YOUNGOR: The Listing Of Real Estate Branches Is Not A Move.

　　 Kang Bei (600572) later, another Zhejiang enterprise YOUNGOR (600177) will also embark on the road of spin off. Recently, there is news that the clothing giant is trying to strip its property and financial services, and increase. Textile and garment industry Brand reengineering efforts. but Youngor Group Limited by Share Ltd yesterday interviewed by reporters clearly stated that the three largest business Reintegration is only a long-term assumption and will not be put into practice in the short term.

　　 The three carriages diverged from each other?

According to media reports, Li Rucheng, chairman of YOUNGOR, said in Beijing that YOUNGOR is now splitting up the existing market. Listed company 。 The report said: "the initial plan is to peel off the financial investment business and inject into the YOUNGOR group of the parent company, and the real estate business should also be independent from the current listed companies. For the future of the real estate business, it is also on the market. The report also said that YOUNGOR's real estate business will be listed on a new company in the future, which has been reported to the securities and Futures Commission.

In fact, as domestic Garment industry Of Tycoon In recent years, YOUNGOR has left the market with the impression of "wide interest." As early as the end of 2007, the US business week once named YOUNGOR "not doing business", saying that YOUNGOR then held nearly ten shares of China Life (601628) and Ningbo Bank (002142), which made YOUNGOR's investment income in 2007 1~9 reached 223 million 600 thousand US dollars, accounting for 98.5% of the total profit of the company. In the days that followed, YOUNGOR's interest in financial investment did not seem to weaken, and actively participated in the issuance of listed companies. In 2010, the semi annual report showed that YOUNGOR held shares in 16 A share listed companies.

At the same time, YOUNGOR's real estate business is also growing rapidly. YOUNGOR's 2010 semi annual report shows that its revenue in the real estate sector has reached 1 billion 600 million yuan.

In 2009, YOUNGOR's annual report showed that the textile and apparel business achieved a profit of about 6 billion 900 million yuan and net profit of about 445 million yuan, representing a decrease of 3.43% and 8.52% compared with that of the previous year. The real estate business revenue was about 5 billion 195 million yuan, and net profit was about 1 billion 190 million yuan, up 49.88% and 53.16% year-on-year respectively; equity investment business achieved a net profit of 1 billion 625 million yuan, an increase of 404.71% over the same period last year.

　　 Splitting is only a long-term plan.

YOUNGOR also seems to have been trying to rearrange the relationship between its biggest business pillars. As early as 2007, the market was rumoured that YOUNGOR had the intention of splitting up. Li Rucheng's recent statement, coupled with the concept of A share splitting and listing, once again pushed YOUNGOR onto the cusp.

Even some market participants have begun to analyze the prospect of "split up". It is believed that in recent years, the market has been puzzled by YOUNGOR's multi business mode, and it is difficult to evaluate its generally recognized value. YOUNGOR's dynamic P / E ratio is far lower than that of the apparel industry. At the same time, although the main business of YOUNGOR has not shrunk in the past few years, the real estate and financial businesses have been greatly affected by the market. For example, the net profit of YOUNGOR in 2006 was 755 million, and in 2007, it increased to 2 billion 475 million. In 2008, it fell to 1 billion 583 million yuan by bear market, and in 2009, it turned to 3 billion 260 million yuan in one fell swoop. Therefore, after the stripping of real estate and equity, YOUNGOR's "performance gains and losses will tend to be stable".

However, this picture was denied yesterday by Liu Xinyu, YOUNGOR's secretaries. "Maybe the words of chairman Li Rucheng were misunderstood by the media." Liu Xinyu said, "this is just a planning idea of YOUNGOR's several major businesses, and has not entered the operation procedure. The objective environment obviously does not allow us to do so. "

Prior to that, Li Rucheng also said that at present is the sensitive period of real estate regulation and control, and the listing of real estate business will be somewhat difficult.

As for "the plan has been submitted to the SFC", Liu Xinyu explained that YOUNGOR had simply communicated with the relevant departments on the matter, but did not report the plan.