Textile Enterprises Listed 50% Refused Internal Cause Exploration

The number of IPO has increased significantly this year, and the proportion of IPO is also improving. In May 6th, I want to be on the motherboard. list The Zhuhai Wiseman dress Limited by Share Ltd was cancelled. Spin The clothing industry this year has 3 enterprises IPO has been canceled or canceled, accounting for half of the company's industry.

50% of the IPO success rate, investors feel puzzled, it is difficult to determine whether the audit threshold to raise? Or will the company decline in quality? But for investors, this is undoubtedly a good thing, while reducing speculation, and at the same time, it will protect the security of the two tier market. 　

A shares IPO refused to increase the proportion of textile 6 Upper Conference Half of the company passed.

Since the beginning of this year, although the performance of the two level market in China's stock market is not satisfactory, the primary market has been mutated, and the proportion of IPO (initial public offering) has increased rapidly. Especially in the textile and garment industry, only 3 of the 6 upper level companies passed, and the remaining 1 were abolished and 2 failed.

According to the latest statistics of CAI Hui, as of May 17th, the China Securities Regulatory Commission (CSRC) has conducted a IPO audit of 124 listed companies, including 72 main board and 52 gem. Judging from the latest audit progress, 25 companies have not been passed, 4 have been abolished, and the remaining 95 companies have passed smoothly, with a pass rate of 76.61%. According to this calculation, the total number of companies that IPO was denied or cancelled was 29, accounting for 23.39%. This proportion continues to increase compared with the figure of 15.31% last year.

According to the latest statistics, in 2011, the China Securities Regulatory Commission (CSRC) carried out a IPO audit of 405 listed companies, including 230 of the companies that were going to land on the main board of Shanghai Stock Exchange and Shenzhen small and medium-sized board. The GEM Board issued an audit to the remaining 175 enterprises listed on Shenzhen Stock Exchange's gem.

It can be seen that, due to the sixth IPO suspension, the 116 companies and 197 companies that were examined by the SFC in 2008 and 2009 were respectively. On the whole, a total of 343 companies successfully passed the audit of the two major issuance examination committees in 2010. The pass rate was about 84.69%. The remaining 62 listed companies were not listed, and 2 of them planned to issue shares on the main board of the Shanghai Stock Exchange. 35 companies planned to issue shares in the SME Board of the Shenzhen Stock Exchange, and 25 companies were listed on the Shenzhen Stock Exchange's gem.

6 top companies in the textile and garment industry want to land on the main board market. Unfortunately, only 3 of them passed the pass rate of only 50%, lower than the 76.61% pass rate of the first tier market in the same period.

Specifically, the 3 textile and garment companies that are going to be Zhejiang Semir apparel Limited by Share Ltd, nine Mu Wang Limited by Share Ltd and Jiangsu Lukang Polytron Technologies Inc are in January 24th, March 14th and April 8th respectively. The estimated number of shares issued is 70 million shares, 120 million shares and 53 million shares respectively, raising funds up to 2 billion 56 million 170 thousand yuan, 1 billion 647 million 340 thousand yuan and 267 million 100 thousand yuan respectively.

The reason why rejection is different is that profitability is the most important.

The company that was canceled was audited by Zhuhai Wiseman apparel Limited by Share Ltd in May 6, 2011. The number of shares issued is expected to be 22 million shares, and the estimated fund will be 284 million 780 thousand yuan.

The two companies that haven't passed the examination are Shandong sulang clothing and apparel Limited by Share Ltd and Shanghai Li Rui dress Limited by Share Ltd. The date of audit is April 20th and April 22nd respectively. The estimated number of shares issued is 24 million shares and 30 million shares respectively, and the estimated funds are 263 million 850 thousand yuan and 329 million 250 thousand yuan respectively.

Zhuhai Wiseman: omission of historical business data

Zhuhai Wiseman apparel Limited by Share Ltd originally planned to issue no more than 22 million shares in Shenzhen Stock Exchange, and the total share capital after issuance will not exceed 86 million 333 thousand and 300 shares.

The SFC trial committee was originally scheduled to convene the eighty-eighth working conference in 2011 in May 6, 2011. It will review the first application of Zhuhai's Limited by Share Ltd.

In May 5th, the China Securities Regulatory Commission issued a notice to temporarily cancel the first application of Wiseman in May 6th. The reason is that the Zhuhai Wiseman dress Limited by Share Ltd still needs to further implement relevant matters.

According to the author's information, Wiseman is specialized in fashion sweater ODM/OEM business and fashion women's own brand chain business. The company has significant omissions in the historical process and operation, and it involves funds raised. What is actually missing is the Zhuhai century white horse sweater brand Port Co., Ltd. (referred to as "century white horse"). The prospectus can not find the white horse of the century, and it should occupy the important role in the history of Wiseman's dress development. Moreover, the Wiseman dress and the century white horse belong to the same real controller, and the two have the same competition relationship.

Shandong Shu Lang: operational efficiency is inconsistent with performance.

Shandong sulang clothing and apparel Limited by Share Ltd, Shanghai Lirui dress Limited by Share Ltd IPO is not, such a result for the enthusiasm of the two listed companies, is undoubtedly a "fatal injury."

On the evening of April 20th, the China Securities Regulatory Commission issued a notice to reject the first application of Shu long clothing. According to the prospectus, there was a delay in paying social insurance premiums.

In addition, the company's capital turnover is very slow, but gross margins are exceptionally high. According to statistics, the turnover of accounts receivable in the past three years has been more than 60 days. In 2010, it has reached 69 days, while the peers are between 30 days and 47 days. The business cycle is 804 days, while the similar listed companies are between 128 and 249 days. Shu Lang is the 3 highest number of Listed Companies in the same category.

Such a slow turnover speed should be very poor, but the gross profit margin of Shu Lang clothing in recent 3 years is all above 60%, while the same kind of listed peers are only 37%~51%. On the whole, the operation efficiency of Shu Lang is very poor, but its performance is far ahead of peers. This is obviously an abnormal phenomenon.

Shanghai Li Rui: core competitiveness is difficult to sustain

Shanghai's IPO is not mainly because its core competitiveness is difficult to sustain, but it also involves deep problems such as insufficient motivation for listing and financing, and serious reliance on single market customers. Simply from the international clothing brand orders quick response ability, the average daily delivery time of 30 days ~90 days is greatly inferior to the quick delivery ability of Jin Fei Da and Jiangsu three friends.

In fact, judging from the reasons and feedback of the SFC's disclosure in 2010, the regulatory authorities emphasized the continuous profitability of the companies on the main board and Shenzhen small and medium board enterprises, while the gem issuance Committee was concerned about the continuous profits while incorporating the growth of enterprises into the main points of concern.

According to incomplete statistics, in the 34 companies that were released in 2010 by the SFC, nearly 2/3 of the companies involved the issue of continuous profitability, which shows the importance attached to the supervision department. Among the 14 companies that have announced the reasons for going to the gem, 11 are concerned with sustained profitability. The conclusions given by many companies are "weak ability to resist risks, unable to make a clear judgement on the growth and profitability of your company".

In addition to the lack of continuous profitability and uncertain growth, IPO is also involved in unfair issues such as unfair related transactions, inadequate internal control and standard operation, major reliance on tax preferences and subsidies, non-standard accounting practices and competition among peers. 　

Governance "break" only improve the threshold of regulators pay attention to two level market security

Analysts believe that the IPO audit efforts are gradually increasing, and the requirements are becoming more stringent. It not only considers the profit level of the main business of a single enterprise, but also takes into account the overall development of the industry in which the enterprise is located, the status of its industry in the national economy, and its compliance with the national industrial policy orientation. The "break" tide has hurt investors deeply, and "break" is the only way to improve the threshold of IPO audit and block the source of entry.

If the "problem" company can be listed and circulated, it will cause immeasurable harm to the development of the entire A share market.

First of all, the performance is not good enough, so it is difficult for the listed companies to maintain the stability of the stock price. It is an indisputable fact that most companies are going down after the listing, and even some companies have seen performance losses in the past second years. In a sense, listed companies are the cornerstone of the sound development of the securities market. Only when the performance of listed companies grows steadily can the securities market continue to develop.

The author learned from many investment bankers that for the listed companies, especially those who intend to enter the gem, the regulatory authorities specifically asked the issuers to make a comprehensive analysis of the growth of special opinions in the case of a significant adverse impact on the continued profitability, and may also need supplementary opinions for the part of the supervisory department that requires the focus of attention.

Secondly, the shock market triggered a "break" tide, and hit the "new" funds seriously. According to the latest statistics of CAI Hui, up to now, 123 new shares have been listed this year, of which 79 are broken down, with a proportion of 64.27%. With the expansion of new shares coming into the breaking point. Of the 123 new shares listed this year, 49 were listed on the first day of breakage, accounting for 39.84%. This makes the new institutional investors waiting for months to be liberated unhappy.

In the textile and garment industry, as of May 17th, 6 listed companies broke down, and the closing price of Semir clothing listed in March 11th this year was 54.19 yuan, lower than the issue price of 19.12%. In addition, the other listed companies in 2010 were found in special stores, Jiaxin silk, Hinur, Luen FA shares and Jiangsu broadda. As A share investors are immature, the desire to undertake the first day of IPO is strong and gradually forms the myth of unbeaten new shares. Under this myth, new shares are generally issued with "three high" (high price, high P / E ratio and high raise ratio) issuance. In the meantime, the number of new stocks available to the market is only "bagasse", and the "two market" pumping too much makes the stock market tight.

In addition, domestic and overseas economic growth slows down, regulators pay attention to the quality of medium and long-term investment returns. The slowdown in economic growth helped to reduce A shares. After the total performance of listed companies increased by 37.3% in 2010, after the elimination of financial companies in the first quarter of this year, the net profit margin of listed companies declined by 10.01%. The loss of listed companies increased by nearly 9 percentage points over the end of 2010. Against this background, it is wise to guard against listed companies and enhance the quality of medium and long-term investment returns.