The Fate Of 19 Textile And Garment Enterprises Queuing Up Is Uncertain.

This year, the A share market continued to rebound in the two level, so that the primary market is also agitated. Textile and garment enterprises IPO entered the blowout period in the past two months. According to the information disclosed by the Securities Regulatory Commission, as of March 20th, a total of 19 textile and garment enterprises in A shares were listed on line. This spring this year is very crowded.

"These listed companies are mostly small and medium-sized clothing brands, and they are listed on the market. The aim is to strengthen their channels as soon as possible, make the brand bigger and take a firm foothold in the fierce competition." Insiders said, "but I have to say that some enterprises do not have the core competitiveness of listing, lack of stamina for sustained growth of performance, and eventually become a small fish eaten. Enthusiasm alone seems to be difficult to impress the market and regulators."

　　 19 enterprises are queuing up IPO, medium and small board accounts for 80%.

According to the latest statistics of WIND information, as of March 20th, there were 19 textile and garment enterprises listed on the A stock market, of which 4 were listed on the main board, and the rest were SME boards.

Specifically, the 4 companies that have queued to list on the main board are:

Ningbo's textile enterprise, Bailong Oriental Limited by Share Ltd, has passed the trial meeting.

Located in Zhejiang, Zhejiang chemical fiber enterprise Zhejiang Fulda Limited by Share Ltd is currently in the "implementation of feedback."

Also in the implementation of feedback stage, there are Limited by Share Ltd, which is located in Fujian, which is mainly made of clothing and other fiber products.

Another listed company on the main board is Shanghai La Natsu Bell apparel Limited by Share Ltd, which is currently in the first instance, and the company is mainly in apparel retailing.

There are 15 companies listed on the SME board, of which 3 have been granted "quasi birth certificates", 8 are in the implementation of feedback, and 3 are still in the first instance. There are three enterprises in the first instance, including the Zhejiang new Australian textile Limited by Share Ltd, the main garment manufacturer, Vigna S fashion Limited by Share Ltd, the main manufacturer of leather, fur, feather products and Xuchang Hengyuan hair products Limited by Share Ltd.

From the geographical perspective of the listed enterprises, Jiangsu and Zhejiang are the most concentrated, with 5 enterprises and 6 enterprises queuing up IPO, 4 in Fujian, and two enterprises in Guangdong are going to be listed; Shanghai and Henan are all queuing up for IPO.

　 IPO passing rate is only 45%.

Frequent rejection.

In 2011, IPO's textile and garment enterprises were everywhere. For example, the ladies' house is uncertain whether the market prospect and profitability of the investment projects are uncertain; the Japanese brand UNIQLO agent, Shanghai Li Rui, main business gross margin and sales net interest rate are obviously higher than the same industry level, but there is no reasonable explanation; Vigna's two year "breakthrough" last year will be the first time because of the inventory turnover problem.

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%. According to the insiders, the threshold of the garment industry itself is relatively low, and many companies do not have the core competitiveness of listing, and lack of stamina for sustained growth in performance. In addition, the core competitiveness of brand clothing is more soft power, it is difficult to fully reflect the operational data, which also gives regulators the difficulty of judging its value.

Industry analysts believe that in the next 3~5 years, the garment industry will enter a very fast growth stage, and the competition among companies will also be strengthened. If there is a lack of technology and a weak operating condition, there will be no strong breakthroughs in the performance, and in the end, it will become a supporting actor in the marginalized industry.

"In view of the fact that the development of China's clothing brand is still in its infancy, regulators and investors should be very cautious when considering new listed companies, so as to pick out companies that are really strong." According to the analysis of the industry, "clothing belongs to fast moving consumer goods, so there are many franchisees and dealers. There will be a problem of inventory measurement and sales income measurement, and it is also easy to manipulate inventory and income. These are the main reasons for IPO's failure.

　　 3 small and medium sized panels to be listed companies

The "quasi birth certificate" has been obtained.

Of the companies listed on the SME board, 3 have been granted "quasi birth certificates", namely, Hai Lan home dress Limited by Share Ltd, Guangzhou CAMDI Road clothing Limited by Share Ltd, Zhejiang Georges white dress Limited by Share Ltd, the former two main retail businesses, and the latter are the leading products of the production and sale of high-end men's clothing series. A company that has passed the trial meeting, and Xingye leather Polytron Technologies Inc has passed the trial meeting. The company is a leading enterprise in China's leather industry and a hundred key industrial enterprises in Fujian.

Hai Lan home dress Limited by Share Ltd intends to issue 49 million shares, after the issuance of the total share capital of 489 million shares, intends to raise funds 1 billion 63 million yuan. The company's biggest bright spot is "not bad money". From the perspective of cash flow, under the current management mode of Hai Lan's home, the procurement link is funded by suppliers, and the sales link returns faster. The franchisee also pays a certain margin to the company, and the company has ample cash flow. Moreover, as the scale of operation continues to expand, the company's Monetary Fund will continue to increase. At the end of 2009, at the end of 2010 and the end of 2011, the company's monetary fund balances were 744 million 949 thousand and 400 yuan, 1 billion 193 million 5 thousand and 400 yuan and 1 billion 650 million 34 thousand and 100 yuan respectively.

The Limited by Share Ltd has 25 million shares, which account for 25% of the total share capital issued, and 100 million shares of the total capital stock after the issue. The fund will be raised by 380 million yuan. The biggest bright spot of the company is the good growth performance. Since 2008, the annual compound growth rate of the company's main business revenue is 47.04%. In 2009 ~2011, the company's operating income was 248 million 910 thousand and 500 yuan, 337 million 67 thousand and 600 yuan and 461 million 468 thousand and 700 yuan respectively.

Georges white dress Limited by Share Ltd intends to issue 24 million 650 thousand shares, accounting for 25.01% of the total share capital issued after the issue, with a total share capital of 98 million 570 thousand shares and 419 million yuan of funds raised. The company's biggest bright spot is its unique professional clothing marketing center to bring efficient market development capabilities. As of December 31, 2011, the company has 13 direct marketing business centers and 6 agents, which are distributed in 18 provinces, municipalities and autonomous regions. The perfect sales network provides strong support for the rapid growth of the company's professional wear business.

　 Nine Mu Wang listing is sought after by institutions

The most obvious example effect.

For those listed companies, the rejection of IPO is a mirror, and the listed companies are an example. The author found that in 2010, there were only 3 out of 19 listed textile and apparel companies listed in the market, including nine shepherd kings, Jihua Group and Jie Jie stock company. At the end of May, the nine king of the listed company, which was listed on the market at the end of May, has been sought after by the market because of its strong performance, and it has become a model for the listed companies.

The nine shepherd listed in May 30, 2011 is a typical example of steady growth. In the third quarter of 2010, the net profit of the owners of the parent company was 88 million 971 thousand and 800 yuan. In the fourth quarter of 2010, the figure reached 106 million 72 thousand and 500 yuan, a 19.22% increase compared with the third quarter of last year. The net profit of the parent company was 125 million 966 thousand and 100 yuan, up 41.58% over the same period last year.

The steady growth of performance has led institutions to scramble for it. In 2011, the three quarterly report revealed that among the top ten tradable shareholders, 9 funds and 1 social security holders had 45 million 820 thousand shares, of which 109 of the 109 social security funds held 3 million 50 thousand shares, representing a 1 million 990 thousand percentage increase over the previous period. The number of shareholders decreased by 70.97% compared with the previous period, and the concentration of chips increased.

The latest research bulletin issued by Dongxing securities in March 20th shows that the development of the nine herd king has established its own brand recognition and influence in the men's wear market so far. As long as the company continues its current positioning and strategy and performs steadily, its future development is worth continuing to be optimistic. The operation of the company is steady, and the men's clothing industry is relatively stable because of the consumption characteristics and stickiness of the target consumer groups. The risk is smaller than other categories, and the future performance growth can be more effective. The company expects earnings per share of 2011~2013 to be 0.88, 1.16 and 1.47 yuan respectively, and the current price earnings ratio corresponding to 2012 is 20 times, so as to maintain the "highly recommended" rating.

The author also noted that the king of the United Kingdom intends to implement the dual equity incentive scheme of stock options and restricted stock, which has stabilized the company team, and has protected the interests of the company employees. To some extent, the nature of "welfare" is more obvious. For apparel enterprises, management team stability is very important, especially after the company's large scale, stable and sustainable management team can ensure the long-term development of the company. This is also an important aspect for the listed companies to learn.