10 Times Premium To Buy Fake Foreign Card Semir 2 Billion Cash Acquisition GXG Quoted Stock Price Plummeted

There were two large-scale mergers and acquisitions in the capital market just before P. One is the HK Stock market, Mengniu 12 billion 400 million HK dollars to acquire Ashley, the other is the A share market, Semir is 2 billion yuan in cash to acquire the 71% stake of the company "GXG".

However, the market's reaction to the two mergers and acquisitions is quite different: Mengniu Dairy industry rose 6.89%, while Semir's a target= "_blank" href= "http://www.91se91.com/" > dress < /a > fell 6.77%.

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< p > the 71% stake of Semir clothing 2 billion yuan acquisition of Ningbo zhe Mu sang Holdings Limited (hereinafter referred to as zhe Mu Shang) is the largest merger case in China's "a target=" _blank "href=" http://www.91se91.com/ "clothing" /a "industry. At this price, zhe Mu still has a total stock value of nearly 3 billion yuan.

Compared with the market value of many A men's listed companies, this merger case is expensive.

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< p > in fact, "GXG" and "gxg.jeans", known as "leading brand of urban youth casual men's clothing" by Semir, have always been difficult to get rid of the suspicion of "fake foreign brands".

Not only that, insiders say, "we all know in the circle that although GXG has done a good job in the past few years, it has been going downhill in the past two years."

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< p > strong > cardiac stimulant or stock price poison? < /strong > /p >

< p > in the capital market, Semir clothing has been very disappointing. Since listing, the share price has fallen all the way, from the highest point 62 yuan to the lowest 16.91 yuan. At present, it is only hovering around 20 yuan.

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< p > compared with competitors' Smith Barney costumes (closing price 11.46 yuan), Semir apparel is regarded as a "conservative" company by the capital market.

Since its listing, Smith Barney began to develop its multi brand strategy and launched its high-end brand MC.

Since then, there has been no other action.

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< p > it is generally accepted that the leisure apparel industry has begun to go downhill. If Semir wants to launch a multi brand strategy like the United States, it is no longer a time.

Last year, the net profit of Semir apparel dropped nearly 40%, and its net profit was only 760 million yuan, even far below the level of net profit before the listing.

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< p > industry downside risk and its lack of business highlights make Semir share price decline.

Therefore, the restructuring plan that has been brewing for a long time is considered by the industry analysts to be a strong stock price.

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< p > Semir apparel said in the announcement, "we are actively developing the high-end clothing brand business. The goal is to develop the company into a leading multi brand apparel group. Zhe Mu has effectively filled the company's high-end apparel business in products, channels and customer groups, and has provided resources for the company to develop other high-end brand businesses such as channels, talents and supply chain. This paction will strongly promote the implementation of the company's multi brand strategy."

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< p > Semir dress believes that zhe Mu Mu is still a self dress Brand Company, which is mainly located in high-end casual menswear. Its "GXG" and "gxg.jeans" brand have created the fashion style, exquisite and simple dress style of urban youth, and are the leading brands of urban youth casual men's wear.

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< p > "in fact, the offline business of GXG has begun to go downhill, and the sub brand of gxg.jean has not done well. At present, the market reaction is not good."

A person close to GXG told reporters, "Semir should mainly focus on the online business platform of zhe Mu Shang.

But if it's just the top three, it's better to buy a brand that is ranked first or second, and its influence is greater than that of the Chinese philosopher.

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< p > a Ningbo clothing brand boss said, "(Semir pairs) GXG's intervention time point is after this brand has completely matured, the brand's ascendant space has been very limited."

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< p > data show that Zhong zhe Mu has total assets of 1 billion 327 million yuan in 2012, with a total liabilities of 1 billion 55 million yuan, net assets of 272 million yuan, operating income of 1 billion 398 million yuan, operating profit of 260 million yuan, and net profit of 206 million yuan.

The estimated sum of its acquisition of its 71% stake is 1 billion 980 million ~22.6 billion yuan.

If the price is calculated, the total equity value of zhe Mu Mu is nearly RMB 3 billion yuan.

However, in the A share market, the total market capitalization of the wedding bird is only about 3 billion 600 million yuan, but its net profit last year reached 470 million yuan.

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< p > < strong >, then is the paction of 10 times the premium cost-effective? < /strong > < /p >

< p > according to the Semir announcement, zhe Zun Shang's net profit in 2013 will be no less than 265 million yuan. At the same time, zhe Mu still promises that net profit in 2014 and 2015 will be no less than 20% over the previous year.

If Zhong zhe Mu's performance in 2013, 2014 and 2015 is lower than the above commitments, the pferor will make corresponding compensation for the company.

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At the end of 2012, the monetary fund of Semir was 4 billion 800 million yuan, which was 5 billion 100 million yuan in the first quarter of this year, P.

In view of the investment projects, the company still has a 1 billion yuan investment shortfall.

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< p > < strong > the trouble of "fake foreign devil" < /strong > /p >

< p > in addition to brand performance, GXG has been criticized for its difficulty in getting rid of the suspicion of "fake foreign brands".

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From P to 2007, the sales of GXG increased rapidly, and the brand influence in China's men's wear market gradually increased.

However, the market is always doubtful about this brand: where is the brand of GXG? It is like "propaganda from France", or "woodlouse" from Ningbo, "/p".

< p > from the brand promotion of GXG, the brand has always been closely related to France.

In 2011 ~2012, the daily economic news reporter found in a number of GXG stores that the brand has been describing its brand story that was born in France.

When asked by reporters, a salesperson from a GXG store in Shanghai said, "we are a French brand. GXG Brand Company was founded in the late 1970s. It is a design company specializing in the city's high taste casual wear business. It is co founded by Gill and Green two brothers."

The story was also printed on the wall of the shop.

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After P, the official propaganda of GXG began to change after part of the industrial and commercial bureau jointly cracked down on "fake foreign brands".

According to the latest official website information, Ningbo hehe Costa Garments Co., Ltd., which is a joint venture with Hongkong silver Boxing investment company, belongs to zhe Ziming, a subsidiary of zhe group. It is mainly responsible for the brand promotion in the mainland. The brand of the company is the two series of Chinese young fashion male brands with French design style GXG and gxgjeans.

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< p > although most of the consumers believe that the GXG brand comes from France, the official website has changed its caliber.

Entering the official website of GXG will find that its home page uses a large number of English expressions, most of which are foreign models, which is very similar to the homepage design of many international men's wear brands.

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< p > according to the publicity materials of GXG, after entering the twenty-first Century, GXG began to implement the brand globalization strategy. In recent years, it has opened and opened stores in large and medium-sized cities such as Holland, Finland, Czech, Bulgaria, Germany and the United States (western region) outside France, and has opened 80 stores worldwide.

The Asian market is an important part of the globalization of GXG brand, and has been distributing Gill brand in Tokyo, Osaka and other cities.

In the fashion week of Hongkong in January 2006, the GXG's debut attracted a sensation in the fashion industry.

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< p > "this brand story, the circle knows what is going on, but consumers do not know."

The industry insiders told reporters that "fake foreign brand practice is a way to raise the price of clothing brand."

At present, many brands in China have adopted foreign registered trademarks or domestic production methods, or operate in the name of the general agent or authorized production of foreign brands. Some of them have been pformed into "international famous brands" with the fashion design, the style as a gimmick, and the hype and gorgeous packaging.

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< p > in fact, GXG, made in Ningbo, China, can not ignore the production of "genes". The announcement of Semir clothing shows that the factory where GXG started is located at 111, Shanshan Road, Yinzhou, Yinzhou, where the Shanshan Group is located.

There was a news in the ring that the GXG brand leader had hoped that the Shanshan Group would buy the brand, and finally did not talk about it.

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