Investors Should Be Vigilant Against The Risk Of "Face Changing" In The Listing Of Birds.

It seems more appropriate to use the phrase "die before you die".

Supplementary pre disclosure materials for listed companies show that the performance of some companies has changed.

It has been shown before.

At the same time, 84 companies have gone through the conference this year but have not yet released them.

In these companies, which companies will soon face the embarrassment of "unsuccessful" first performance, which has become a major focus of investors' concern recently.

Supplement materials reveal "true appearance"

Since mid August, a number of pre listed companies that have been disclosed in the first half of the year have disclosed supplementary materials, mainly supplementing the performance in the first half of this year. The updated data show that many companies' performance reports have shown the weakness of performance growth.

In May 14th this year, the first prospectus issued on the SFC website (Draft) was issued, and the Lingfeng group Limited by Share Ltd of Guangdong Lingling group, which issued a supplementary pre disclosure document in September 6th, is a more prominent company.

The prospectus disclosed by Lingfeng group in May 14th showed that from 2009 to 2011, the operating income of the company was 657 million yuan, 911 million yuan and 1 billion 67 million yuan respectively.

Net profits were 30 million 395 thousand and 300 yuan, 56 million 417 thousand and 800 yuan and 62 million 863 thousand and 700 yuan respectively.

The data released in the first half of September 6th, released in 2012, is that the income of Lingfeng group's main business income accounts for a relatively large proportion of the two products, stainless steel pots and stainless steel kitchen and miscellaneous pieces.

In the first half of this year, two business receipts were 167 million yuan and 128 million yuan, which did not meet half of 2011 revenue, especially in the stainless steel pot business. The income of 167 million yuan was 67% lower than that of 2011's 513 million yuan.

In this regard, Ling Feng Group said in its prospectus that the proportion of stainless steel pot revenues in the company's main business income decreased, mainly due to the adjustment of product mix according to market demand and profitability of various products.

In the introduction of stainless steel pot products, the company avoided the explanation of the decline in the first half of this year's performance, but constantly emphasized the performance growth in 2010.

The situation may be even worse.

Considering that stainless steel kitchenware products are daily consumer goods, its seasonal characteristics are not obvious.

Therefore, the possibility that the company will substantially exceed its first half performance in the second half of this year is not large, which means that the company's performance in 2012 will decline sharply.

The information technology industry Eleventh Design Institute, Limited by Share Ltd is also an example.

In May 14th this year, the company's IPO application was suspended by the SFC, and the company disclosed the supplementary pre disclosure declaration in September 19th.

The company's 2012 semi annual report shows that the company has not yet been listed, and its performance has begun to change.

Data show that in 2009, 2010, 2011 and 2012 1~6, the company achieved operating income of 1 billion 60 million yuan, 2 billion 960 million yuan, 4 billion yuan and 1 billion 460 million yuan respectively, and 2010 and 2011 growth rates were 180.35% and 35.01% respectively, showing a downward trend.

By the first half of 2012, the company's operating income dropped by 27% over the same period of last year.

What is more worrying is that this downward trend may continue in the future.

In the first half of 2012, the amount of the contract was 1 billion 360 million yuan, and the amount of the contract signed by the company in 2011 was 6 billion 150 million yuan. The amount of the contract signed in the first half of 2012 was only 22% of that in 2011.

Analysts pointed out that a sharp reduction in new orders or would mean further decline in company performance.

Do you want to keep your risk?

According to statistics, this year, there are still 84 companies over the year but have not yet been issued.

In the companies that have not yet been listed, some companies will also face the embarrassment of "performance" because of the overall situation of the industry.

There is such a risk in the sporting goods industry Limited by Share Ltd (the "bird of honor"). In May 9th of this year, the birds and birds were planning to issue 100 million shares and raise 880 million yuan.

However, the bird's desire to expand the size of the shop with the IPO's potential is a sport.

Service industry performance declined.

After rapid expansion in the first three years, sports brands have basically entered the bottleneck of development.

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

This year, the sporting goods industry is still facing a grim situation.

Because of the pessimistic outlook for the industry, domestic and foreign investment banks have downgraded the ratings of listed companies such as XTEP and Anta.

In terms of performance, the performance of major listed companies such as Lining (02331.HK) in the same industry in 2011 showed a downward trend.

Judging from the current risk of inventory turnover and preferential tax or cancellation, the growth of high birds will not be sustainable.

Data showed that the turnover rate of the birds increased from 6.40 in 2009 to 9.44 in 2011, that is, the stock turnover period was shortened from 56 days to 38 days.

But the inventory of goods in 2011 increased by 57 million yuan compared with the end of 2010, an increase of 65.68%.

What is even more disadvantageous is that the company is a foreign-funded enterprise. It was exempted from income tax in 2008, and the income tax was halved in 2010 ~2012.

But since 2013, if no other new preferential tax policies have been introduced, the income tax rate will return to normal.

In 2011, 2010 and 2009, income tax concessions accounted for net.

The ratios were 10.36%, 14.85% and 30.46% respectively.