The Prospectus Shows Selective Disclosure.

A large number of stores, the decline in performance growth, investment rating lower.

The mainland sports brand listed on the Hongkong stock exchange collectively encountered Waterloo in 2011, and the share price of the relevant listed companies is basically at the lowest level in history.

However, it is surprising that the mainland's three line sports brand ready for listing and financing "

But it shows a beautiful prospectus.

In the prospectus, your description of the industry is full of praise.

The performance of Anta and other companies before 2010 proved the industry's growth potential, but it did not mention the current situation of the mainland sports brand's whole industry downturn in 2011.

The whole industry is in a predicament, but the birds in the industry can do their best.

Significant increase in performance

The A bird market, which is intended to land on the A-share market, brings an exceptions and beautiful prospectus.

In 2011, the total operating income of the company was 2 billion 649 million yuan, while the performance in 2010 was only 1 billion 535 million yuan.

According to the relevant information disclosure rules of regulators, in the most prominent position in the prospectus, we should first give clear hints to investors about the risks that the listed companies are likely to face.

There are only four risks: the risk of accounts receivable, the risk of income tax concessions, the risk of dealer mode, and the risk of rising costs of raw materials and labor.

However, in the eyes of the industry, the biggest risk facing you is the systemic risk brought by the whole industry recession.

A Securities researcher who declined to be named told reporters that after the rapid expansion of the first three years, the sports brands basically entered the bottleneck of development.

After the 2008 Olympic Games, the expansion of sports brands in the mainland increased significantly, and the scale efficiency brought by the opening up strategy had already been fully released.

Since the second half of last year, the sports brand environment has become more and more embarrassed.

Hong Kong listed companies's PEAK reported in its earnings report that sales in the same store grew by only 1.7% in the fourth quarter of 2011, far below the level of the first three quarters.

There is investment bank forecast.

The backlog of inventory in 2011 will be the fastest in the fourth quarter of 2012.

Meanwhile, XTEP, which has a relatively good performance in mainland sports brands last year, also suffered a downgrade from investment banks.

China Merchants Securities believes that XTEP's performance will slow sharply this year, while the company will continue to maintain a slow opening strategy, net profit in 2012 will be reduced by 0.6%.

China Merchants Securities gives XTEP a weaker rating than the general trend.

The industry's leading performance is sluggish, but the A bird market, which is intended to land on the A-share market, brings an exceptions and beautiful prospectus.

In 2011, the total operating income of the company was 2 billion 649 million yuan, while the performance in 2010 was only 1 billion 535 million yuan.

The performance of many well-known enterprises in the industry is far less than that of the birds. During the same period, XTEP receivables increased from 4 billion 458 million yuan to 5 billion 548 million yuan and increased from 4 billion 331 million yuan to 5 billion 462 million yuan in the same period.

Reporters interviewed a large number of Hong Kong stocks related sports products listed companies found that domestic and foreign investment banks in the industry outlook for 2012 is generally pessimistic, XTEP, Anta and other listed companies suffered a rating downgrade.

The researcher told reporters that the birds are close to Lining, Anta and other brands.

It is interesting to note that in Lining's, Anta, XTEP and other Hong Kong listed companies data in 2010, all of these companies reflect continuous growth.

However, in view of the most severe industry situation in 2011, the precious birds didn't mention a word, not only did they have no description of the landslides of their competitors, but continued to play a positive role in the industry's prospects.

Senior investment personages pointed out that the "bird of the birds" has the suspicion of selective tendency and misleading statements in the information disclosure of the listed company's prospectus. The information disclosure management regulation of the listed companies stipulates that the information disclosure obligor should disclose the information truthfully, accurately, completely and in a timely manner, and there must be no false record, misleading statement or major omission.

"Big guys" close shop "bird" money

On the one hand, the increase of the proportion of the birds and birds stores reflects the slow down of the company's opening rate, and on the other hand, it also indicates that the stores that have expanded rapidly over the past two years have gradually entered the elimination phase.

According to prospectus disclosure of the fund-raising fund investment, a total of 880 million yuan to raise funds, 550 million yuan will invest in the new store building, 180 million yuan to expand the production base of shoes production capacity, R & D projects total less than 15 million yuan.

It is estimated that the investment of newly opened shops will exceed 60%. If the supplementary liquidity is included, the proportion of investment in stores will be close to 80% after the completion of IPO.

At the same time, Jordan sports, which listed the A share market on the stock market, put emphasis on the expansion of IPO's stock investment funds.

Jordan sports prospectus prompts that the company expects to raise 1 billion 200 million yuan, direct store construction of about 460 million yuan, shoe production base project 490 million yuan, shop funds to invest less than half of the stock raising funds.

After last year's labor pains, Anta, PEAK and 31st degree brands have slowed down the opening rate.

"Sports brand is too bad to do now, old stores are OK, new stores are hard to make money."

Liu Ke, a well-known sports brand sales district director of Beijing, told reporters that several new stores opened in Beijing this year are in a state of loss. Now the core business circle has basically completed shop work, and can only expand shop front to the new shopping malls nearby. The new stores in Qinghe District and Chaoyang Road area are close to the city business circle, with much less traffic.

After many years of operation, Lining has 7000 stores at all levels. Anta is basically close to Lining, and the other brands are in 5000~7000 stores.

Liu Ke believes that the mainstream brands have basically completed the coverage of the second tier cities in China. There is a clear gap between the size of the single store and the profitability of other brands in the second tier cities. The three or four line cities that the company is trying to build is worthy of doubt.

Liu Ke told reporters that the "noble bird product" is lower than other brands, and the product price is also set low. According to the general industry mode, the dealer basically takes 60 percent off of the goods, and the retail discount of the low-end brand is always relatively large, and the dealer's profits will be eroded.

"Once the volume of the industry dealer drops, the erosion of the business performance is quite large."

Liu Ke said that big brands, such as Adidas and Lining, gave all the agency rights to famous brands such as BELLE international and so on, which ensured the digestion ability of products. Such brands as "birds of a bird" depended heavily on dealers. The orders of brands in the second half of last year were generally not ideal.

The market situation is not good, dealers will quickly reduce the volume of purchase, the risk of small brands is far greater than the brand.

Although IPO has put the emphasis on opening stores, the closing rate of companies has been increasing in recent years.

In 2009, there were 969 stores, 80 stores, 8% stores, 8% new stores, 2070 stores and 161 stores in 2010, 1190 new stores in 2011, 202 stores, and 17% stores.

The analysts told reporters that clothing and footwear enterprises will maintain a normal closing ratio, eliminate poor profit stores and raise overall profitability.

Generally speaking, closing shop is more reasonable than maintaining at 10%. After 2 years or so of operation, the newly opened shop can still fail to achieve an ideal profit.

On the one hand, the increase of the proportion of the birds and birds stores reflects the slow down of the company's opening rate, and on the other hand, it also indicates that the stores that have expanded rapidly over the past two years have gradually entered the elimination phase.

This year, the industry situation continues to deteriorate compared with last year, and it is estimated that the proportion of Customs stores may reach a new high.

Insiders pointed out that the "noble bird" is facing a huge risk of closing shop, but to open shop as a major project of listing and financing, which can not be doubted the purpose of its money.

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Industry hidden rules: pre market impulse

A researcher told the reporter, "as a sports brand enterprise, there are a large number of agents, franchisees, franchisees and complex financial exchanges under the flag of the bird, and the possibility of modifying the performance is also provided."

Compared with competitors Lining, Anta, 31st degree, Hongxing Erke choose Hong Kong stock market, the choice of the A bird market is more thought-provoking.

Some investment bankers told reporters that "Lining, Anta and other companies are mostly stationed in foreign shareholders. Choosing Hongkong listing can not only enhance brand influence, but also provide convenient access for foreign shareholders to cash in.

The choice of the A share market is mainly due to the consideration of the amount of financing. The overall price earnings ratio of the A share board is still higher than that of Hongkong, and the brand P / E ratio of Lining and Anta is less than 10 times. While the Landrace A shares can get more than 20 times premium price in the current market situation, the total amount of financing is much higher than that of Hongkong.

"At the same time, in the Hong Kong stock market, the market prospect of the mainland sports brand is not good. The stock prices of XTEP and 31st degree are basically at the lowest level in history."

The investment bankers further indicated.

It is noteworthy that as a labor-intensive listed company, tax policy has a huge impact on the company's performance.

Statistics show that the "noble bird" is a foreign-funded enterprise. Since 2008, it has enjoyed the national "two exemption, three reduction and half" tax preference.

However, the tax preference period for the precious birds will be terminated by 2013. The company's prospectus reveals that if the country does not have other new tax incentives, the income tax rate will increase to 25%.

According to the information disclosed in the prospectus, from 2009 to 2011, the proportion of net income tax benefits reached 30.46%, 14.85% and 10.36% respectively. If the tax concessions after 2013 were completely abolished, the dilution effect on the company's performance is self-evident.

You also admit that the cancellation of tax incentives will adversely affect the company's after tax profits.

In 2012, the sports brand is facing a severe test. After the completion of the IPO offer, you can have a big question mark if you can continue to maintain high growth.

Once the company's growth rate slipped and the tax incentives were abolished, the performance of the birds was inevitable.

A famous textile dealer researcher told reporters that before the listing of clothing and footwear companies, most of them had a centralized impulse process. The so-called concentrated impulse refers to the rapid expansion of the capacity of the listed companies, and the shop's arrival is reflected in the financial statements, and the company's performance may be very good.

However, the concentration of impulse has also brought huge inventory pressure. A A shares have already listed women's shoes brand stock, and the stock market has not yet completed the effective digestion of the pre market impulse in the past 3 years, and at the same time, it has dragged down the growth of the company's performance.

At the same time, the researcher told reporters that as a sports brand enterprise, there are a large number of agents, franchisees, franchisees, complex financial pactions, but also provides the possibility of modifying the performance.

The reporter sent a telegram to the "bird and bird securities affairs department" on the above issues, and the relevant personnel refused to interview the reporter on the grounds that he couldn't get in touch with the director.

After a lot of contacts, a personage of the great bird and bird responded, "there is no problem of modifying the performance of the birds. The financial pactions between the company and its franchisees and storefronts are in conformity with the regulations."

The person also said that the so-called "impulse" is not known, the company is all normal.

In the context of the downturn of the whole industry in 2011, the performance of the "good birds" was "as usual", making investors more worried about the "worse than usual" after the listing.