Shoes And Clothing Enterprises At The End Of The Year IPO

According to the announcement of the SFC, Jordan sporting goods Co., Ltd., which was held in November 25, 2011, intends to issue 112 million 500 thousand shares. With the successful listing of Hong Kong International, dynamic group, as well as the ongoing AOKANG With the coming of the end of the year, many shoe companies have made substantial progress in the capital market.

What is "going to market" at the end of the year?

IPO has always been an unbearable burden for the A share market, but the last bus was crowded at the end of the year. company It continued to follow. Even in November, 7 companies came to IPO on the same day, including Jordan sporting goods Co., Ltd. from Quanzhou, Fujian. In the face of the fact that 7 companies are disclosing the draft on the same day, what are the doubts of the market? Is this coincidence or deeper reason?

According to some investment bank sources, the Commission released the urge not long ago. list The signal of the company's dividend is more clearly expressed by the responsible person, starting from the initial public offering stock, and refining the return rule, dividend policy and bonus plan in the company's prospectus, and as a major matter to prompt. Against this background, a group of enterprises that are about to disclose the draft have been "slowed down" for a while, and began to study and formulate plans for future dividends, and then conduct pre disclosure.

In the 7 declarations disclosed in November 21st, there was a clear dividend plan after the listing. The average standard is probably "the profit allocated in cash every year is no less than 10% of the profit allocated in the year".

In addition, a person who has repeatedly participated in the operation of IPO disclosed that "there is another reason why many enterprises are going to be listed this year". If the relevant enterprises fail to successfully enter the market and successfully go public this year, it will be very troublesome until 2012.

He explained that until next year, whether it is to be listed companies, sponsor agencies, accounting firms and other parties will face huge new jobs, such as the time may need to hand over the 2011 performance data, and a lot of work even need to push back. At the same time, there may be more policies to deal with new IPO in the future. The listed companies do not want to face such uncertainty. Therefore, as far as possible this year, the success of breaking through has become a common expectation of a large number of listed companies.

Li Jiaqing, managing director of Lenovo investment, said that the key reason for the concentrated listing of enterprises is that the shoe and clothing industry is a trillion market in China. However, the real brand size is still very small. In the next 3-5 years, the industry will enter a very fast growth stage, and will concentrate on large enterprises. Therefore, for many small and medium-sized shoe and clothing enterprises, these years are very important. If there is not enough resources, including funds, it will probably be eliminated.

Mainland listed, Jordan sports do not take the unusual road

Unlike Lining, Anta, 361 degrees, and other domestic sporting goods providers, most of them choose to go public in Hongkong. Jordan sports chose mainland listing. According to the announcement of the SFC, Jordan sporting goods Co., Ltd. had been meeting in November 25th, and intends to issue 112 million 500 thousand shares. Once successful, A shares will become the first real sense of sports stocks.

"Listing in Hongkong has three advantages: it is easier to be approved, more international and investors are more enthusiastic." Lining former executive Zhang Xiaoyan said.

Since there are so many advantages, why do Jordan sports choose mainland listing? Jordan sports secretaries replied that their current goal is to do well in the domestic market. The main purpose of their listing and financing is product development, capacity transformation, information technology and expansion of strategic stores.

"First, our market is at home, and our future development is also at home. So we consider listing in China. Financing is secondary, mainly for future development more standardized. In the same industry, we are at medium level. So we hope to make the company bigger and stronger by going public.

Previously, only one sport related company in the A share market was called the China sports industry (600158), but the company's main business is real estate. CEO Zhang Ning, a key sports consultancy company, believes that "China's capital market is more and more concerned about the sporting goods industry, so Jordan has more competitive advantages in focusing on the domestic market."

50% behind the rate of being denied

At the same time that many companies are going to "go to market", IPO has been the pain of many enterprises. According to statistics, from January 1, 2011 to November 11th, the SFC audited 283 companies' IPO, of which 219 were approved, accounting for 77.39%, and 54 did not pass, accounting for 19.08%. But rough calculation, so far this year, the footwear wear industry's IPO pass rate is only about 50%.

What is the signal of IPO's succession? A sponsor representative said that now the SFC has raised the listing requirements for shoes and clothing enterprises.

Li Jiaqing, managing director of Lenovo's investment, said: "this has nothing to do with" shoes and clothes "and should be related to" chain ". He said," for any retail chain of consumer brands listed, its authenticity, standardization and profitability will be more and more concerned. The barriers and barriers to listing will also be higher and higher, and the requirements of regulators in this regard are much higher than that of Hongkong and the United States. "

It has been reported that in April and June this year, the relevant supervisors were focusing on chain operation enterprises at the two sponsor training sessions, and the sponsors not only focused on the top 5 customers, but also investigated more than 80% customers in the due diligence by means of information system. For franchisees of such enterprises, sponsor agencies are required to check every franchisee as much as possible and pay close attention to their sustainability.

However, Xu Hao, President and partner of Kate capital, believes that "there are more problems in the profitability of enterprises, competitiveness and future trends."

Get rid of it and make the manufacturing industry play a leading role.

According to statistics, a total of 633 listed companies have issued a reduction announcement this year, with a cash amount of 94 billion 100 million yuan. On average, 289 million yuan a day flows out of the capital market. Of the 633 companies, 402 from the manufacturing sector are the main force in the reduction. In the footwear listed companies, shoes Wang Baili stabilized in the market in September 7th this year and the brokerage firms sang well. Chairman Deng Yao and management took advantage of the high position allotment of 285 million shares and cash nearly 4 billion 500 million yuan.

The reason for the reduction of most companies is that the market is considered to be the expiration of the lifting of the ban shares, while some analysts believe that such a reduction is due to the need for the development of shareholders of various institutions, and is not directly related to the performance of listed companies.

Some experts say that the proportion of manufacturing enterprises in China's SMEs is relatively large, while the manufacturing industry has a strong cyclical sensitivity, and the lack of brand advantage in manufacturing enterprises and the mobility of executives are relatively large. Therefore, the frequency of cash holdings in manufacturing industry is higher than that in other industries.

This year, under the macroeconomic regulation and control policy implemented by the state, and continuously tightening the influence of the money market, many enterprises are unable to guarantee liquidity loans. Most of the listed companies are forced to use the two level market to reduce their holdings to obtain capital.

On the other hand, according to WIND statistics, a total of 105 GEM companies have reduced their stock holdings since the beginning of this year. In the four quarter, 59 GEM companies issued a notice of shareholder reduction, and the reduction of shareholders in GEM companies accelerated. Of these 59 GEM companies, there were 8 companies listed on GEM, and 25 GEM companies were listed last year. In the footwear industry, Pathfinder received a notice from Shanghai Li Ding Cci Capital Ltd to reduce 2 million 600 thousand shares in January this year.

In this regard, Yang Wenliu, a consultant of IPO, a consultant of China investment consulting, said that the reasons for the reduction of Listed Companies in small and medium-sized sectors are more complicated. There are two reasons for the relatively direct reasons. On the one hand, investment institutions and individual investors account for more. The phenomenon of obtaining profits from listing by SMEs is more common. In the period of market fluctuation, this part of investment capital reduction is the inevitable result of market regulation; on the other hand, enterprises with larger operating performance tend to concentrate on small and medium enterprises and entrepreneurial sectors.

Conclusion:

Although some people are happy and sad, they still can not resist the enthusiasm of the shoe and clothing enterprises. In the future, more and more shoe and clothing enterprises will go to the road of listing. We also hope that in the coming year, more and more shoe companies will be able to interpret new brilliance for us in the competition of capital market.