Garment Enterprise IPO Enters Blowout Period

Data show that in 2011, clothing enterprises became the hardest hit area of A shares IPO, and 11 clothing companies applied for IPO, and 6 were not eligible, and the rate was 45%.

Garment enterprises IPO seems to have entered a "blowout period".

According to the information disclosed by the SFC, as of March 8th, there were 8 garment enterprises listed on the A stock board.

In the 8 garment companies that have been queued up, they are Zhejiang Georges white dress, Jiangsu AB group, Jiangsu cloud bat dress, Ningbo Kaixin dress, noble bird, Shanghai La Natsu Bell dress, Hai Lan home dress and Wenger.

Among them, La Natsu Bell and Vigna S are in the initial stage of trial, Hai Lan home and George White have been pre disclosure, and the remaining 4 are waiting for feedback.

Industry insiders believe that in the next 3-5 years,

Taking Hai Lan home as an example, the reporter learned from the interview that the company is in the bottleneck stage of brand development.

Hai Lan's sales channels are mainly franchisees. At present, there are only 2 direct outlets, and all the production is outsourced to suppliers. The focus of the company's operation is on brand operation, product design and supply chain management.

However, with the rapid expansion of early channels, franchisees' management problems are becoming increasingly prominent.

Hai Lan's home has disclosed the number of new stores opened in the past 3 years and the number of shops closed in the prospectus.

Reporter comparison found that from 2009 to 2011 3 years, the number of closed shop and the number of new stores were 3.89%, 6.16% and 5.02%, showing an upward trend.

According to the data disclosed, the unit area efficiency and overall sales volume of franchised stores in the past 3 years have been increasing continuously. However, the average annual growth rate of single store sales in 2010 and 2011 is 14.19% and 9.04% respectively over the previous year, showing a downward trend.

Some industry analysts believe that the embarrassment faced by Hai Lan's home is not a single phenomenon, and many garment enterprises are like this.

Private equity has entered

Hai Lan's home Prospectus has announced the list of the 8 shareholders of the company.

Among them, Guoxing group has attracted much attention due to its parent company related to Temasek.

Reporter statistics found that Temasek controlled the 25% stake of China Star Group through partnership fund, while the star group owns 9% of the Hai Lan home. According to the 440 million share capital of Hai Lan's home, Temasek is equal to 9 million 900 thousand shares indirectly.

Similarly, La Natsu Bell, who was listed in the queue, introduced Lenovo investment in the second round of financing in November 2010.

In addition, the 4 listed companies, including Jiuding, Bridge Fu Kai, de Rui Heng Feng and long Bo, invested in the PE in 2010.

Last year, the ladies house was also seen as an institutional investor.

For private equity, investing in garment enterprises seems to be a trend.

Zhang Yanan, an analyst at Qing Ke research center, said: "private equity investment and venture capital are different. They pay more attention to the exit channels of investment, preferably IPO.

PE is not picky eaters. "

Zhang Yanan said humorously.

Encounter value embarrassment

In 2011, IPO's clothing enterprises were everywhere.

After combing the reporter, she found that she had raised investment projects.

Garment enterprises IPO repeatedly rejected, in the two tier market, textile and clothing plate trend is also facing embarrassment.

Haitong Securities (quotes, information) industry tracking report shows that in the past 3 months, the trend of textile and garment sector is weaker than the market.

Haitong Securities textile and garment industry assistant analyst Yang Yijuan told reporters, "as a traditional consumer plate, the overall advantage of clothing enterprises is strong resistance in bear market, but correspondingly, in the economic boom stage, such enterprises will not increase too much than the cyclical plate."

A senior investor interviewed by reporters also said, "textile and clothing stocks are difficult to have hype themes, and they feel very tasteless. Regulators should sell less stocks.

If I invest for a long time, I will choose more stable financial stocks. "

Generally speaking, the clothing industry is a typical consumer traditional industry with relatively low technical content. Even if the company is in good condition, its performance will hardly have a strong breakthrough.

Yang Yijuan believes that "the same type of listed companies abroad will encounter two bottlenecks in the development of sub brands, expand product lines and other means of operation. In the two development process, their stock prices will also increase significantly.

Therefore, the investment value of clothing listed companies can not be totally negated.

However, due to the relatively low entry threshold of clothing enterprises, the development of Chinese clothing (quotes, information) brands is still in the embryonic stage. Regulators and investors should be very cautious when considering new listed companies, so as to pick out companies that are really strong.