Jiumuwang Equity: Bad Thing

Before going public, the men's clothing brand jiumuwang, which is about to apply for IPO, has been rumored about scandals such as the company's alleged whitewashing of data and the chairman's suspicion of family equity disputes. Most of Anshan's new investors don't buy it.

Jiumuwang exposes his uncle's and nephew's equity dispute before going public

In March this year, China Securities Regulatory Commission approved it Joeone It is proposed to issue no more than 120 million shares in Shanghai Stock Exchange. According to the prospectus of jiumuwang, Fujian Jinjiang jiumuwang Garment Co., Ltd. was established in 1992 with a registered capital of 2 million yuan, of which Lin Congying contributed 1.6 million yuan, accounting for 80% of the registered capital, and Jindun Consulting Co., Ltd. contributed 400000 yuan, accounting for 20% of the registered capital.

On May 10, it was reported that Lin Congying, the "unscrupulous boss", bought local and relevant department officials, engraved official seals privately and forged documents to seize 80% of the shares of her uncle. Subsequently, a number of photocopies of relevant information were continuously exposed on the Internet.

Lin Qiren told our reporter yesterday that the photocopies of relevant information disclosed on the Internet are indeed the materials in his own hands. Lin Qiren's private legal adviser told reporters that Lin Qiren remitted 1.5 million Hong Kong dollars to the company as an investment. He was Jinjiang, Fujian Province Joeone Lin Congying, the major shareholder of Clothing Co., Ltd., holds 80% of the shares. In fact, Lin Congying is only the deputy general manager he employs. The consultant said that for many years, Lin Congying was in charge of the company, and later found that Lin Congying had privately changed the company's legal person and ownership structure.

Chairman jiumuwang's response: personality guarantee has never seized uncle's equity

Lin Congying completely denied Lin Qiren's above-mentioned explanation. He thought that Lin Qiren picked out the information when the nine shepherd king was about to give a road show, in order to extort a sum of money.

"I assure you that there is no such thing." Lin Congying told reporters that both Quanzhou intermediate people's court and Fujian Provincial High Court have ruled him win. What's more, he denied that he was deceived. Lin Congying said that the reason why Lin Qiren was willing to transfer 80% of the shares to him free of charge was that his company borrowed Lin Qiren's shell and did everything in the normal way. Lin Congying said that at that time, he only registered the company under the name of Lin Qiren, but he did not participate in the specific operation of the company.

Wu Huirong, the Secretary of jiumuwang, responded that the dispute between Chairman Lin Congying and Lin Qiren had been settled in 2007 and had nothing to do with listed companies.

Analysts believe that the dispute over the controlling interest of Uncle Lin Qiren is actually a dispute over the interests of a family, which is not uncommon among listed companies. However, the timing was just before the roadshow, which aroused such a great reaction. If we only focus on this point, the impact on listed companies should not be great. After all, the market share of the company's leading products ranks first in the industry. Recently, we have to contact with the financial sponsor of the stock market.

Jiumuwang announced that there was no dispute

Yesterday, the king of nine herdsmen issued an urgent clarification notice, saying that "nine herdsmen king of Jinjiang, Fujian Province" was described in relevant media reports Garment making "Limited company" is another enterprise controlled by Lin Congying, the actual controller of jiumuwang, which is not the main body of this IPO and has no longer been engaged in clothing business since 1999.

In addition, 80% of the equity of Fujian Jinying muying Co., Ltd. and Lin Congjiang Co., Ltd. were confirmed by the court in 2008.

Jiumuwang's IPO hits new market with illness and investors dare not buy it

Dongguan securities Haicheng Business Department analyst Jin Zhaowei said that the recent IPO of jiumuwang shares, online financial data, family ownership disputes and other hidden worries have been exposed, but the information has not been verified. Once financial fraud, false disclosure of listing information and other fraudulent information are involved, the listing may be suspended, which is not without precedent. For example, shengjingshanhe was listed by China Securities Regulatory Commission (CSRC) to stop the listing, and the successful investors' subscription funds were returned in full.

Institutions question the sudden change of gross profit rate

As for the IPO of jiumuwang, an investment manager of a domestic securities firm said: "compared with the current competitors in the A-share market, jiumuwang has no outstanding points in terms of market share and brand recognition. In the primary market, jiumuwang's new price of 22.53 yuan with a 25 times P / E ratio has nearly reached the top. " {page_ break}

According to CITIC Securities Research Report, from 2008 to 2010, jiumuwang's income increased by 16.7%, and the net profit attributable to the parent company increased by 36.6%. In 2010, the revenue was 1.675 billion yuan, and the scale of net profit was 360 million yuan. In 2010, the income and net profit of baoxinniao were 1.254 billion yuan and 244 million yuan; the income and net profit of seven wolf were 2.193 billion yuan and 280 million yuan; the income and net profit of Meibang clothing were 7.506 billion yuan and 757 million yuan.

In 2011, the dynamic P / E ratios of happy bird, seven wolf and American bond were 25 times, 26 times and 29 times respectively. In 2011, the average valuation of brand clothing companies was 31 times P / E. However, a number of researchers said that considering that investors should be given income space, jiumuwang's price of 25 times P / E ratio is more reasonable. At present, during the downturn of the A-share market, many institutions tend to lower the price range of jiumuwang.

The Research Report of CITIC Securities also shows that compared with the joy bird, seven wolves and Meibang clothing in the market, jiumuwang has not yet realized the brand serialization, and its products are positioned in the first and second tier markets. Men's trousers and jacket are its core products, accounting for 52.53% and 16.56% of the total revenue respectively.

In yesterday's roadshow, many institutional investors questioned the sudden increase in gross profit rate of jiumuwang in 2010. According to the research report, the gross profit rate of jiumuwang was 47.9% in 2009, and increased by nearly 8% to 55.6% in 2010 compared with the previous year. It is estimated that the gross profit rate of jiumuwang will increase by 0.4% to 56% in 2011 compared with the previous year, and 58% and 59% in 2012 and 2013.

Analysts said that it is very rare to increase the gross profit rate of the clothing industry by 8% in a year, and it is hard to increase it by 5% in a year. With the continuous rise of raw material prices, coupled with clothing price rise is difficult to achieve, it is also very difficult to achieve 2% gross profit rate growth in the future. Participants in the roadshow revealed that jiumuwang explained in yesterday's roadshow that the company raised the price of clothing after investigating the market in 2008 and 2009. In 2010, the average collection price increased from 148 yuan to 188 yuan, which greatly increased the gross profit margin.

However, market participants believe that, subject to the rise of raw material prices and market stability, the future gross profit rate of jiumuwang will not increase too much.