Listing Of Shoe Companies Is Facing New Risks.

Limited by Share Ltd recently submitted a prospectus to the SFC.

But in recent years, many people have been repeatedly exposed by the media, such as "selling money" and "whitewashing" statements.

Reporters connect with the "noble bird", but the other side refused to interview on the grounds of accompanying customers. It only said IPO was still waiting for the stage, and said that there were problems to view the prospectus.

Want to denounce 60% funds to open shop is accused of "money"

The "bird and bird" prospectus shows that a total of 880 million yuan will raise 550 million yuan for new store opening, capital investment to more than 60%; 180 million yuan expansion shoe production base capacity; R & D project total less than 15 million yuan.

If the supplementary liquidity is included, the proportion of investment in store funds will be close to 80% after the completion of IPO.

But it is worth noting that in recent years, the ratio of Customs stores has increased.

According to reports, in 2009, 969 stores and 80 stores were closed, and 8% stores were closed. In 2010, there were 161 new stores and 8% stores, 2070 new stores opened in 2011, and 202 stores were closed.

The analysis points out that

Such enterprises will eliminate poor profit stores and maintain a normal closing ratio. Generally, they will maintain a close shop ratio of 10%.

Insiders said that the "bird of honor" is facing a huge risk of closing shop, but it is a main item of listing and financing. This can not be doubted that its purpose of money collection.

Compared with the Jordan sports, which is almost ready to go public at the same time, the latter focuses on the expansion of IPO's capital investment.

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

"Beautiful" or "whitewash" Report

In the second half of last year, many overseas investment banks were pessimistic about the prospect of sporting goods listed companies. Some big brands such as XTEP, Anta and other listed companies were downgraded, and the sports brand environment became more and more difficult.

The company's total revenue reached 2 billion 649 million yuan in 2011, compared with 1 billion 535 million yuan in the same period in 2010.

In the downturn of the industry, the precious birds show a beautiful prospectus. No wonder many investors shout "do not understand".

According to reports, a well-known broker

Industry researchers pointed out that before the listing of clothing and footwear companies, most of them have a centralized impulse process, such as the rapid expansion of production capacity, shop arrival, reflected in the financial statements, the company's performance may be very good.

"As a sports brand enterprise, there are a large number of agents, franchisees, franchisees, and complex financial pactions, which also provide the possibility of improving performance."

In response, the relevant personages responded that "there is no problem of modifying the performance of the noble birds. The financial pactions between the company and its franchisees and storefronts are in conformity with the regulations."

Income tax concessions will have adverse effects.

In the prospectus, you clearly stated that the risk of income tax concessions may be faced after listing, which is also true.

The prospectus shows that the "noble bird" belongs to a foreign-invested enterprise. Since 2008, it has enjoyed a state tax exemption of two exemption, three and a half. It has been exempted from income tax in 2008 and 2009. The income has been reduced by half from 2010 to 2012, and the income tax rate is 12.5%.

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From 2009 to 2011, the proportion of net income of the preferential income tax rate for birds of a well made bird reached 30.46%, 14.85% and 10.36% respectively. If the tax concessions were completely abolished after 2013, the dilution effect on the company's performance is self-evident.

Since 2013, if you don't have other new tax incentives, the income tax rate will increase to 25%.

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

Insiders pointed out that as a labor-intensive listed company, the tax policy has a huge impact on the company's performance. Once the company's growth rate has slipped and the tax incentives have been canceled, the performance of the great bird will inevitably change its face.

Existence depends on the risk of big customers.

The sales mode of the noble bird is to sell wholesale to the dealer, sign the annual regional sales contract with the distributor and set the sales target.

However, it also admits that the sales performance of the company will be adversely affected if the distributor fails to renew the contract or fails to fulfill the sales target as planned.

It is reported that a famous sports brand.

District Sales district chief said that the expensive bird products are lower than other brands, and the selling price of products is also lower. According to the general industry mode, the dealers receive basically 60 percent off of the goods, and the retail discount of low-end brands is often relatively large, and the profits of dealers will be eroded.

"Big brands, such as Adidas and Lining, give all the agency rights to famous brands such as BELLE international, which are more secure in the digestion of products. Such brands as" birds of a bird "depend heavily on distributors. The orders of the brands in the second half of last year are generally not ideal.

If the market situation is not good, dealers will quickly reduce the quantity of incoming products, and the risk resistance of small brands is far greater than that of brands.

The above pointed out.

In 2011, the sales revenue of the top five customers of the company was 51.47% of the total sales revenue, of which the first largest customer accounted for 22.4% of the total revenue, and there was a risk of relying on large customers.

Your company admits that the sales performance of the company will be adversely affected if the distributor's contract is not renewed after the expiry of the five major customers.

The financial index of the noble bird is lower than the mean value chain tension, and IPO is the solution.

The Limited by Share Ltd is going to be in a key stage today.

However, the "bird and bird" prospectus shows that many financial indicators of the company are lagging behind the competitors of the competitors, and the drawbacks of the family run business. It is worrying that we can break through the A share market after listing.

Prior to this, the precious birds have been accused of strained gold chain for 6 years, and want to borrow IPO financing to solve the problem.

IPO tracking: core competitiveness has been questioned, and the level of enterprises is too numerous.

Limited by Share Ltd, 9, was approved by the securities and Futures Commission of the securities and Futures Commission. It is expected to issue no more than 100 million shares. It will be listed on the Shanghai Stock Exchange and will be listed in the sprint stage.

However, the "bird and bird" prospectus shows that many financial indicators of the company are lagging behind the competitors of the competitors, and the drawbacks of the family run business. It is worrying that we can break through the A share market after listing.