The First AOKANG Shoe Industry Of Men'S Shoes Will Be &Nbsp On The 23 Day; Wang Zhentao Family Family Or Super 8 Billion

The CSRC will examine Zhejiang in September 23rd.

According to the first development prospectus issued by AOKANG footwear, the earnings per share in the first half of this year are as high as 0.6744 yuan.

To this end, some market participants expect that the issue price corresponding to this year's dynamic price earnings ratio is expected to be around 20 times, which means that the first price of AOKANG shoes for men's shoes is about 26.8 yuan / share.

Net profit in the first half of this year was 2 billion 100 million

In the memory of investors, the A share market focuses on shoe manufacturing.

According to the prospectus, AOKANG shoes industry was founded in November 12, 2001, with a registered capital of 70 million yuan, mainly engaged in R & D, production, distribution and retail of leather shoes and leather products, and involved in commercial real estate, biological products and other fields.

The company takes a vertically integrated mode of operation, takes the operation of its own brand as the core, and develops R & D and channel operation as two wings, providing leather shoes and leather products. At the same time, it adopts the OEM/ODM mode to produce leather shoes for international leather shoes brands, which is currently one of the main production bases of Italy GEOX company in Asia.

From the AOKANG shoe prospectus, the AOKANG shoe industry's fund-raising amount will be invested in three projects, namely, the marketing network construction project, the information system construction project, and the R & D center technical pformation project. The investment amount is 876 million 250 thousand yuan, 96 million 100 thousand yuan, and 50 million 10 thousand yuan respectively, with a total investment of 1 billion 22 million yuan.

Among them, the marketing network construction project that will invest 85% of the fund-raising will be completed in two years.

As of June 30, 2011, there were 4075 sales outlets of AOKANG shoes in various parts of the country, including 3650 outlets and 425 direct outlets.

In the first year of the project, 139 will be set up, accounting for 40% of the total expected opening. The remaining 209 will be set up in second years, with a total return on investment of 20.53%.

The prospectus disclosed the business situation of AOKANG shoe industry since 2008. From the perspective of revenue, net profit growth and earnings per share, the business income and net profit of AOKANG footwear industry increased rapidly in 2009 and 2010 after the successful implementation of the "Olympic marketing strategy" in 2008.

As of the end of 2008, AOKANG shoes business income of 1 billion 79 million yuan, then in 2009 and 2010, AOKANG shoes industry annual operating income was 1 billion 667 million yuan, 2 billion 211 million yuan, the annual growth rate is 54.49%, 32.63%, 2011 1-6 months, AOKANG shoes business income has also achieved 1 billion 329 million yuan.

In terms of net profit, the AOKANG footwear industry achieved 43 million yuan, 200 million yuan and 280 million yuan in 2008, 2009 and 2010 respectively, with an annual increase of 456.05% and 39.77%. Its net profit in 2011 2010 is also very alarming, with a total net profit of 216 million yuan, accounting for nearly 80% of the total net profit realized last year.

In addition, the market share of AOKANG shoe industry is also rising.

According to the key survey report of consumer goods released by China industry and business information publishing center (CIIIC), the market share of men's leather shoes ranked second in 5.79% in 2010, and ranked 6.64% in East China.

The Wang Zhentao family is soaring.

At the early stage of establishment, AOKANG Holdings Limited (AOKANG group) held a shareholding ratio of 50%, while Wang Zhentao and his younger brother Wang Jinquan held 30% and 10% respectively, while Miu Yanshu held 5% and Pan Changzhong held 5%.

When the AOKANG shoe industry was established, its total capital stock amounted to 70 million shares.

In the following 10 years, AOKANG shoes industry made 3 capital increase and 1 equity pfer.

After several changes in the registered capital, the proportion of AOKANG's investment is 63.83%, because Wang Zhentao, the second largest shareholder of AOKANG shoe industry, owns 90% of AOKANG's investment, and Wang Zhentao directly owns 18.70% of the AOKANG footwear industry. It has a direct and indirect share of the 76.15% share of the AOKANG footwear industry (243 million 664 thousand and 770 shares), and Wang Zhentao is the actual controller of the AOKANG footwear industry.

In addition to the above two shareholders, the shareholders of AOKANG footwear industry also include 3 natural persons and Hongling venture capital, Chang Ting venture capital two institutional investors.

It is noteworthy that the 3 natural persons Wang Jinquan, Miu Yanshu and Pan Changzhong are Wang Zhentao's younger brother, Wang Zhentao's uncle and Wang Zhentao's brother-in-law, with a total shareholding ratio of 12.47%.

That is to say, the Wang Zhentao family altogether holds 88.62% of AOKANG shoe industry, and the number of shares is 283 million 564 thousand and 770 shares.

Judging from the number and operation of the AOKANG shoe industry, the issue price is expected to exceed 25 yuan / share, and the Wang Zhentao family will be worth 8 billion yuan.

From the prospectus, AOKANG shoes industry plans to issue 81 million shares, and intends to raise 1 billion 22 million 360 thousand yuan. Based on this, it calculates that its issuing price may be 12.62 yuan / share, corresponding to its earnings per share of 0.883 yuan in 2010, and the issue price earnings ratio is only 14.29 times.

The AOKANG shoe industry's earnings per share in the first half of this year were 0.6744 yuan, corresponding to its dynamic 2011 issue earnings ratio of 9.36 times.

To this end, some market participants believe that the issue price will not be so low.

The product of AOKANG shoes is lower than that of the current A shares listed on Saturday (37.89 times earnings after issuance), and the price of its products may be even lower. At present, we have less than 30 times the PE given by us on Saturday, so the price earnings ratio estimated based on the size of the issue is more reasonable.

Wang Fenghua, an analyst at Hongyuan securities, pointed out that although the AOKANG shoe industry has not yet entered the stage of issuance, the attitude of institutional capital to the company will change its valuation level, but the price earnings ratio of around 30 times seems to be a bit higher for the AOKANG shoe industry.

Zhang Bin, an analyst with state securities, thinks that AOKANG shoes industry is mainly based on men's shoes. It doesn't have much comparability with Saturday. The AOKANG shoe industry achieved a net profit of 215 million 692 thousand and 500 yuan in the first half of 2011. Because the proceeds of the second half of the shoe-making enterprises will be better than those of the first half of the year, 4:6's calculation is expected to achieve a net profit of 323 million 538 thousand and 750 yuan in the second half of 2011.

This means that AOKANG shoe industry will achieve net profit of 539 million 231 thousand and 250 yuan in 2011.

Combined with the total share capital of 400 million 980 thousand shares of AOKANG shoe industry, it is expected to achieve a profit of 1.34 yuan per share in 2011.

"On the whole, we can give AOKANG shoes industry a 20 times earnings ratio after issuing, which is not too much for a company earning 1.34 yuan per share. Combined with the above data, the AOKANG shoe industry's issuing price is expected to reach 26.8 yuan / share, which will directly bring the stock market value of the Wang Zhentao family to 7 billion 600 million yuan."

Market participants said.

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"AOKANG kingdom" loss in the first half year

These assets are only part of the assets of the Wang Zhentao family.

According to the AOKANG footwear prospectus, AOKANG group, the major shareholder of AOKANG footwear industry, is mainly engaged in investment management business, and manages subsidiaries of real estate and biopharmaceutical companies.

At present, the main shareholders of AOKANG group are: Wang Zhentao holds 69.22% of the shares, his wife Lin Liqin holds 10.26% of the shares, his brother Wang Jinquan holds 10.26% of the shares, Miu Yanshu holds 5.13% of the shares, Pan Changzhong holds 5.13% of the shares.

As of December 31, 2010, the total assets of AOKANG group were 1 billion 305 million 163 thousand and 400 yuan, net assets of 187 million 326 thousand and 100 yuan, and net profit of 103 million 976 thousand and 100 yuan in 2010.

As of June 30, 2011, the total assets of AOKANG group were 1 billion 260 million 300 thousand and 100 yuan, and the net assets were 210 million 678 thousand and 500 yuan; in 2011 1-6, the total net profit was -711.45 million yuan (the above data were not audited).

From the point of view of disclosure, the actual controller of AOKANG footwear industry Wang Zhentao also holds 16 other enterprises, including 6 enterprises whose main business is real estate development and operation, and the Yongjia Ruifeng microfinance Limited by Share Ltd (small loan company).

In 2010, the company that realized the highest net profit was AOKANG group. Its main business was investment, creating a net profit of 104 million yuan; however, it lost 7 million yuan in the first half of 2011, while the small loan company whose net profit was only 16 million yuan in 2010 has achieved net profit of 14 million yuan in the first half of 2011, becoming the most profitable company of Wang Zhentao, whose registered capital is 200 million yuan.

However, in view of the financial situation of the enterprises in recent years, 9 companies suffered losses in 2010 and increased to 11 in the first half of this year.