The Upsurge Of Clothing Enterprises' Listing Is Dangerous: "Fight One Game" Or "Gamble".

Some time ago, there were two incidents in the industry. One was CCTV's "3. 15 party" exposure. The man's clothing enterprise, which was manufactured locally, belongs to fake foreign brands. The other is Goldman Sachs report that 80% of the luxury Prada products are produced in China.

Because the Chinese market "Chongyang"

In fact, two things have not been a secret in the industry, nor is it only in the clothing and apparel industry. The reason why they are concerned about such time points is that the two companies are planning or preparing to go public.

The dazzling wealth effect and strict disclosure of information brought about by listing

How to adapt to the capital age

China has become the largest garment manufacturing base in the world after adjustment and changes in the global division of labor.

Whether domestic brands or fake foreign brands, they have the ability to compete with international brands in raw material supply, process production, product quality and service experience. What is missing is how to increase the added value of products and create lasting influence.

With the expansion of domestic demand and consumption upgrading, clothing and clothing industry directly benefits, and can maintain a good growth. All the capital has become more and more popular in this industry, becoming an important force to promote the pformation and upgrading of the garment industry.

In the past few years, dozens of garment enterprises have landed in the capital markets at home and abroad, and frequently made heavy news about capital markets: in 2007, BELLE listed in Hongkong, which surpassed Gome to become the largest Chinese retail stock in Hong Kong stock market. In 2008, the United States became the first listed clothing company to produce completely outsourced light assets. In 2010, it was founded in five or six years, with a record of 113 times earnings and a record of Shenzhen's small and medium plate.

Looking at the changes in the domestic capital market, with the introduction of small and medium sized boards and gem, the preparation of the international board and the new three board OTC market, China's multi-level capital market system has basically taken shape, and the system of issuing audit, corporate governance, information disclosure and investor protection has been continuously improved.

Although there are still many disappointments, compared with the demand and quota for the listing of Shanshan and YOUNGOR more than ten years ago, the listing of private enterprises in mainland China was difficult six or seven years ago. Lining and Anta could only choose overseas capital markets. Now the listing of private enterprises should be easier, with lower threshold, faster speed and higher pparency.

Therefore, adapting to the capital age requires at least two aspects: first, we must respect the rules, perfect the governance structure and standardize operation; we must not be lucky enough to avoid "going public"; two, we must comply with the direction of industrial pformation and upgrading in action, and we must meet the requirements of the development strategy, solve the problems we face and guide the development of our business.

Blind listing endangering

This year, six clothing companies are going to visit the capital market, three are not listed, three are listed, IPO is not Shandong Shu Lang, Shanghai Li Rui and Zhuhai Wiseman, completed the listing is Semir clothing, Busen shares and nine Mu Wang.

From the public information, the reason why the three enterprises were denied is that Shandong shundang is "not paying employees' social security", and the asset liability ratio is as high as 72%. Shanghai's "Li Bu Rui" is the annual "bonus money IPO". The fund-raising fund is invested in the technological pformation of the garment production line. Zhuhai's Wiseman is reported by someone, and the controller has failed in the early stage of investing in similar enterprises, but it has not disclosed in the prospectus, and there are significant matters missing.

Looking at the three listed companies, it is also a fly in the ointment: Semir apparel financing is about 4 billion 600 million, which is the "king of money" of garment enterprises, and has become the largest clothing company in the market of A shares. However, it broke down on the first day of listing, and now its share price has dropped by nearly 30% compared with the stock price.

In fact, Busen shares had already passed the meeting in July 2010. However, due to the flaws in the equity pfer before listing, it was ten months before the listing was completed. Due to miss the best opportunity, the amount of financing was only more than 300000000. The listing of the Nine Dragon Kings was the result of the family civil war and the disputes between the brothers and nephew, and the result was a 13.05% break on the first day of listing.

A careful analysis of the reasons why these enterprises are listed or not questioned is actually not complicated, and some errors even appear to be low. There are more or less the impulse to blindly go public, and some lucky ideas exist.

The mentality and behavior of such a "fight" or "gamble" can be fatal to an enterprise.

Even for listed companies, the market image, brand value and personal reputation of entrepreneurs will inevitably be affected. It may take a long time to digest.

Why can not we resolve it early and formulate effective capital strategy? Rather than blindly impulsive preparation for war, hurry up and go steady, so that we can walk steadily and steadily.

On the way to the capital market, a well prepared team is far more likely to win than unprepared or hastily challenged teams.

If you do not plan, you will not stand up. If you hold the dream and passion of listing and grasp the capital strategy, you can make your dream closer.

What is the capital strategy of clothing enterprises?

Nine systems of capital strategy

To put it simply, capital strategy is to maximize the value of capital, and integrate resources through investment, financing, listing, mergers and acquisitions, and asset restructuring, so as to enhance the value of enterprises and maximize the interests of shareholders.

For clothing enterprises, they are mainly embodied in nine aspects:

1, development direction VS industry status.

We can understand our position in the industry, not blindly seeking perfection, and keeping the lead in the field of subdivision.

2, business mode VS operation and management.

Business mode is the mode of making money. Mode innovation is the core of seeking value explanation based on enterprise level. Good mode must have good management support, no good management, and good mode will fail.

3, brand strategy VS market positioning.

Brand should be combined with product market positioning, meet the requirements of market segmentation, form differentiated features, and focus on limited resources to maximize brand value.

4, marketing channel VS value innovation.

Consumer goods have entered the era of "Wan Dian" and "Internet Era". The realization of value innovation focuses on the rapid response of the supply chain, and realizes the organic unification of information flow, logistics and capital flow through the supporting of warehousing and logistics.

5, product development VS technology capability.

The focus of research and development of garment enterprises is to design, enhance technological capabilities, increase the access threshold, help to lead the trend, set up a high-end image of the market, and gain greater added value.

6, financial situation VS development prospects.

Capital investment is a financial situation that is bad for a long time in the future, with long-term losses and no profits. It is not necessarily the object of investors to abandon. As long as there are bright prospects, rapid growth and standardized operation, investors are likely to be favored. The worst is "piecing together profits", excessive packaging and financial fraud.

7, corporate culture VS team building.

Successful enterprises always have commendable corporate culture. The team lacking core values can not withstand the enormous market pressure.

A good team is not necessarily a luxury team with returnees and high academic qualifications. Teams that only seek short-term benefits and "stir up" should not be successful.

It is possible to consolidate and strengthen corporate culture through management team shareholding, ESOP and other incentives.

8, mergers and acquisitions strategy VS resource allocation.

M & A is an important means to optimize the allocation of resources. Through mergers and acquisitions, it can quickly achieve brand internationalization, extend market channels and networks, thereby adjusting the relationship between international brand foundry and brand agency, extending to the high-end of the industrial chain.

9, enterprise value VS shareholders' interests.

Raising the value of enterprises and maximizing shareholder returns is the core of capital strategy, and it is necessary to balance all aspects of the relationship in the process of financing and listing.

Nowadays, more and more clothing enterprises have begun to realize the importance of capital strategy. Through the implementation of capital strategy, we can enhance the value of enterprises, maximize shareholder returns, conform to the value orientation of capital market, accurately grasp the trend and change of industrial development, and deeply understand the strengths, weaknesses, risks and opportunities in competition, and make rational positioning and systematic planning, which not only meet the requirements of financing listing, but also guide the actual operation.