IPO Bird Collection, 6 Stores, 5 Outlets

Yesterday (November 20th),

Launched a super "pocket" public issuance plan, the 5 million shares of the additional number, only the initial design of 100 million shares of 5%.

However, even if the listed companies are actively choosing a shrinking increase, they are still not favored by the market. The closing price of 9.25 yuan yesterday is still lower than the additional price of 1 cents, which has cast a shadow on the open increase.

The market's recognition is not related to the bad use of IPO investment fund.

The company's direct investment projects through IPO were all "bad" for a variety of reasons now. They either shut down or rent outside, and 2 shops actually opened up. Only a small portion of the purchase area was accounted for at that time.

Against this backdrop, a new round of financing expansion plans for lunar new year birds is inevitable.

Yesterday, the news birds issued a letter of intent to issue additional shares before the failure of the issuance of the issuance of the prospectus. The number of 5 million shares issued and the issuing price of 9.26 yuan / share were determined. The fundraising fund was used to purchase 47 shops. Among them, the main shop of the news bird bird brand intends to purchase 35 stores, and the main store of San Jie Luo pin brand intends to purchase 12.

If we only look at the direction of investment promotion, the good news bird has undertaken the same style in recent years, and every financing is aimed at its own channels, constantly building, upgrading and optimizing.

But unfortunately, the previous investment plan is not so "pure". The IPO channel project, which was listed on the list, was totally "bad" in the 6 stores that were purchased. It was not "letting go" or "closing down".

　　根據公開信息，報喜鳥的IPO渠道計劃在2008年年底很快實施完畢，最終購置了6處店鋪，分別為2007年8月以1412.07萬元購買的蘭州市城關區張掖路街道武都路一商鋪，建筑面積為413.17平方米;2007年10月通過整體拍賣方式以1971.39萬元的價格(其中自有資金683.83萬元)獲得九江市潯陽路294號商鋪，建筑面積為3082.19平方米;2007年11月以3422.85萬元的價格購買了合肥市宿州路13號商鋪，建筑面積為673.20平方米;2007年11月以1352.71萬元的價格購買了成都市武侯區逸都路6號商鋪，建筑面積為738.31平方米;2008年4月以1339.00萬元的價格購買了盤錦市興隆臺區商西小區63幢1B、2B、3B商鋪，建筑面積為764.9平方米;2008年8月以1028.43萬元的價格購買了保定市總督署西路片區一號樓9單元115、116號商鋪，建筑面積為414.69平方米。

　　據報喜鳥公開信息，6處店鋪中的蘭州店在2009年3月租約期滿后，報喜鳥表示要規避市場不成熟風險，將其對外出租，在出租5年后，昨日的《增發招股意向書》顯示，此處才開始裝修設計計劃，什么時候開設直營，暫無時間表;九江市物業1～2樓開設直營店外，3～13樓全部對外出租，直營店面積占比十分有限;合肥市店鋪在裝修的時候才了解到有規劃拆遷，隨后將其外租，昨日的《增發招股意向書》稱，公司仍在密切關注進展，等待條件成熟開店;至于成都的商鋪，738.31平方米的建筑面有約500多平方米租給了鄉村基和另一自然人，對于是否收回開店，報喜鳥表示仍然在等待時機;盤錦市店鋪本來已經開設了直營店，后又因拆遷原因關閉等待回遷，現在還在關注進展;而保定市的店鋪本來開設了直營店，但發現選址出現“問題”，商圈并不成熟，最后干脆拿來出租，成了

The real "Charter Public".

Whatever the reason, the IPO's direct investment in the direct investment camp is far away from its original intention.

In addition to the channel project, there are 100 thousand production lines of high-end suits and an annual production of 600 thousand high-grade shirts in the IPO recruitment project. In the board of directors in March 19, 2008, it was "pformed" into a takeover case, which was also modified in the August 19, 2008 Announcement.

Lawyer: direct shop rental is a change of investment.

It needs to be pointed out that the above "Hefei, Lanzhou and Chengdu" shop used "bad taste" message, which was first seen in the bulletin of November 20, 2009, "Guo Hao lawyers (Shanghai) firm on the company's legal opinions on the stock raising of non specific objects (Zeng Fa)" in November 20, 2009, and the Jiujiang, Panjin and Baoding shop information was seen in the October 28, 2011 announcement on the implementation of the 2007 initial public offering and the 2009 opening of the investment projects of some of the fund-raising projects in the two part of the time. These are just the time when the last time they announced the Zeng Fa and the issuance of corporate bonds.

That is to say, if the news birds are not planning to refinance, the market will not be able to get a clear picture of the follow-up of the shops purchased by the company, because in other announcements of the company, the birds have not been mentioned for most or all of them.

"The self run store originally used to open flagship store is rented out, which belongs to the purpose of changing the investment project."

Yan Yiming, a lawyer at Yan Yiming law firm, pointed out to reporters that "changing the use of equity investment projects is a major event. Listed companies should disclose them in a timely manner."

Another listed company secretaries told reporters that "this application to do self shop shops leasing should belong to the change of investment projects or at least belong to the postponed investment project". "If the self store does not relate to the related issues, it will be related to the real estate business, but the real estate business is a high-risk investment in the regulatory level. The investment in the real estate industry is related to real estate, its bad degree is no less than using the investment fund to finance."

Although there is no law expressly stipulates that it is not allowed to involve real estate, real estate will have a great impact on the financing of listed companies.

{page_break}

Company response: strictly according to standard operation

According to the reporter's enquiry, according to the fifteenth article of the securities law, the funds raised by the company for the public offering of stocks must be changed according to the purpose of the funds listed in the prospectus, and the purpose of the funds listed in the prospectus shall be changed, and the resolution must be made by the general meeting of shareholders.

Those who have changed their uses without making corrections or have not been approved by the general meeting of shareholders shall not issue new shares publicly.

The 194th article of the securities law shows that the issuer and the listed company arbitrarily change the purpose of raising funds for public issuance of securities, shall be ordered to make corrections, and the persons directly in charge and other persons directly responsible shall be given a warning and shall be fined not less than thirty thousand yuan or less than three hundred thousand yuan.

Then, is this the limit of the situation of the birds?

"We are all in strict accordance with the norms."

The reporter told reporters that the operation of the company was in accordance with the provisions of the operation and disclosure, the above situation has also been reported to the high level.

"For example, to make a production line, the equipment that was determined before is now expensive or no longer the most efficient, and it is impossible to use this equipment," Fang Xiaobo said.

In response, the reporter sent a telegram to the office of 10.01,0.08,0.81%, the former sponsor of the wedding bird, hoping to contact the sponsor representative of IPO, but the staff of Guo Yuan Securities told reporters, "all the colleagues who were responsible for the wedding bird project had already left."

After examining the pre harvest recruitment project of CNAC, the Air China Securities Company believes that most of the shops purchased will open or expand the bird shop. Due to some restrictive factors such as the overall sale, auction, rental sale and planning change of shop owners, a small number of shops or floors are not suitable for or temporarily inappropriate for setting up a bird shop. In order to ensure the maximization of the shareholders' interests, the company will temporarily rent outside the company. When the conditions are ripe, the company will temporarily withdraw the shops that are rented to the third party to set up a direct bird shop or a franchised store, so it will not cause a substantial impact on the implementation of the project, and the proportion of the rental income outside the company is very low. Then, how do we see the sponsor of the public offering of Air China Securities? The reporter saw it on the 257th page of yesterday's prospectus.

Real estate leads to changes in business models. "

To this end, the reporter called the China Aviation securities, the other side of the phone told reporters, responsible for the news bird's public issuance of a Bao Dai has left, and another insurance generation Xu Chunhai is not disclosed in the office of the phone to work, "I can tell you your phone, let them contact you."

But as of press time, the reporter did not get a reply.

Non direct investment outlets are also being rented.

In addition to raising investment projects, there is also a case of renting a bird shop with its own funds.

In January 20, 2008, at the price of 39 million 400 thousand yuan, the news bird captured the parking lot and one to four floors of the C floor of Fu Chun business district, block 13, Wucheng District, Kunming. At the time of purchase, the company declared that it was a direct flagship store, and the source of funds was self financing.

But in fact, from the late announcement, the underground parking lot, the first floor, the two floor, the third floor and the four floor of the property were all rented out, and the lease date was farthest even to July of 2018.

According to the public information of the birds in November 2007, the company signed the "housing sales contract" with Shu Du industry in November 2, 2007, and bought a commercial housing at the area D and E of the South Building of Shu Du building, 20 Shu Du Avenue, Chengdu, with a price of 31 million 442 thousand and 500 yuan. The building area is about 508.85 square meters, with an area of about 379.01 square meters. The source of the funds is its own funds. The purpose is to build a direct flagship store. At that time, the house was leased to two businesses, and the D area expired in March 29, 2009, and the E area expired in February 28, 2008.

Although the company said its source of funds was its own funds, the board's announcement on October 23, 2007 showed that the investment was a subsidiary project of the company's fund-raising funds to the "chain marketing network construction project".

In view of the above Chengdu property, the reporter visited the shops in the South Building of the Shu Du mansion, and found that it was mainly sold.

And sales of mobile phones, clothing stores have a number of brands such as Europe, after inquiry, and learned that there is no direct bird shop.

According to the property management staff of Shu Du building, the building has not been sold yet, and the part of the property purchased by the birds of hope is rented to Lao Fengxiang (19.36, -0.32, -1.63%). "Lao Fengxiang is a pavement for rent, and property rights are good news birds."

What's interesting is that in the 48 of the main road on the opposite side of the Shu Du building, a direct bird shop was set up. The shop staff said that the shop opened 10 years ago, and the store was rented. According to the reporter's visual inspection, the store was about 100 square meters.

Why is there a direct shop in the business circle, and the bird in the red banner also wants to buy a shop with a much larger area across the street under the banner of building a direct shop? Why is it that the so-called direct flagship store has not been opened until now, but has become a "Charter Public" directly? Does this behavior occupy the fund-raising fund?

In response to the above situation, the news bird Dong Fang Fang Fang did not give a definite answer. It indicated that the time was relatively long, and the situation was not clear.

Reporters then exchanged 3 mailboxes and fax sent an interview letter to the wedding birds, but in subsequent communication, the reporter contacted the news bird bird Department repeatedly, but the other side's reply was always "fax has been placed at the desk of the leader, and the leader will come back and see that he will reply."

As of press release, the reporter has not yet received a formal reply.