Supervision And Audit Of "Wind Direction" &Nbsp; This Year Clothing Enterprises IPO Conference Rate Is Not More Than Half.

In November 2nd,

The main products of ladies' houses are women's wear, children's wear and bedding. Net profit from 2008 to 2010 was 58 million 167 thousand yuan, 41 million 831 thousand yuan and 60 million 773 thousand yuan respectively. During the reporting period, the gross profit margin of the main business remained above 53%, which was higher than that of some other listed companies, showing strong profitability.

For the company's IPO is not available, insiders revealed that the Commission had doubts about the capacity digestion of the investment projects.

According to information, the company intends to raise funds 432 million yuan, and invest in 3 projects, including marketing channel expansion, big wave clothing home textile production base construction and information system pformation, of which 322 new outlets will be added to post marketing channels.

By the end of 2010, the ladies house had 795 stores, 642 of which were direct stores.

This means that the "front line" will increase by more than 40% after the project.

Another possible problem is that although the sales mode is mainly direct, there is a certain increase in the club's income during the reporting period.

The franchisee mode can easily lead to "data distortion", which is the focus of regulatory review.

Looking back at the IPO situation of garment enterprises (excluding home textiles, shoes and so on) this year, a "watershed" is clearly visible.

In 2010, a number of garment enterprises such as Kaiser [12.76 0.24%], [22.62 0.76%] and so on were listed on the "one horse flat" cluster, becoming a bright spot in the capital market.

But since this year, the IPO environment of garment enterprises is quite different. So far, only 11 companies have seen 5 customs clearance, and the rate of passing the meeting is only 45%.

From the point of view of the audit, before April this year, Semir clothing [48.89 -1.23%], nine Mu Wang [26.33 -0.49%]IPO have been in succession, continuing the clothing enterprise IPO previous "high landscape".

But in April 20th and April 22nd, the clothing of Lang Lang and Shanghai leiruiri will be denied one after another, which indicates that the IPO audit of garment enterprises is facing an inflection point.

Since then, the IPO examination of Zhuhai's Wiseman dress was scheduled to be cancelled in May 6th. In July 18th, Vicker's fashion IPO was also rejected; in October 24th and November 2nd, Fujian's nuns and lady's house IPO were denied.

In the second half of this year, "the only surviving" 3 garment companies were [38.80 0.94%], 100 round pants and bar Jie.

Because the feedback from the regulatory authorities is not disclosed, it is impossible to determine the crux of every company being denied, but market participants believe that this is related to the change of "wind direction".

In June 28th this year, the newspaper reported that, due to the issue of the authenticity of the revenue, the regulatory authorities strictly tightened the audit requirements for the quasi IPO enterprises adopting the two modes.

If the enterprise adopts the way of joining, the issuing Committee requests to check and report the financial indicators of the three year reporting period and the revenue and net profit of each franchisee; if the distribution mode is adopted, it needs to provide the three year reporting period and the details of each dealer's terminal customers.

As most garment enterprises involve affiliate or distribution mode, the new standards mentioned above are no more than an industrial "earthquake".

Insiders pointed out that with the increase of macroeconomic uncertainties and the continuous rise of all kinds of costs, coupled with the "contrast effect" of similar listed companies, the difficulty of IPO entry for the two or three line clothing enterprises may be getting bigger and bigger.