AOKANG's Listing

On April 27th, after a long wait for 7 months, AOKANG international finally entered the market in April 26th.

As the first shoe company to sprint capital market in Wenzhou, AOKANG international has already passed the meeting as early as September 23, 2011. According to the normal rhythm, the company's shares can be issued within the year. However, it was reported by a local competitor. AOKANG International The listing date was postponed.

In April 19th, AOKANG International announced the online purchase application on the day. Its online success rate reached 15.31% (the winning rate of the people's network in the same day was 1.5%), setting a new high in the success rate of A shares this year. At least from the enthusiasm of investors, the 25.50 yuan / share issue of AOKANG international is not favored by investors.

AOKANG international is called Zhejiang. AOKANG shoe industry Limited by Share Ltd is located in Ou Bei Town, Yongjia, Wenzhou. AOKANG, which does not have the word "international" in the company name, has obtained the "AOKANG international" securities code, which is rare in China's capital market.

The key survey report of consumer goods released by China Industrial Enterprise Information Publishing Center (CIIIC) shows that AOKANG international is in 2010 Men's shoes Market The occupancy rate is second (the first is the sum). But in public, including online roadshows, AOKANG called itself the NO.1. of men's shoes in China.

According to the prospectus, as of December 31, 2011, AOKANG international has 4512 outlets throughout the country, including 477 outlets and 4035 outlets. Reporter survey found that perhaps in order to sprint scale, in some cities, AOKANG has appeared on a street to open several stores. Some netizens in Shanghai have reported that some stores have quietly closed after AOKANG international IPO conference.

　 The founder of AOKANG and red dragonfly went their separate ways.

and AOKANG International similar, in recent years, Wenzhou enterprises. list Almost no exception has been reported by peers. Including Semir clothing listed last year, Wenzhou Hongfeng listed this year, and so on.

Including AOKANG international, many enterprises in Wenzhou have been avoiding tax evasion and tax evasion in the past. Such purchases and sales activities only include receipts but not invoices. This has become one of the most important problems that many Wenzhou enterprises have to rush to clear and solve.

In 2010, Wenzhou has Kangle enterprises and Wenzhou Rui enterprises. It is said that the relevant departments in Wenzhou have taken care of the parties and will not be reported again in the future. I wonder if it is related to this. The Wenzhou business card companies such as golden card, high tech and George White did not appear to be reported by peers this year.

In the capital province of Zhejiang, Wenzhou currently has only 10 A share listed companies, and is in the fourth place in Zhejiang. In these companies, AOKANG International's listing is the most difficult way.

Wang Zhentao, the actual controller of AOKANG international, was born in 1965, thousands of stone village people in Ou Bei Town, Yongjia county. He has many visas to and from Spain. In 2011, the Wenzhou Federation of industry and commerce was elected chairman of the Wenzhou Federation of industry and Commerce in Wang Zhentao. In February this year, Wang Zhentao was elected vice chairman of the CPPCC in Wenzhou. Because he often appears in public wearing Wang Zhentao's trousers, Wenzhou is dubbed "strap brother".

The listed AOKANG international is mainly sponsored by AOKANG group. AOKANG group, formerly known as the Yongjia county Huang Tian Olin shoe factory, was founded in July 1989. It was invested by Wang Zhentao, Qian Jin Bo and Li Qize for 10 thousand yuan respectively. Among them, Qian Jin Bo is Wang Zhentao's wife, Lin Liqin's uncle. Qian Jinbo was born in 1964. Although he is one generation older than Wang Zhentao, he is only one year older than Wang.

In September 1991, the Yongjia Huang Tian Olin shoe factory was renamed Yongjia Olin shoe factory.

In January 1995, Qian Jin Bo transferred all his contribution to Yongjia Olin shoe factory to Wang Zhentao. Wang Zhentao and Jin Bo worked together for 6 years.

After leaving Yongjia Olin shoe factory, Qian Jin Bo founded Zhejiang Red Dragonfly shoe Limited by Share Ltd in Ou Bei town. After years of development, the red dragonfly has become the top ten Chinese footwear industry, and has now entered the key node of the listing.

Taking the Olin shoe factory as the main body, in March 1995, Wenzhou AOKANG Group Co., Ltd. was established, and it was renamed as "Zhejiang AOKANG Group Co., Ltd." after 2 years.

In July 2001, AOKANG group, Wang Zhentao and his family members Wang Jinquan, Miu Yanshu and Pan Changzhong jointly launched the establishment of AOKANG shares and began to plan for listing. In 2007, AOKANG international started to launch the listing process. Initially it was going to be listed in Hongkong. Since then, the domestic A shares have thrived, and AOKANG international has chosen to sprint A shares.

In 2009, Guoxin Securities entered AOKANG international, and AOKANG began to enter the listing guidance period. In 2010, AOKANG international was recognized as a high-tech enterprise in Zhejiang province. It was found to be valid for 3 years, and the income tax rate dropped from 25% to 15%. And a shoe company can become a high-tech enterprise, which has been widely debated in the industry.

In June 2010, Hongling venture capital and Chang Ting venture invested 100 million yuan and 50 million yuan in PE respectively, and became the fourth and seventh largest shareholders of AOKANG international.

At present, AOKANG has 63.83% stake in AOKANG international, while Wang Zhentao holds 90% of AOKANG's investment, and directly owns 18.70% of the company's shares, which directly and indirectly owns 76.15% of AOKANG international. According to the issue price, Wang Zhentao's personal wealth will reach 6 billion 200 million yuan after AOKANG's international listing.

From the perspective of ownership structure, AOKANG international is the most typical family business in Wenzhou. Apart from the two PE, 100% of the remaining shares are in the hands of Wang Zhentao family members. Among them, AOKANG international controlling shareholder AOKANG investment shareholder Wang Chen is Wang Zhentao's son, the company's natural person shareholder Wang Jinquan is Wang Zhentao's younger brother, Miu Yanshu is Wang Zhentao's uncle, Pan Changzhong is the brother-in-law of the Pan Changzhong. {page_break}

　 46 million 830 thousand yuan listed reward mystery

In Yongjia, Wenzhou, AOKANG is undoubtedly the most famous and influential enterprise. In order to support AOKANG's international listing, we can spare no effort.

According to the prospectus, the operating income of AOKANG international was 2 million 813 thousand and 500 yuan in 2009, 8 million 639 thousand and 600 yuan in 2010, and 62 million 928 thousand yuan in 2011. What is fishy is whether it is a slip of the pen or any reason. In the prospectus, the total income in 2011 is only 6 million 292 thousand and 900 yuan, only 1/10 of the real data.

The 62 million 928 thousand yuan extra income is a large figure for a company with a net profit of only 400 million yuan. Reporters found that among them, the government subsidies accounted for 55 million 653 thousand and 300 yuan, including other suppliers, including a fine of 6 million 125 thousand yuan (330 thousand yuan and 910 thousand yuan in the previous two years), which is alleged to be a fine for the supplier's delay in delivery and a penalty for non-compliance with the technology. The disposal of fixed assets earned 40 thousand yuan and the other 1 million 110 thousand and 800 yuan.

In 2011, AOKANG international received 28 government grants, of which the largest one was "Yongjia County Finance Bureau in 2010, about the government's encouragement to support the listing Award", up to 46 million 833 thousand and 400 yuan, of which 30 million yuan was allocated in the first half of 2011.

Apart from some large state-owned enterprises, from the available information, the Yongjia County Finance Bureau's award to AOKANG can be called "the most cattle listing award in history".

It is worth noting that in Wenzhou, Yongjia's economy is not developed, because it is located in the mountain area. Besides the town of Ou Bei, most of Yongjia's economy is still lagging behind. In 2010, the local revenue of Yongjia county was only 1 billion 374 million yuan. Yongjia's 3.4% revenue is subsidized by a private enterprise.

For AOKANG international, in 2011, the company's net profit was 457 million yuan. Light government subsidies account for 12.2%.

Yongjia County, which does not get enough money, will not hesitate to award huge sums of money from taxpayers to AOKANG international, which has aroused widespread suspicion in the region. Some netizens ask questions: is there any government document to support this subsidy? Is the subsidy standard for all enterprises or is it a leader who takes his head? Some people even suggested that the Yongjia County People's Congress raise a question.

In fact, AOKANG international is not the first company to sprint capital market in Yongjia, and the wedding bird in the clothing business of Ou Bei town was listed in Shenzhen small and medium-sized board as early as 2007. At that time, Yongjia did not have such a huge reward.

It has become a common practice for local governments to support enterprises listing. But generally choose to reward after listing. In 2010, AOKANG international listed eight characters, and the Yongjia county government first rewarded. If AOKANG could not be listed, should the award be returned?

Some people expressed their "support" in a rather sarcastic tone at the local forum. The reason is: "after the listing, people have no internal and external accounts. They can not evade taxes. Can the government subsidies be excessive?"

The reporter contacted the Yongjia County Finance Bureau, the other side said that the "listing Award" was not just a cash reward, but a variety of concessions, return and so on. But at the time of the deadline, the board did not specify the details, and AOKANG International said it was internal affairs and did not need to be disclosed in detail.

In addition to the above 50 million yuan listed awards, in 2011, AOKANG international also counted a subsidy of 2 million yuan, in the name of "2010" Yongjia County Industrial Development "stronger and bigger outstanding contribution award". The remaining 20 more than the amount of subsidies, less than 1 million yuan, including the "2009 open economic development special funds project", "2010 Yongjia county to reduce the burden on enterprises, stable employment situation measures", "Yongjia County in 2010 to encourage open economic development of a number of supporting measures" and so on, so many names.

　 Real estate regulation has tightened AOKANG's capital?

What is fishy is that on the website of the China Securities Regulatory Commission's designated website of information disclosure, AOKANG International: the appendix 1 of the initial public offering of A share prospectus, which is sponsored by Guoxin Securities issued by the sponsor of the company, has disappeared miraculously.

Reporters contacted Guoxin Securities. At first, Guoxin pushed the reason to the exchange, which was called the exchange's request. Since then, journalists have repeatedly contacted sponsors of Guoxin Securities, and the other side has not responded.

In the history of AOKANG international, there are lots of related transactions. In order to solve this problem, the company cancelled a large number of enterprises during the reporting period, including the cancellation of AOKANG leather products in April 2009, the cancellation of Kanglong in Zhejiang in January 2010, the cancellation of AOKANG in March 2010 in Fuzhou, the cancellation of AOKANG in May 2010, the Shanghai blue shoes in Heze, the blue ocean shoe industry cancelled in June 2011, the Shanghai English poetry escape in December 2010.

In addition, the related party equity of Wenzhou Mitch shoes materials Co., Ltd. was transferred to non related parties in February 2010, and the related equity of Hongyi shoes and Hongchang shoes industry was transferred to non related parties in August 2011.

In addition to the main business of leather shoes, after 2003, Wang Zhentao entered the real estate market in large numbers. The Real Estate Company, which was actually controlled by Wang Zhentao, included 7 Sino EU real estate, Chongqing AOKANG Real Estate Co., Ltd., Hubei AOKANG Real Estate Co., Ltd. and Liaocheng Real Estate Co., Ltd. Because of the low gross margin of leather shoes industry, Wang Zhentao once regarded commercial real estate as a key development area of AOKANG group. {page_break}

In 2009, AOKANG group's Zhong Ou real estate group took 1 billion 900 million yuan to make the Yongjia North business center block, then became the "king of land". Then it launched the development project of "Oubei business center", which allegedly invested 4 billion 200 million yuan and integrated business, five star hotels, high-end residences and hotel apartments. Official information shows that as of October 2011, the project has actually completed investment of 1 billion 499 million 700 thousand yuan.

In addition, AOKANG group's real estate companies also invest in large commercial real estate and residential projects in Quanjiao, Hubei, Huanggang, Chongqing and Bishan in Anhui. With the tightening of real estate regulation and control, AOKANG group's capital chain has been tense, which is no longer a secret in Wenzhou.

In September 20, 2011, Yongjia's "post-80s" woman Shi Xiaojie was controlled by the Yongjia police for illegal fund-raising. Since then, there has been a rumor that AOKANG group had borrowed 40 million yuan from Shi Xiaojie for AOKANG's international listing. But in an interview with reporters, Wang Zhentao firmly denied this.