Highly Dependent On Affiliate Mode, 100 Round Pants Industry Will Be A Bit Suspended On Friday.

Because regulators have tightened the IPO audit of enterprises that rely on affiliate mode, so Hundred round trousers industry The success of this meeting on Friday is a matter of great concern.

Prospectus shows that 100 round pants industry intends to issue 16 million 670 thousand shares, intends to raise 295 million yuan, investment Marketing The two major projects of network construction and information system construction will be mainly used in marketing network construction projects. The project will invest 276 million yuan and will open 220 outlets in eight capitals of Changsha, Nanjing, Taiyuan, Nanning, Zhengzhou, Hefei, Lanzhou and Guiyang. Statistics show that in 2008 -2010, the business revenue of 100 circles trousers industry increased from 212 million yuan to 403 million yuan, and net profit increased from 21 million 10 thousand yuan to 43 million 410 thousand yuan, the compound growth rate was 37.87% and 43.74% respectively. In the first half of 2011, the company achieved 214 million yuan in operating income and 25 million 430 thousand yuan in net profit, and continued to maintain rapid growth.

Although the recruitment and investment projects are mainly used to set up direct stores, the rapid development of the hundred round pants industry has been highly dependent on franchised stores in recent years. As of the end of 2011 6, the company had 1597 direct and franchised stores, including 1517 franchised stores. Even the company's existing 13 distribution centers, apart from Taiyuan and Guangzhou distribution centers for the company, the remaining 11 are outsourced to local franchisee business.

In recent years, domestic apparel enterprises have been listed. market Many enterprises in the industry have used the affiliate mode to achieve rapid growth, which is controversial. This also involves many problems such as tax evasion, quality of information disclosure and so on. It is based on this, the regulatory authorities recently strengthened the audit of IPO declaring enterprise franchisees. "If the enterprise adopts the way of joining, the issuing Committee requests that the financial indicators such as revenue and net profit of each franchisee be required to be verified and reported to the three year reporting period, which can not be provided, and will be required to withdraw the listed materials. If it is clear, it must be responsible for its authenticity." In June this year, relevant investment bankers have conveyed a new audit trend to our reporter.

If the above audit new ideas continue to be implemented, the hundred round pants industry has more than 1500 franchisees, and the huge franchise team will increase the company's declaration and difficulty.

Looking back on the road of listing of apparel enterprises in recent years, the twists and turns have added a bit of sadness. As the first listed company of the gem, the Pathfinder went public soon, and last year's long dispute with franchisees broke out. Among them, the authenticity of income and the sustainability of high growth have become the focus of the industry's doubts. Subsequently, Busen clothing and Semir costumes have been over, and have also attracted controversy. It has been reported that Semir apparel franchisee and distributor link is suspected to be 3 billion yuan evading taxes and tax evasion, while Busen apparel has been "over and over" for 8 months after the meeting.

In April 20th of this year, Shandong's clothing will be left behind. Then, in April 22nd, Shanghai's clothing will be denied. In May 5th this year, the securities and Futures Commission cancelled the application of IPO, which was originally scheduled for May 6th in Zhuhai. Soon, Vigna S fashion in the clothing industry will be denied again in July 18th.