Shoes Jinjiang Sports Brand, Hongkong And Shanghai

Following the successful listing of Anta in Hongkong, XTEP, a sports brand in Jinjiang, is also listed on the HKEx today.

Jinjiang sports brand in Hongkong stock market will evolve from Anta to Anta and XTEP.

It is estimated that 08 of the profits will exceed 468 million yuan. According to the IPO data of XTEP Hongkong stock exchange, in the past three years, XTEP's revenue increased from 297 million yuan in 2005 to 1 billion 365 million yuan in 2007, with an increase of over 1 billion yuan in sales revenue and a compound annual growth rate of about 144.2%.

In the past three years, XTEP's profit increased from 8 million 211 thousand yuan in 2005 to 222 million yuan in 2007, and the profit growth rate was amazing.

For the 2008 profit, XTEP will forecast no less than 468 million yuan, more than double the 2007 profit growth.

In the details of the listing released by XTEP, XTEP plans to issue 550 million shares, of which 90% is the international placement, and the remaining 10% will be on sale in the market.

The price of XTEP is priced at HK $4.05 per share, which is the lower limit of HK $4.05 to HK $5.5, with a total capital of HK $2 billion 230 million.

About 24% of this will be used to acquire investments in brand and new projects. About 22% will be used as media advertising and brand promotion activities, about 17% will be used to expand and improve distribution networks, about 19% will be used to expand garment production plants, about 7% will be employed for professional designers, and about 8% will be used for operating capital and other general corporate purposes. The remaining 3% will be used to enhance the efficiency of consultancy management systems.

According to the relevant market information, today's official listing of XTEP, the current dark plate paction price of 3.94 yuan, 4.05 yuan lower than the stock price of 2.71%.

However, the dark price can not fully reflect the market demand, and the pparency of the trading market is not high. Therefore, the dark market will incur a number of risks.

According to data from professional investment institutions, XTEP accounts for about 3.40% of China's sporting goods market share in 2007, after Nike, Adidas, Lining, Anta and KAPPA (the sole agent in China).

Gross margin is 32.47%, compared with Lining, Anta and China's trend of 2007 average gross margin of 46.5%, less than 10 percentage points.

According to the forecast of XTEP prospectus, the P / E ratio in 2008 is about 17.1 to 23.3 times, which is lower than the average price earnings ratio of the same industry.

According to the analysis of the industry, as a sporting goods company with its own brand, the reasonable valuation of XTEP should be about 24 times, which is between China's trend and Anta.

As early as last June, XTEP has won the favor of Carlyle, an internationally renowned private equity fund.

Caire shares in XTEP through the form of convertible loans. He has provided XTEP with a total of 220 million yuan convertible loans for A shares, holding 9.6% of XTEP's shares for two times.

After listing, the figure will be diluted to 7.2%, which is about 1.55 Hong Kong dollars per share paid by XTEP.

Reporter observation is only a forerunner from Heng An to Anta, and then to XTEP. The Jinjiang plate of Hongkong stock market has already begun to take shape.

The fund raised from HK $more than 700 million of Heng An to HK $3 billion 168 million of Anta, and then to HK $2 billion 230 million of XTEP, and the stir caused by Jinjiang brand in capital market is more than a wave.

As a famous shoe capital in China, the impression of Jinjiang at that time is no longer the low end factory which is supported by one family after another.

More and more Jinjiang brands are stepping into the capital market. Anta and XTEP are just the forerunners.

Behind the forerunner are more ambitious Jinjiang enterprises.

In fact, many brands in Jinjiang already have a high position in the domestic market. They are already the leaders of many industries.

I believe that in the near future, the Jinjiang team in the capital market will become stronger and stronger.