing Erke and del Hui. At the same time, the Thai shoe industry has repeatedly said it is "the largest sole manufacturer in Quanzhou."

According to statistics, in 2007, the market sales of Tai Ya shoes ranked second in the sports shoes enterprises in Quanzhou, and 2008 in 2009. However, for the market share, the footwear industry chose to avoid talking about it. Correspondingly, there are about more than 1000 enterprises in the sports shoes soles industry, and the market concentration is not high enough. It is only in the largest footwear industry in Quanzhou that gold content remains to be seen.

Anta's annual report shows that in 2009, the largest supplier of Anta accounted for 6.4% of its total purchases, while the former five suppliers purchased 25%. In 2008, the largest supplier accounted for 6.1%, while the former five suppliers accounted for 26.7%. That is to say, the shoe sole provided by the Thai shoe industry does not exceed 6.4% of the purchase amount of Anta. The Thai shoe industry also acknowledges that there are no more than 10 fixed shoe soles for general sports shoes manufacturers.

It can be seen that Anta's procurement is relatively decentralized. In the banquet of Anta, the shoe industry of Tai Ya is just a dish. Although Anta is the sole supplier of shoes, the footwear industry is not the only one, and there is no evidence that it has a significant gap from other suppliers.

Anta's 2010 China Daily also showed that the percentage of its outsourcing production in sales costs has dropped from 64.3% in the same period in 2009 to 58.8% in 2010. Meanwhile, Anta said it also owns a sole factory in Fujian. The Thai shoe industry also said: "at present, the company is committed to serving the brand sports shoes enterprises in Quanzhou, and has no competition in other parts of the country. {page_break}

　 Related persons are huge and frequent.

Prospectus shows that in 2007, accounts receivable of companies and related parties amounted to 77 million 521 thousand and 500 yuan. The linkages were Lin Xiang Jia, Lin Xiangyan, Lin Songbai, Xie Zixi, Guangzhou Hayes guest and Fujian Tianshan Mountain. By the end of 2008, the company's accounts receivable for six people still amounted to 59 million 94 thousand and 300 yuan.

Another data shows that in 2007, the net cash flow generated by Tai Ya footwear business activities was -24694912.42 yuan, the net cash flow generated by fund-raising activities was 40669835.99 yuan; in 2008, the net cash flow generated by Tai Ya footwear business activities was 10283996.59 yuan, and the net cash flow generated by financing activities was 21791728.88 yuan.

An extremely likely situation is that the Tai Ya shoe industry raises operational capital through bank loans and other ways, while lending part of the loan and operating profits to the associated people.

The prospectus also disclosed that in March 31, 2009, the capital transactions between the company's predecessor limited and related parties had been cleared up in March 31, 2009. In July 31, 2009, all the capital transactions between Jinjiang Taya and Fujian Taifeng and related parties were cleared up. According to the compensation agreement for capital occupancy signed by the relevant parties, the sum of compensation for occupying funds was 1 million 714 thousand and 600 yuan.

It is surprising that the purpose of borrowing huge amounts of funds from listed companies is "speculation" and the purchase of personal property and capital turnover.

Apart from discussing whether the compensation of 1 million 714 thousand and 600 yuan relative to the huge loan is reasonable, Thailand shoe industry's lending of huge operating capital to the Lin family related people to hype the land and purchase personal property is contrary to the relevant norms of Limited by Share Ltd governance.

　 The capital contribution of the listed companies and subsidiaries is not standardized.

Thailand footwear industry has three legal person shareholders, including the actual controller Lin Xiangwei, Wang Yane and his wife holding 100% of Tai Ya international, as well as Tai Ya investment and Guangzhou Tianfu.

However, when the footwear industry of Tai Ya rose to life, shareholders fell down collectively. As of June 30, 2010, the net assets of Tai Ya were only HK $9600.30, net profit was 0.3 yuan, and Thailand invested 20 thousand and 300 yuan in the same period, and Guangzhou Tianfu lost 90 thousand and 300 yuan in the first half of 2010. Among them, Guangzhou Tianfu was an external investor who increased capital and shares in November 2009. At the time of capital increase, the net assets of Tai Ya shoes were 1.4 yuan per share, and Guangzhou Tianfu shares were priced at only 2 yuan per share.

Tai Ya shoe predecessor, Tai Ya limited, was set up in 2000 by Hongkong Tai ya, with a registered capital of HK $10 million 500 thousand, but there was a delayed capital contribution, and the equipment invested HK $8 million.

Coincidentally, Jinjiang Tai ya, a subsidiary of Tai Ya shoe holding company, also had overdue investment when it increased its capital in 2000. The actual controller of Jinjiang's Tai Ya was also a member of Lin's family. The 15 million yuan contribution of Fujian Taifeng, a subsidiary of Taya Footwear Company, was also completed in 2004 when it was approved by the government department. There was overdue investment. Taifeng, Fujian, was also under the control of the Lin family. Fujian Taifeng's contribution was delayed until 2010. {page_break}

　　 The third largest shareholder is worth ten times a year.

A company that originally made concrete turned into a professional investment company after "gorgeous" turning. Surprisingly, two natural shareholders in the company jumped ten times in just a year. This happened on the third largest shareholder of Tianya shares (002517), Guangzhou Tianfu Investment Co., Ltd. (hereinafter referred to as Guangzhou Tianfu), which is about to enter the A share market.

The more than 10 patent of Thailand shoe industry is whether the application for assault is on the list of packaging.

The footwear industry of Tai Ya claims that it has many competitive technologies. However, only 5 practical models are displayed in the prospectus, which are already owned by the Thai footwear industry. The other 10 kinds of invention, 2 utility models and 5 designs are all "accepted" and the earliest date of application is April 14, 2009. {page_break}

　 Assault application for patent cover up prospectus Tai Ya shoe growth is questioned

As an enterprise supplying soles to Anta and XTEP, Limited by Share Ltd's IPO application was approved in October 22nd. But how long can it last? Tai Ya shoes need to deal with decentralized markets, rising labor costs, rising oil prices and poor parent companies. Where is the way of growth?

　 Thailand shoe industry "assault" has become the key word of IPO.

"Assault" has become the key word of IPO. The IPO application was released in October 18th and was officially held in October 22nd. But in September 8th, it was applying for 5 patents. It is claimed that the footwear industry in Quanzhou has the largest scale, the strongest design capability and the highest level of R & D technology in the region of Quanzhou. Since its establishment in 10 years, it has only applied for 17 patents continuously and continuously since the beginning of the year. "A surprise application for a patent is to raise the market selling point with the strongest design capability and the highest level of R & D technology." A researcher from China Merchants Securities thinks. In contrast to the patent application, it was less than a year before the Thai footwear industry passed. Guangzhou Tianfu Investment Co., Ltd. suddenly became a shareholder and became the third largest shareholder.