Great Birds Try To Break Through Several Tests Of Capital Market

Since the adoption of the first Limited by Share Ltd application in May 9th this year, you can see that the birds are unlimited. The first announcement shows that the A will not be more than 100 million shares, raising 882 million yuan for investment, construction, R & D, and channel construction. It is noteworthy that in May, Hai Lan's home IPO went back to earth, and the "Gui bird" was successful. It also led to the industry's curiosity about the current standards of the enterprise.

But despite the success of the birds, they still face many problems, such as the above quality problems. But as a listed sporting goods company, the quality problem is not the main problem encountered by the birds. Let's take a look at the "wounds" behind the birds.

1: typical family businesses, the total proportion of Lin family shareholding is as high as 95%.

The noble bird is a collection. Gym shoes The comprehensive enterprise that integrates the research and development, production and marketing of supporting and supporting products is the fastest growing brand of Chinese national sports in recent years. It has won the honorary title of well-known trademarks, famous brand products, state inspection free products, and tax paying AAA grade enterprises. Lin Tianfu, the current chairman and general manager of the company, owns 100% stake in the noble bird group, while the noble bird group owns 92.26% stake in the "noble bird", that is, Lin Tianfu indirectly owns the 92.26% stake of the "noble bird" and becomes the actual controller of the company. It is surprising that since the establishment of the noble bird group, there has been no other business besides holding the noble bird.

Lin Qinghui and Ding Cuiyuan are the third largest shareholders of noble birds, and also the actual controllers of the investment. Lin Qinghui is Lin Tianfu's younger brother. The fourth largest shareholder of Hongzhi's investment control is Mr. Lin Si Liang and Shi Shaohong. Lin Siliang is nephew of Lin Tianfu and Lin Qing Hui. As a result, Lin family's shareholding ratio is 95.26%. Therefore, the "noble bird" is considered to be one of the few successful family businesses listed.

In this regard, Zhou Shiyong, a famous man, said that the high share of family ownership was due to historical reasons. "I think this is a common phenomenon in many private enterprises in China. As a company, if we want to go public, the internal structure will definitely be perfected in accordance with the regulations of the state. This will not affect other shareholders' rights and interests.

Among the big shareholders in the "noble bird", only the billion investment is not "surnamed Lin", but the data show that the investment was founded in June 22, 2012. So far, no other business has been carried out except the holding of the precious bird shares.

It is ingenious that after less than two months after the success of the investment, the company changed into a joint-stock company. Such coincidences are more likely to be made by the precious birds, because if the new investors are not introduced, it is very likely that the "Lin family" will occupy 100% of the stake in the "noble bird". Such a highly centralized ownership structure is unacceptable to investors and the securities and Futures Commission. Therefore, the introduction of investment by Yixing bird is a helpless move under the pressure of policy supervision. Recently, Zhou Shiyong said that the introduction of Yixing is based on the consideration of the company's operation, but acknowledges that the shareholders of Yixing investment have other businesses.

Family business ills are obvious, because at present, Guirenniao The board of directors of the company currently comprises 11 directors, 6 of whom are independent directors, and 3 of the remaining 5 directors are members of the Lin family. If the members of the Lin family influence the company's decisions through the seats occupied by the board of directors and management, it may damage the interests of the company and other shareholders.

Two: excessive reliance on large distributors, marketing mode is suspected.

The sales revenue of the five major customers in the 2011 years ago accounted for 51.47% of the total sales revenue, and the data in 2010 and 2009 were 47.72% and 41.08% respectively. Among them, the sales of regional distributors controlled by Chen Chun and Yin Xiaojun and the first largest customer in 2011 accounted for 22.40% of the total sales revenue, and there was a risk of relying on large 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.

In this regard, Zhou Shiyong explained that Chen Chun and his team in the long-term business process has developed a number of people with retail experience, can expand other areas, is the company's consideration of the dealer's survival of the fittest, does not support which dealer.

Unlike big birds, big brands such as Adidas Lining gave all the agency rights to famous brands such as BELLE international, which had more protection for the digestion ability of the products, while the low end brands such as the "noble bird" depended heavily on the dealers. The orders of the brands in the second half of last year were generally not ideal. The market situation is not good, dealers will quickly reduce the quantity of goods, and the ability to resist risks is much lower.

In addition to the highly centralized ownership structure and the weak sales model, there are still many problems facing the birds, such as the risk of bad debts receivable. According to the data, the net accounts receivable of the birds in the year December 31, 2011 amounted to 591 million 565 thousand yuan, accounting for 44.22% of the current assets, accounting for 30.79% of the total assets. The net receivables within 6 months were 590 million 917 thousand and 200 yuan, accounting for 99.89% of the net receivables.

At the same time, since the birds belong to foreign invested enterprises, they have enjoyed two tax exemption and three tax reduction from 2008. If the tax preferential policy after the listing is cancelled, the bird will also have a big impact. According to the data, from 2009 to 2011, the value of the income tax on the bird's income accounted for 30.46%, 14.85% and 10.36% respectively. In 2013, if no other new tax incentives are introduced, the income tax rate will increase to 25%. As a labor-intensive listed company, 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 birds will inevitably change.

We can see that despite the success of the birds, the problems they face are quite numerous. They are all chronic diseases. If you want to go farther in the capital market, you must make great efforts to clear up these stumbling blocks or become a laughing stock after its gorgeous listing.