The Precious Birds Share The Hidden Secrets Of The "Cat And Dog" Family.

Recently, rumors of IPO reappear again, and domestic well-known sports. clothing The Limited by Share Ltd (the "bird of honor") is likely to become the first listed company after the restart. However, when the reporter looked at his stake, he learned that several major shareholders of the company were family members of Lin Tianfu, chairman of the board. After the listing of the expensive birds, the whole Lin family was the biggest beneficiary. For the investors in the two tier market, they had to take the sport. Clothes & Accessories Huge risks in the industry.

　 Family members on the eve of listing are low priced

In May 9, 2012, the IPO application was approved by the SFC and was intended to land in the domestic A share market. However, the macroeconomic fluctuations made the regulators temporarily stagnate the listing process. However, a year later, the IPO process will have to be re opened. However, some investors questioned that the family members of the chairman of the company were striking the shares on the eve of the listing.

According to a reporter's survey, the largest shareholder of the precious bird is Lin Tianfu's 100% holding company, Hongkong's limited holdings, with a shareholding ratio of 92.26%. The second largest shareholder is Yixing Investment Development Co., Ltd. (hereinafter referred to as "billion investment"), with a shareholding ratio of 4.74%; the other two shareholders are 2% and 1% legal person shareholders, Quanzhou (Cci Capital Ltd) and the Hongzhi Cci Capital Ltd (hereinafter referred to as "Hongzhi investment").

It is worth noting that Guirenniao The third largest shareholder is Lin Qinghui, Ding Cuiyuan and Lin Qinghui. 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%.

According to the average 34 times of the first price earnings ratio of apparel home textiles, in 2011, the price per share of the precious birds shares was 0.7768 yuan, and the market price per share could reach 26.41 yuan after the listing. The assets of Lin Tianfu, the actual controller of the company, will increase to 11 billion 660 million yuan, while the assets of his brother Lin Qinghui and his nephew Lin Si Liang will reach 253 million yuan and 126 million yuan respectively.

The survey also found that the process of Lin Tianfu's nephew Lin Qinghui and Lin Siliang becoming billionaires is not very fair. Before December 2010, the precious bird China (the predecessor of the noble bird stock) was 100% owned by the noble bird group, with a registered capital of 100 million Hong Kong dollars. In December 2010, the company introduced billion Hing Investment, investment in human resources and Hongzhi investment to optimize shareholder structure and increase its capital to HK $108 million 389 thousand and 300. Among them, the increase price of the investment of the noble bird investment and Hongzhi investment is calculated in accordance with the registered capital of HK $1 in accordance with the 3.81 Hong Kong dollar, while the investment price of Yixing investment is based on the forecast net profit in 2010, with a registered capital of HK $36.33. The difference is 10 times.

According to the information of Yixing investment, Yixing investment was established in June 22, 2012. So far, no other business has been carried out except the holding of the "noble bird" stock. Some market participants believe that the introduction of billion investment is also a good thing to do, because if you do not introduce new investors, it is very likely that the "Lin family" monopolize the 100% stake in the "noble bird", and such a highly concentrated ownership structure is unacceptable to investors and the SFC. Therefore, the introduction of investment by Yixing bird is a helpless move under the pressure of policy supervision.

　　 Independent directors rely on a single customer.

From the company management team, the members of the board include 11 directors, 6 of whom are independent directors, and 3 of the remaining 5 directors are members of the Lin family. The family pattern of the noble bird can not help worrying about the future development of the company. If the members of the Lin family members take improper control of personnel arrangements, business decisions, investment directions, amendments to the articles of association, and dividend distribution policies, they may damage the interests of the company and other shareholders.

According to public information, song Chang, one of the 6 independent directors of the company, is also an independent director of the 5 companies, such as Sheng Yun, Sheng technology, Tianli environmental protection, Daheng technology, Zhongyuan securities Limited by Share Ltd and so on. It is understood that song often is a professor, doctoral supervisor and post doctoral cooperative mentor of Renmin University of China business school.

According to media statistics, song Chang's six independent directors, from the securities industry to the clothing industry, from the environmental protection industry to mining products, the industry span is large, and the region is from the south to the north. On average, each company runs two to four times a year, and the board of directors holds two shareholders' meetings. As a result, song often meets twenty or thirty times a year, with an average of two times a month. In addition, the company's semi annual reports, annual reports and other important matters need to be studied and issued by independent directors. Coupled with its own job, how can this convince investors that the independent director, who has several functions, has cast a vote on the protection of investment interests when making decisions on major matters at the board of directors of the noble bird?

Looking at the company's sales, the sales revenue of the top five 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, director of the noble bird, explained that Chen Chun and his team have cultivated some retail experience people in the long term business process, and can expand other regions, which is the company's consideration of the dealer's survival of the fittest and does not support which dealer. The industry pointed out that unlike the big birds, big brands Adidas and Lining give all the agency rights to famous brands such as BELLE international, which are more reliable for the digestion ability of products, such as the low end brands such as "birds of a bird", which are heavily reliant on dealers. The market situation is not good, dealers will quickly reduce the quantity of goods, and the ability to resist risks is much lower.