The Wages And Benefits Of The Nine Herd Kings Are &Nbsp.

"It doesn't belong to new industries. Family control is obvious. Why should we let so many garment enterprises IPO?"

In response to the application of Limited by Share Ltd IPO, the market is worried.

According to the information of the SFC, 9 Mu Wang intends to issue no more than 120 million shares, accounting for 20.94% of the total share capital issued after the issue. The total share capital after issuance will not exceed 573 million shares, so it will be listed on the Shanghai stock exchange.

If the king of Fujian is successfully listed, Quanzhou, Fujian is expected to rebuild a large number of rich people.

It was planned to be listed on the Hongkong stock exchange in the fourth quarter of 2008.

A financial storm swept through the process of listing the king of nine herd.

At present, there are nearly 20000 Enterprises above Designated Size in the domestic garment industry, including YOUNGOR, red beans, Caro and Shanshan.

100% family Kingdom

The predecessor of the nine Mu Wang is the nine Mu Wang limited company. Founded in March 11, 2004, it was founded by the international owner of nine Mu Wang. The legal representative is Lin Congying, whose registered capital is HK $60 million, and the enterprise is wholly foreign-owned.

In July 2008, 9 Mu Wang International invested 100% of its stake in the king of nine Mu Wang to invest in the company. The company is still a wholly foreign-owned enterprise with a registered capital of HK $60 million.

In December 2009, the company introduced Shun Mao investment, sagacious investment, platinum investment and Chi Chi investment to increase capital and expand shares.

The company said that the new shareholders were Lin Congying, Chen's marriage couple, Chen Jindun, Chen Jiapin, Chen Jiaya and Chen Meizhu, who were more helpful to Lin Congying's entrepreneurship. He also invested in Shun Mo investment, wise investment, platinum investment and Chi Chi investment. The registered capital of the company was changed to HK $80 million.

In February 22, 2010, the nine Mu Wang Limited was pformed into a wholly foreign-owned joint stock company.

The actual controller of the nine Mu Wang is Lin Congying, who indirectly controls 337 million 500 thousand shares of the company through the controlling shareholder 9 Mu Wang investment, accounting for 74.5148% of the total share capital issued before the company, and is expected to control more than 50% of the company's shares after the issue.

And Shun Mao investment held 6.6567% stake, Lin Congying wife's brother Chen Jindun holding company 80%, Chen Jindun's son Chen Zhongli accounted for 20%; wise investment also held 6.6567% equity, Lin Congying wife's younger brother Chen plus poor accounted for 40% of wise investment registered capital, Chen Jia poor son Chen Peiquan accounted for 60%; platinum investment also held 6.6567% stake in the king of nine herd, Lin Congying wife's brother Chen Jia bud holding 70%, Chen Jia bud's wife accounted for 30% of the registered capital; Chi cube investment held 4.8683% stake in the king of nine herd, the wife of the wife of the wife, the company's former Supervisor was 95%.

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In personnel arrangement, Chen Jindun is vice chairman of the nine Mu Wang, Chen Jiaya as director and general manager, and Chen Jiapin He Lincongying's brother Lin Cen Jie as director and deputy general manager, Lin Congying's wife Zhang Jingchun as director, deputy general manager and chief financial officer.

Lin Congying also asked his father Lin Yu bear to act as general manager.

According to the prospectus, Lin Congying's son-in-law Hong Yuheng holds Xiamen Baolun.

In addition, Chen Zhisheng, a brother of Chen Jia's wife, owns 50% of the nine Anhui dragon Clothing Co., Ltd., and holds 80% of the Hefei nine dragon clothing Fashion Co., Ltd., and Zhang Jingchun's husband Wu Youlie holds 90% of Ningbo Jiangdong crown Trading Co., Ltd., and Yang Yanfeng's brother Yang he holds 80% equity interest in Taizhou Hailin District Jialong Business Co., Ltd.

These 4 companies are all joined by the nine Mu Wang.

Although the company promised that "the pricing of the above related party's sales will be implemented by the company's unified pricing strategy, the discount rate will be the same as that given by the company to other franchisees at the same level", but investors doubt that the company will always have a certain tilt.

The modern version of the contractor

As a labor-intensive enterprise, as at December 31, 2010, there were 7117 employees in the village, but the family owned tens of billions of wealth, and the salaries and benefits offered to employees were rather harsh.

According to the prospectus, the company pays 4675 of the basic medical insurance for the employees, accounting for 65.69%, while the "payable employees' remuneration" in the three years of 2008-2010 years is only 27 million 423 thousand yuan, 32 million 212 thousand and 600 yuan, and 47 million 869 thousand yuan.

The prospectus of the prospectus shows that the company's social insurance premiums for some existing employees during the reporting period are unpaid. "The main reason is: in the company's staff structure, the number of migrant workers in the production line and the marketing terminal shopping guides make up a considerable proportion. These employees are highly mobile, and they do not know enough about the importance and importance of paying social insurance, and they are strongly against the payment of social insurance costs."

As of December 31, 2010, the company paid housing provident fund for 2740 employees.

The main reason why the company does not pay the housing fund for other employees is that "most of the employees are migrant workers or household workers who are not local employees. After understanding the contents of the existing housing provident fund system, it is considered that the existing system has many limitations on the payment, use and extraction of the housing provident fund, which will not play a substantial role in changing the housing conditions in the future residence or other work places. At the same time, the company has already provided free dormitories for the employees who need it, so it is not required to pay the housing provident fund voluntarily.

Taking into account the true wishes and practical interests of these employees, the company did not pay the housing provident fund for the staff.

Sponsor's assault

In addition to dealing with the relationship between family and labor, King Mu also gave small contribution to sponsor agencies.

Compared with other listed companies in the proportion of assault shares, Lin Congying's equity stake in direct investment institutions is less than 1%.

In March 23, 2010, the company introduced Jinshi investment to increase capital. Jinshi investment subscribed 2 million 930 thousand new shares of the nine Kulu shares at a price of 8.5362 yuan per share, and the total subscription price was about 25 million 10 thousand yuan, with a shareholding ratio of 0.6468%.

Jinshi investment is a wholly funded direct investment institution of CITIC Securities, and CITIC Securities is the sponsor of King Mu.

If the issue price is 28 yuan, the investment of Jinshi investment will be 3 times a year. This obviously has made CITIC Securities more than 35 of its underwriting fees.

Although the shares sold by the Lin Congying family are rather "petty", some investors believe that CITIC Securities lost neutrality for such a small gain, but in fact, it is not worth the candle.