Who Will Be The Next Speaker In The Labor Market?

On the evening of July 18th, the SFC announced that it would review the first application of A stock of Limited by Share Ltd in 22 days.

This means that after the listing of baozi international exchange in 2003 and the listing of Kaiser shares in 2010, the domestic high-end women's wear camp will reproduce the capital figure.

At present, the LANCY FROM 25, ZOOC and LIME FLARE of Rhine are the three high-end women's clothing brands, and the retail price of the main products is between 2000 yuan and ~5500 yuan.

The company said in its prospectus that it insisted on the pure women's clothing company located in the high-end women's clothing market. "Positioning in terms of quality, price and consumption crowd is similar to a few enterprises such as Baozi and Mass Phil," "the first group in China's independent high-end women's clothing brand."

From the financial data, because the high-end women's clothing brand has a higher gross profit rate than the general women's clothing brand, in 2008 ~2010, the gross profit margin of consolidated posture rose steadily, which was 50.82%, 54.47% and 56.71% respectively, and the operating income was 220 million yuan, 308 million yuan and 559 million yuan respectively, and the net profit attributable to the shareholders of the parent company was 37 million 645 thousand and 200 yuan, 62 million 381 thousand and 300 yuan and 123 million yuan respectively.

In the 3 years, the annual compound growth rate of operating income and net profit was 58.48% and 43.27% respectively, and the growth advantage was obvious.

Industry perspective

The appearance of listings undoubtedly touched the sensitive nerves of women's clothing enterprises.

Reasons for listing

When it comes to the listing of clothing enterprises, there are a lot of reasons:

It is beneficial to improve the proportion of self owned capital, improve the capital structure of enterprises, enhance their ability to resist risks, and enhance their development potential.

It is conducive to establishing a modern enterprise system, standardizing corporate governance structure, improving enterprise management level and reducing operational risks.

It is conducive to establishing a modern property right system with clear ownership, clear rights and responsibilities, strict protection and smooth circulation, and enhances the motive force of enterprises' Entrepreneurship and innovation.

It is beneficial for enterprises to establish brand, enhance their image, expand market effectively and reduce financing and paction costs.

It is beneficial to improve the incentive mechanism, and use stock option, stock appreciation rights, restricted stock and other equity incentive forms to attract and retain talents.

It helps enterprises to carry out capital operation such as asset merger and reorganization, make use of various financial tools, carry out industry integration, and become bigger and stronger quickly.

It is beneficial to enhance equity liquidity and achieve equity appreciation.

The temptation of listing for entrepreneurs is real.

Most of the private enterprises queuing up all over the country are local competitive enterprises. They have a primitive impulse to the capital market. This impulse is not just the pursuit of money.

Since starting a business, the person in charge of an enterprise has regarded listing as an important index to measure the success of an enterprise.

Stock market pain

But at the same time, the various kinds of imbalance and labor pains brought by the listing are obvious.

In China, more than 90% of garment enterprises are private enterprises, and the overwhelming majority of them are family oriented business management.

As we all know, shareholding system is the best mode suitable for the development of modern enterprises. The three powers of the board of directors, board of supervisors and shareholders' meetings can be separated from each other. They can supervise each other, develop democracy and bring into play the role of management team.

In the fierce market competition, only joint-stock mode of operation can enable enterprises to minimize all kinds of mistakes, and if they want to go public, they must carry out the shareholding system reform.

After the public offering is listed, the nature of the enterprise will be pformed into a public company. The company will have thousands of public shareholders. In order to protect the rights and interests of the public shareholders, the listed company must be subject to more stringent supervision, and the social responsibilities and pressure of the company will be greater. If it is to be supervised by the securities regulatory authorities such as the China Securities Regulatory Commission and the stock exchange, it will continue to be supervised by the intermediary organizations such as the sponsor agencies, and shall abide by the laws and regulations of the state, the regulations promulgated by the China Securities Regulatory Commission and the stock exchange.

In order to ensure the timely and comprehensive understanding of the company's situation, all listed companies must disclose the company's information in a truthful, accurate, complete, timely and fair manner in accordance with the securities law and the regulations issued by the China Securities Regulatory Commission. The company, its directors, supervisors and senior managers should ensure the authenticity, accuracy, completeness, fairness, and fairness of the information disclosure. There is no false record, misleading statement or major omission.

In mature capital market, the cost of equity capital is higher than the cost of debt capital. Investors buy shares of the company to obtain a reasonable return on investment. If the company fails to perform well and its performance is poor, investors will be abandoned.

All of these are the supervision of listed companies, which is directly handled by the listed companies. But the most unbearable burden of the directors of clothing enterprises is the subversion of the "one word and the hall".

After listing, the binding force of major shareholders will increase.

First of all, when a large shareholder participates in the company's management and decision-making, he must strictly abide by the company's corporate governance standards. Secondly, he must operate in a standardized way, not to encroach on the assets of listed companies, or to damage the rights and interests of listed companies. Once again, after the public offering and listing, the shareholding ratio of large shareholders will be lowered, and their control of the company may decrease.

Intensive cultivation shows itself.

The traditional Chinese women's clothing market has a large market space, and the total market capacity is hundreds of billions of yuan. But such a large industry is still in a very scattered state. There are not more than 10 brand manufacturers whose sales scale exceeds 500 million yuan, and the development space of famous brands is huge.

In addition, the market demand for women's clothing has changed rapidly and is relatively immature and dispersed. In China, this is the last complete competitive niche in the garment industry.

In the past 10 years, we have been well known in the first tier cities, and we have established a very sound sales channel.

Jiuding's investment in women's clothing market is not the first time, the end of the year before last.

As the largest garment manufacturing and consumption center in the world, China is now experiencing fierce competition, more and more.