The Six Thousand Missing?! South City Department Store Listing Doubt IPO Is Not

The CSRC December 9th evening announcement was approved by the Securities Regulatory Commission of the SFC.

The reporter once revealed that the company had centralized reorganization and assault share reform on the eve of the reporting period.

And in

In the past two years' financial data from Jinshan mountain, the profit is quite a problem.

This year, indicators are declining.

In view of this, with such a low cost of shareholding, a share of the issue before the issue is likely to be expected to cash in after the listing and earn no money.

In addition, it is puzzling that on the one hand, Nancheng department store invested 43 million 220 thousand yuan from the venture capital market through the two equity pfer at the end of 07.

According to the state's encouragement policy for the development of the western region and the development of the Beibu Gulf of Guangxi, Nancheng department stores also enjoy a considerable proportion of tax policies every year, such as the preferential tax amount of 11 million 900 thousand yuan in 2010, accounting for 9.3% of its total profit.

Holding tens of millions of dollars without cost, and on the other hand, are heavily indebted. Their asset liability ratio is much higher than the average level in the industry.

In 2010, it reached the top of the 8 listed companies.

The possible explanation for this contradiction is that the company lacks operating ability and there is a "short board" in management.

Asset liability ratio is high and profitability is weak. The accompanying problem is low solvency and increased financial risk.

Nancheng department store wants to raise funds to open chain stores, but with no substantial improvement in management level and high asset liability ratio, opening new stores directly from stock market will undoubtedly shift the risk of bad management to investors.

In view of this, the chance of success is very small.

According to media survey, in the website of Guangxi Nanning municipal Party committee's Organization Department, the introduction of the Limited by Share Ltd Party committee of the Guangxi Nancheng department store has the following introduction: "by the end of 2010, the company has opened 24 chain stores in Nanning, Liuzhou, Guilin, Wuzhou, Yulin, Hechi, Baise, Hengxian, Hengxian and so on. The total assets of the company are over 900 million yuan, and the total number of employees is more than 10000."

With the employee data at the end of 2010, the government's official website introduced more than 10 thousand, and the prospectus disclosed only 3794 people, and more than six thousand employees disappeared without any reason. Employee data was obviously suspected of false disclosure, or illegal employment.

It is hoped that Nancheng department store can learn from this failure lesson and, while growing bigger and stronger, pay attention to scientific management of enterprises, enhance profitability, standardize information disclosure and treat investors equally.

We will wait and see whether or not we will hit the small and medium-sized boards again.