Textile And Garment Industry Refinancing "Lovelorn 33"

Statistics show that 24 textile and garment listed companies have not paid dividends in three years, and 9 share profits are below 30%.

Among them, 4 companies do not share dividends, and they also want to mislead shareholders.

In the textile and garment industry, nearly half of the 33 listed companies are facing the embarrassment of unauthorized refinancing.

By the end of 2, the 2011 Annual Report of listed companies was in full swing. The market's hesitation made investors pay more attention to the more reasonable cash dividends.

In addition, the China Securities Regulatory Commission recently reiterated in its announcement that listed companies should improve dividend policies and actively repay shareholders, which will make annual reports of listed companies.

What is particularly noteworthy is that the listed companies can not refinance for three years without dividends or Dividends account for less than 30% of the profits. In the textile and garment industry, nearly 33 of the listed companies are facing the embarrassment of no right refinancing.

For the reasons why the listed companies do not pay dividends, many companies have made it clear that due to the increased demand for capital in the future, they do not make dividend distribution in order to protect the company's long-term development.

In fact, in the listed companies that are not paying dividends all the year round, the reasons for the non dividend are different. Some companies choose to make more profit management team incentives, but for those listed companies which are actually not bad money, the lack of responsibility is a return to shareholders' responsibility.

"Cash dividends" inspection time!

Of the 24 listed companies that did not pay dividends in three years, 18 were listed before 2007, and 15 companies had not paid dividends for 5 consecutive years.

The sponsor has confirmed that the specific standards for the dividend issue have not been issued, but the "window guidance" for the relevant approving enterprises is already in progress.

Public information shows that, in order to curb the bad habit of listed companies only collecting money and not paying dividends, the CSRC issued the decision on Revising Certain Provisions on cash dividends of listed companies as early as October 2008 (hereinafter referred to as "cash dividend regulations").

According to the regulations, one of the conditions for public issuance of listed companies (including issuance, rights issue and convertible bonds) is to comply with the "accumulated profits allocated in cash in the past three years, not less than thirty percent of the annual average distributable profits realized in the past three years".

According to this provision, the accumulated profit distribution in cash in the past three years is less than that achieved in the last three years.

In the textile and garment industry, according to the latest statistics of Wind, 24 companies in the 72 listed companies have not paid dividends in the past three years, while 9 companies have paid dividends, but the share of dividends has accounted for less than 30% of the company's profits.

That is to say, a total of 33 textile and clothing listed companies, which account for nearly half of the total, do not have the right to refinance this year.

We noticed that 18 of the 24 listed companies that did not pay dividends in three years were listed before 2007, and 15 companies had not paid dividends for 5 consecutive years.

It is worth noting that in October 2008, the issuance of cash dividends by the SFC was not subject to this restriction.

But there are signs that the new deal of the SFC's dividend has been pushed from the IPO of the listed company to the refinancing area including listed companies.

At the same time, the author has confirmed from the sponsor's office that the specific standard of the company's dividend issue has not been issued, but the "window guidance" for the relevant approving enterprises is already in progress.

"This means that from 2012 onwards, it is likely that the refinancing activities, including fixed increase, will be linked to the dividend situation of enterprises."

A senior sponsor said.

"People who do not share a bonus and want to circle money" have their own thoughts

It is puzzling that many listed companies that propose refinancing schemes do not meet the refinancing requirement of dividend ratio.

Analysts say that while the domestic stock market is paying more and more attention to information disclosure, regulators should also take coercive measures against listed companies' violation of bonus regulations and relate to the executive pay evaluation system.

Cashmere industry: less sales and fewer cash sales

The company has only paid dividends since 2004. In 2010 annual report, the "cash dividend scheme of 0.6 yuan (pre tax) per 10 shares" was launched. The total dividend amount was 16 million 680 thousand yuan in the year, and the cumulative dividends in three years accounted for 28.82%, and still did not reach 30% of the red line.

However, the company announced in November 24, 2011 that it intends to distribute 10 shares to no more than 3 shares, with a total of no more than 166 million 800 thousand shares, and the net amount of the allotment of shares will not exceed 650 million yuan.

Sales of yarn and cashmere products increased over the previous year.

In 2011, the three quarterly bulletin disclosed that among the top ten tradable shareholders, the new Ping An trust product had 27 million 620 thousand shares, and the new Xinhua life insurance product had 2 million 480 thousand shares, while the private placement company had withdrawn from the top ten.

The number of shareholders decreased by 2.75% over the previous period.

Deep textile A: assets grew steadily

The company has not paid dividends in the past three years.

The announcement of February 11, 2012 is that no more than 170 million shares will be issued in the private sector of not less than 8.80 yuan / share, and the total amount of this fund-raising will not exceed 1 billion 470 million yuan.

Shenzhen's controlled share subscription shall not be pferred within 36 months, and the shares subscribed by other specific objects shall not be pferred within 12 months.

In January 10, 2012, it disclosed a performance bulletin, a net profit of 51 million 590 thousand yuan in 2011, a steady growth in asset size, improved interest rates and effective cost control. The total profit is expected to grow by 34.6% over the same period last year.

In 2011, the three quarterly report revealed that the total number of shareholders continued to decrease. The top 10 largest tradable shareholders, China Securities Limited, lighten 100 thousand shares to 47 million 880 thousand shares, while another social security held 33 million 840 thousand shares.

Tianshan Textile: Pondering over non-public offering

Tianshan textile is also playing the idea of no dividend.

According to public information, Tianshan textile has not carried out a cash delivery in the past three years, but in March 18, 2011 it proposed a non-public offering. The estimated amount of money raising is about 2 billion 800 million yuan.

On July 12, 2011, the general meeting of shareholders agreed to extend the resolution of the A shares of non-public offering for one year.

In the first three quarters of last year, its earnings per share were -0.02 yuan, and its main revenue and net profit increased by 3.91% and -226.86% respectively.

The purchase of raw materials increased and raw material prices rose. In the first three quarters of 2011, inventories were 280 million 640 thousand yuan, an increase of 30.67% over the previous period.

In 2011, the three quarterly report revealed that among the top ten tradable shareholders, the new Guoxin Securities held 3 million 30 thousand shares, the number of shareholders decreased by 12.58% compared with the previous period, and the chips were more concentrated than the previous period.

ST Xinlong: business losses are still presumed to be issued.

ST Xin long is also doubtful in this regard.

Dividends have never been made since 2002.

In October 13, 2011, the company announced that it was not less than 4.48 yuan / share, but not more than 121 million shares, and the net amount of raising funds should not exceed 520 million yuan to invest in two projects and repay loans.

Although the private placement has not yet been formally linked to dividends, the ten years of no dividend also want to refinance.

The company expects net profit of -1600 million in 2011 (2 million 958 thousand and 200 yuan a year), up from profit to loss.

In 2011, the three quarterly report revealed that the top ten circulation shareholders had no funds, social security, QFII and other related institutions. The number of shareholders increased by 4.93% over the previous period, and the chips were more concentrated.

Some analysts said that in the international mature stock market, the dividend policy of listed companies is pparent, coherent and stable, and it is announced to investors in advance that the listed companies who do not pay attention to shareholders' returns will be abandoned by investors.

While the domestic stock market is paying more and more attention to information disclosure, regulators should also take coercive measures against the relevant provisions of the listed companies' violation of dividends, and link them with the executive pay evaluation system to fundamentally protect the interests of investors.