Haillan's Family's Rapid Expansion Is Behind Suspicion Of Illegal Fund-Raising.

Hai Lan's home is a company that specializes in men's wear shops. If we only look at the number of stores, the development of Hai Lan's home can be described as "explosive growth" in recent years. According to the prospectus, the company only spent nearly two years from 655 stores in late 2009 to 1919 stores in 2011. All of this is attributed to the "light assets" brand model created by Zhou Jianping, the real controller of Hai Lan. So, what kind of model is this? Why can we achieve rapid expansion in a short time? The reporter launched an investigation on this issue.

　　 Business model is suspected of illegal fund-raising.

And ordinary Franchised store Different, the store of Hai Lan's home is more like a kind of " Direct shop " Because franchisees do not need to participate in the specific operation of franchisees, all the internal management of all stores is responsible for the home of Hai Lan. In this franchise mode, even if the franchisee has no experience in the clothing industry, it has nothing to do with it. Hai Lanjia business development department staff told reporters that franchisees need to pay 2 million yuan, of which 1 million yuan as a deposit to Hai Lan's home, the remaining 1 million used to pay rent, decoration, labor and start-up funds. In this way, we can have a store of Hai Lan's home. In addition, as long as franchisees pay 60 thousand yuan management fee each year, the company can guarantee franchisee's pre tax profit of 1 million yuan, but the company only protects the bottom line of losses.

Wang Tengfeng, director of Shenzhen Zhiming law firm, believes that this behavior seems to be an innovation model, but the process may involve violations of financial market regulation. Because no one can guarantee the risk of operation, and the operator will take the 1 million deposit to entice investors, which has violated the financial lending policy and the lending policy of the banking industry. This is a disguised lending behavior that interferes with China's financial order and is suspected of illegal operation and illegal fund-raising. If there are problems in the capital chain of Hai Lan's home, then franchisees are facing huge risks.

When the reporter called Hai Lan's home to inquire about the security of the 1 million deposit, Liu manager of Southern China Development Department of Hai Lan House vowed that the company would sign a contract with the franchisee to ensure the risk. However, he also said that banks also had risks, so this could not be called a completely risk-free investment. The staff of the business development department of Hai Lan home, who was very impatient with the reporter's inquiry, repeatedly stressed: "the company can't lose money. The company has nearly 2000 franchisees. How can a big company lose money?"

Although in the telephone communication, the relevant staff of Hai Lan home continue to use the vocabulary such as "listing", "affirmation", "signing a contract" to guarantee journalists, but from a legal point of view, these are not enough to constitute a substantive guarantee. Wang Tengfeng lawyers believe that written and oral guarantees are subjective and not objective. If the essence is a kind of interference in financial policy and order, the legal validity of the contract is open to question. In addition, if a few years later, the operation is not good enough, it means that thousands of franchisees can not return the deposit. This innovation mode has great risks in law.

　　 Profit guarantee is nominal.

According to the disclosure of the prospectus, by the end of 2011, the company's assets and liabilities ratio was as high as 82%, and its total liabilities amounted to 5 billion 600 million yuan. Among them, 3 billion 700 million yuan is the supplier's loan, and the other 1 billion 500 million is the margin of the franchisee.

Apart from the legal risks, there are huge financial risks under the attractive conditions of joining.

For franchisees, the investment of 2 million yuan, 1 million yuan deposit is equivalent to the occupation cost of capital, plus the opportunity cost of 1 million yuan, 5 years later, it can ensure 1 million of the pre tax profit. After calculation, this is equivalent to only 20% of the annual income. If we re calculate the annual management fee of 60 thousand yuan, then the actual pre tax annualized yield is only 14%. This rate of return is very general. And if Hai Lan's home is because Capital chain If there are problems in the operation of the problem companies, then the franchisees are facing the loss of their blood.

Tang Wensheng, a financial commentator of Shenzhen TV, said that the promise of return is essentially a loan relationship, and the agreement signed by the Hai Lan family and the franchisee is strictly speaking, not a franchise agreement, but a loan agreement. In the process, the company does not have any form of mortgage, which is more risky than the general loan agreement. In the process of joining the company, advocating its upcoming listing, including the overwhelming advertising, is essentially a variety of ways to confuse franchisees, so that they believe in the strength of the company itself and join in the fund-raising game.

Zhu Yanfeng, a financial commentator of Shenzhen TV station, said that the mode of Hai Lan's home is more like a fund-raising game in essence. In addition, the company's pre tax rate is not high, in fact, is worried about companies touting usury and illegal fund-raising a high voltage line. It is obvious that Hai Lanjia's such a way of collecting funds in the name of franchising and undertaking five years of investment and reporting is a pseudo franchise fund operation mode. Although it is somewhat vague and confusing, it is indisputable and irregularities to identify it as a fund-raising activity in business activities.

　　 Calls for strict supervision

Generally speaking, garment enterprises can be divided into two types: franchise and direct operation. The franchisee mode is mainly invested in brand publicity, and the overall input is relatively low. Most garment enterprises use this mode in the initial stage of development. However, this mode is easy to generate irregular behavior in the actual operation process, mainly reflected in two aspects of business income determination and inventory, and these two aspects of operation space are relatively large, it is easy to appear false and excessive packaging, so the regulators are very cautious about these two data.

Zhu Yanfeng, a financial commentator of Shenzhen TV station, appealed to Hai Lan's home to pay attention to the two aspects of business income determination and inventory. It should also pay attention to the authenticity and compliance of all parties' capital commitments and transactions, as well as the authenticity, operability, enforceability of the supplier agreement, the high inventory level, and the calculation of the price depreciation.