The Total Market Value Of Hai Lan'S Home Has Exceeded YOUNGOR'S Appreciation Rate Of 408%.

After "P" sprint IPO failed, Hai Lan's home came back to the keno technology curve.

After the release of the revised scheme, the outside world was constantly questioned, but Zhou Jianping seemed to have no intention of arguing. It only emphasized the significance of asset securitization to the rebuilt Hai Lan House and even the national a target= "_blank" href= "http://www.91se91.com/" > clothing /a industry.

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Less than P, it is quite intriguing that Hai Lan's home is the same as that of Keno technology.

Hai Lan's home uses 13 billion yuan valuation to borrow the technology of keno. Outside questioned the former is overvalued, and the valuation of Keno technology has been seriously underestimated. Such acquisition has damaged the interests of small and medium-sized shareholders of Keno technology.

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< p > and Xu Qinghua, a technology director of Keno technology, said that the difference between the two values was mainly due to the different profitability of assets.

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< p > once the fixed up reorganization is completed, as of September 4th, the total market value of Hai Lan's home is 15 billion 880 million yuan, which has surpassed YOUNGOR, which is expected to reach 20 billion yuan in the short run.

It is understood that someone has asked Hai Lan's home to compensate Keno technology and reclaim the shell scheme.

Whether the home of Hai Lan can sit on the position of clothing leader is still unknown.

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< p > the appreciation rate is 408% < /p >.

< p > August 31st, the disclosure of the revised plan of Keno science and technology has attracted a lot of attention. This is a continuous trading limit after resumption of trading on Monday. Tuesday's closing price is 3.75 yuan / share.

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< p > in accordance with the restructuring plan, keno technology intends to increase the 100% stake in Hai Lan's home market by 3.38 yuan / share, amounting to 13 billion yuan; Keno technology controlling shareholder three fine wool spinning will hold 23.29% stake in Keno technology, with a price agreement of 508 million 955 thousand yuan, and completely pfer to Hai Lan's controlling shareholder, Hai Lan group.

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< p > this means that after the reorganization is completed, Hai Lan's home will become a wholly-owned subsidiary of Keno technology. Hai Lan group will become a controlling shareholder, and the original controller Jiangyin new bridge town government will quit to give up the position, and the new actual controller will evolve into Zhou Jianping.

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< p > according to the report issued by China Alliance asset appraisal, as at June 30, 2013, the total value of the 100% stake of Hai Lan home was 13 billion 489 million yuan, the appreciation value was 10 billion 834 million yuan, and the appreciation rate was 408%.

At last, the two sides agreed on the purchase price of 13 billion yuan, but some investors pointed out that if the total market capitalization of Hai Lan home IPO in 2012 was 10 billion 612 million yuan, the purchase price would also exceed IPO's conservative market value of 22.50%.

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In the first half of this year, net profit and net assets at the end of the year were 80 million 606 thousand and 100 yuan and 2 billion 130 million yuan respectively. The corresponding dynamic stock price and market rate were 12.43 times and 0.94 times respectively, with the stock price being 3.10 yuan before the suspension of the stock market. P

Once the reorganization is completed, the dynamic price earnings ratio of listed companies will be reduced to 9.26 times, and the net market rate will be pushed up to 2.91 times.

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Lin Jun, executive director of Shenzhen Dadu Investment Co., Ltd. (hereinafter referred to as "Tuo Dao investment"), is a representative of the "opposition" of the restructuring plan. It even questioned the average market price of the listed clothing companies on average only 1.3 times compared with the main competitors of the same industry, while the net rate of Hai Lan's home market was 5 times higher than that of the P.

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< p > "Hai Lan's home is a light asset model. It only manages the brand. The total amount of assets is relatively small, and the efficiency of creation is high. The same net assets, keno technology can only create 1 hundred million net profit, and Hai Lan's home can create 1 billion 200 million yuan. How do you say I'm going to judge?" Xu Qinghua explains why Hai Lan's home is highly valued.

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In the reorganization plan, the high net market rate is more clearly pointed out that the business mode of Hai Lan's home, which is totally outsourced in the production and pportation links of clothing, can achieve a higher profit level with a smaller asset scale. P

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< p > net profit reverse cycle increase 50% < /p >

< p > from the perspective of retail sales, the fast growing stage of clothing industry has gone through a wave.

According to the data of the first half of 2013 by the National Bureau of statistics, the retail sales of clothing commodities above the limit increased by 11.7% over the same period last year, and the growth rate was 4.7 percentage points lower than that of 16.4% in 2012.

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< p > under the background of the low sales rate of clothing industry, Hai Lan's family wants to break through with the market. It even said that the net profit in 2013 was 1 billion 200 million yuan, and its performance increased by 50%.

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< p > from the report, Hai Lan's home also has high storage pressure.

From 2009 to 2011, inventories were 1 billion 300 million yuan, 1 billion 700 million yuan and 3 billion 900 million yuan respectively, and inventory turnover rates were 0.79, 0.88 and 0.77 respectively.

At the end of 2011, inventory was 3 billion 900 million yuan, accounting for 56% of total assets.

In this regard, what is the bottom line of Hai Lan's home? Dare to say that this year's performance is going up. Next year's performance will be greatly increased.

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< p > 9 Mu Wang, seven wolves, and wedding birds three clothing companies in 2013, the median revenue growth rate was -2.29%, -4.27% and 13.29% respectively, and the net profit growth rate was -14.03%, 3.51% and -37.41%.

"Hai Lan's home is much higher than its peers' growth. Where does it come from?" Lin asked.

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< p > in fact, in the short span of ten years, Hai Lan's home has laid nearly 3000 stores nationwide, with assets of tens of billions or even clothing leading stocks, which are inseparable from its unique supply chain management.

One is the chain franchise mode and direct management for downstream channels, which is easy to control the terminal, which is also the key to Zhou Jianping's success.

Agents who are different from agents may be able to do harm to the brand in consideration of short-term interests. The vertical management mode is all vertical management, and franchisees do not have any management authority.

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< p > Xu Qinghua told the times weekly reporter that the high inventory is only accounting treatment. In fact, the unmarketable return terms signed by the Hai Lan home and suppliers basically guarantee that the company does not have to bear a larger inventory pressure.

According to this provision, Hai Lan's main products are sold by the stores (not including direct stores and all kinds of brand stores) by means of consignment instead of buyout. All products displayed or stored in the stores are stock of Hai Lan's home, but they are limited to books only.

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< p > in the supplier chain of Hai Lan's home, the manufacturers will choose to process in the off-season to reduce the cost, so the goods will be put into storage three or four months in advance, so the Hai Lan home will take charge of the inventory turnover of the supplier.

The franchise mode of the franchised stores can also return the unsold products in the two quarter.

As of June 30th, the balance of assets and buyout inventory in Hai Lan's home stock was 200 million yuan, accounting for 5.39% of the final inventory balance.

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"P". Occasionally, Hai Lan's home will have a feeling of coldness in the high place, because in the sea Lan's home it seems that the industry chain of supply and marketing that it claims is still alone in the domestic garment industry.

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The difference between P and Hai Lan's family is fundamentally different in genes, such as the difference between horses eating grass and dogs eating meat.

Now our opponents are not domestic, but overseas ZARA and UNIQLO.

Zhou Jianping said frankly that the market share of Hai Lan's home is the largest.

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Another secret of "P" Hai Lan's home is the law of the interests of upstream suppliers.

The same shirt, the original three production suppliers are going to talk about fabric suppliers, now from Hai Lan's home to find fabric suppliers directly talking about the purchase price, and then three production suppliers to sign the procurement agreement separately, reduce procurement costs.

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< p > even in the product pricing strategy, it is also agreed by the suppliers, the Hai Lan's home and the store three parties. In general, the unit price is 2.5 times the purchase cost. "If you think that the price is low, you will be responsible for the sale of the high priced products. If you think the price is high, then the supplier will have to supply the goods at a low price."

The independent financial advisor of Huatai Securities, an independent financial adviser, analyzed the times weekly reporter.

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< p > sprint clothing leader shares < /p >

< p >, after IPO's defeat in 2012, Hai Lan's home came back.

At present, the total market capitalization of A shares leading YOUNGOR is 15 billion 141 million yuan, but the YOUNGOR that entered the real estate industry in 1992 was not entirely shown in the clothing industry. Semir's < a target= "_blank" href= "http://www.91se91.com/" > dress < /a > followed by the total market value of 14 billion 171 million yuan.

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"P", however, the position of the leading stock is fighting for the new Jin Hai Lan's home. It is going to be the first stock in the future of A shares, a target= "_blank" href= "http://www.91se91.com/" > textile > /a > clothing market capitalization.

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"P," Huatai Securities executive director and sponsor representative analyzed the times weekly reporter. "We think there should be 20 billion yuan in the short term."

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< p > and no matter how favorable the market capitalization is for the keno technology shareholders, several PE lurking in Hai Lan's home have completely realized the myth of getting rich overnight.

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< p > Guo Xing group, Wan Cheng Asia Pacific and Zhi Dong investment are the three PE institutions still in the list of shareholders of Hai Lan's home. After entering in 2007, three PE owned 9%, 5% and 1% of the Hai Lan home respectively, and the shareholding cost was 9 million 868 thousand and 700 yuan, 30 million 859 thousand and 500 yuan and 1 million yuan.

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< p > after the acquisition of 4 times the premium of Hai Lan's home by Keno technology, the market value of the above-mentioned three PE will reach 1 billion 170 million yuan, 650 million yuan and 130 million yuan respectively, accounting for a total profit of 2 billion yuan, and the rate of return on investment is 117.18 times, 19.98 times and 129 times.

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< p > however, when watching other people making a fortune, the former shareholders of Keno technology did not make such a profit.

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Less than 6 years after the holding of Keno technology, P has pferred its shares to Hai Lan group. The price per share is only 2.74% higher than the listed company's net assets per share, and its yield is only 12.67%.

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< p > Tuo Dao investment was once the top ten tradable shareholders of Keno technology from 2007 to 2008, but according to its executive director, Lin Jun, "social shareholders have invested more than 1 billion 100 million of Keno technology, and only 1 billion 500 million has been assessed at market price in the case of backdoor reorganization. This is the value added of kenover technology for 13 years, and has only increased by more than 30% in 13 years".

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"P," but Lin also told Times reporters that it was not good to predict how much small shareholders would respond to their call to vote.

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< p > there are also market participants who have different views. "In 2007, the net profit of Hai Lan's home was only 100 million, and in the past 5 years, there was a 1 billion 200 million increase in return on investment. The net profit of Keno technology in the 2007 year is 147 million.

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