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Expensive Bird Raising 800 Million Expansion "Can Still Rice No"

2014/2/7 15:51:00 43

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Expensive Birds Fundraising Sports Brand

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 after the 2013 < a > sports brand < /a > clothing collectives, the birds and birds who lost their revenues and profits finally luckily borrowed money from IPO in time. However, the sports and leisure apparel manufacturer located in the three or four tier city has used 60% of the fund to expand its stores and is not optimistic about the market. 
 < a > href= > http://sjfzxm.com/news/index_s.asp > > < > > > /a > > financing 8 billion 6% to prepare additional stores > /strong > /p >
 2013, the sports brand, through the way of breaking the arm to survive, cut the stock on the one hand, and the number of stores was unprecedented. However, the list of expensive birds seems to be blind. The latest prospectus shows that the IPO will raise 882 million yuan, of which 552 million yuan will still be used for the "national strategic store construction project". In the next two years, 60 strategic stores will be built, 29 shops will be purchased, and 31 shops will be sold. After the industry is cold, its investment and investment projects are still the same as those of 2012. 
 is this the persistence or disregard of risk for gambling? The more worrying thing behind the decision is that the stake of highly valued birds is highly concentrated in the hands of the Lin family. If the members of the Lin family members take advantage of seats occupied by the board and management, improper control of the company's personnel arrangements, business decisions, investment orientation, asset transactions, amendments to the company's articles of association, and dividend distribution policies may cause damage to the interests of the company and other shareholders. 
 family business is exclusive, /strong > /p.
Before the listing, P is a truly "a href=" http://sjfzxm.com/news/index_s.asp "family business < /a >. The largest shareholder of the noble bird is Lin Tianfu 100% holding company of the precious bird group (Hongkong) Limited. Its shareholding ratio is 92.26%. The second largest shareholder is Yixing Investment Development Co., Ltd. (hereinafter referred to as "billion Hing Investment"), with a shareholding ratio of 4.74%. The other two shareholders are 2% and 1% respectively, the Cci Capital Ltd shareholder (Quanzhou) Cci Capital Ltd (hereinafter referred to as "bird investment") and Hongzhi Cci Capital Ltd (hereinafter referred to as "Hongzhi investment"). 
 the prospectus shows that the actual control of the third largest shareholder of the company is Lin Qinghui and Ding Cuiyuan, and Lin Qinghui is Lin Tianfu's younger brother. 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%. 
 despite the fact that the proportion of Lin's family has been quite high, however, there is no surplus of water in the field and 4.74% of the stock left by the noble bird. The Lin family has not been sold to outsiders. {page_break} 
 according to the information of Yixing investment, Yixing investment was established in June 22, 2010. So far, no other business has been carried out except the holding of "noble bird shares". Obviously, the establishment of a company is more like investing in birds and birds. Investors believe that the introduction of Yixing investment is also a flexible method that is under the pressure of policy supervision. If the "Lin family" monopolize the 100% stake of the precious bird, then the SFC can not approve its listing. 
The shareholders of < a href= "http://sjfzxm.com/news/index_s.asp > > billion Hing Investment < /a > are Lin Guoqing (shareholding 70%) and Tang Xiangrong (shareholding 30%). There is no correlation between Lin Guoqing and Tang Xiangrong, the family members of the actual controllers of the birds, and the directors, supervisors and senior managers of the birds. 
 however, this is not the case. Lin Guoqing and Tang Xiangrong are one of the top five customers of Lin Tianfu, and they have a relationship with Lin Tianfu. 
 because of this IPO, no birds have been transferred to the old stock. After the listing, the precious bird stock is still highly concentrated in the hands of the Lin family. The calculation shows that the shareholding ratio of the Lin family was 95.26% through the investment of the noble bird group, the noble bird investment and Hongzhi investment. After the listing of 89 million shares, the total share capital of the birds reached 614 million shares, and the shareholding ratio of the Lin family was still up to 81.45% after dilution. The share holding ratio of such large shareholders is extremely rare in the A share listed companies. 
 post market performance or big dive /p >
 compared with the complicated family ownership structure, the performance data in the financial statements are even more worrying. 
 2011, the mainland sports brand listed on the Hongkong stock exchange collectively encountered Waterloo, and the share price of the relevant listed companies was basically at the lowest level in history. 
 but the performance of the precious birds increased unexpectedly in 2011. From 2009 to 2011, the business income of the precious birds was 605 million yuan, 1 billion 535 million yuan and 2 billion 649 million yuan respectively. The net profit attributable to the shareholders of the company was 79 million 288 thousand yuan, 222 million yuan and 408 million yuan respectively. Revenue growth rate reached 153.7% and 72.6% respectively, and the profit growth rate reached 180% and 84% respectively. 
 compared with Li Ning Co sales in 2011, the company's sales decreased by 5.8% to 8 billion 929 million yuan, and net profit dropped by 65.16% to 386 million yuan. 
After two years of rapid growth, after the lengthy audit wait and more than a year's IPO inspection, Lining's performance is similar to that of P two years ago. In January 5, 2014, the latest prospectus disclosed by the popular bird showed that the overall performance decline of the footwear industry was affected by the overall performance decline. In 2013, the amount of annual order (including tax) was 2 billion 856 million yuan, down 19.76% from the same period last year. Net profit in 2013 is expected to decline by about 15%-20%. 
 in addition, as of the prospectus day, the company has completed the order meeting of spring 2014 and Xia Heqiu for the three quarter. Orders for spring and summer in 2014 dropped by about 12.54% compared to the same period in 2014. Although orders for autumn 2014 increased by about 2.20% year-on-year, they did not exclude annual revenue and profits from falling in 2014. 
 Zou Guangxiang, an independent financial commentator, revealed that the whole industry of the sports brand is facing serious overcapacity, and is in the third tier. At present, the whole industry is facing deep adjustment. The trend of shops closing shop is irreversible. The growth rate of the birds from 2009 to 2011 is obviously suspected of being on the market. {page_break} 
 the industry suspects that another reason for the listing of impulse is its accounts receivable data. In recent years, the company's accounts receivable has been increasing substantially. As of June 30, 2013, the company receivable accounts for more than 1 billion yuan, accounting for about 35% of total assets. Compared with 860 million yuan in 2012 and 591 million yuan in 2011, accounts receivable increased sharply. 
 in the industry, the qualifications and competitive advantages of the noble birds are not outstanding. The company mainly adopts the dealer mode, and through the wide open shop, the birds go to the terminal to speed up the distribution of goods, and turn the inventory into sales revenue. And dealers' "few dominance" situation also provides great convenience for impulse. 
 for a long time, the first big customer of the noble bird is the regional dealer who actually controlled by Chen Chun and Yin Xiaojun. In 2011, their sales volume was 593 million yuan, accounting for 22.4% of the income of the main business. In 2013 1-6, the sales revenue of the regional distributors controlled by the couple accounted for 22.53% of the total sales revenue of the company, a slight increase compared to the previous proportion. In addition, the sales revenue of the top five customers accounted for 55.27% of the total sales revenue. 
 > a > fundraising < /a > expansion "can still rice no" /p >
 compared with two years ago, the industry environment that the birds and birds rely on to survive did not change much. In 2013, the sports brand continued to move to the stock market on a large scale while reducing the stock price. 
 in the background of the whole industry entering the cold winter, the precious birds have not been able to do their best. The number of stores in the past four years has risen steadily. Among them, 189 stores were closed in 2010, 266 in 2011, and 287 in 2012, but only six months in the first half of 2013, the company has closed 242 stores. The number of outlets has increased significantly. 
 however, it is not possible to see the investment projects of the birds. The latest prospectus shows that the IPO will raise 882 million yuan, of which 552 million will be used for the "national strategic store construction project". In the next two years, 60 strategic stores will be built, 29 shops and 31 rental shops. Its recruitment project is no different from that of 2012. 
 Liang Jiliang, chief planner of Tian Lan Tian Wei, who is known as the godfather of the tail cargo, told reporters that the sports brand began to generate large inventory in the first half of 2012. Now, the impact of the electricity supplier and the tail cargo market on the sports brand is gradually increasing. 
 Liang Jiliang said, it is worth warning that sports brands are dealing with more than two years' inventory of manufacturers, and now the products of market sales are constantly being renovated, and the latest ones are two months old. These goods will enter the tail cargo market at a market price of 77% off, which will have a huge impact on the physical stores. 
 How do these new varieties of goods enter the tail cargo market? Liang Jiliang said that the supply of goods in the tail cargo market is generated in various channels. The main channel comes from the failed franchisees. Since the franchisees are not allowed to run, the remaining goods can only be processed on their own. In order to make the sale as soon as possible, franchisees have to sell them to the operators of the tail market at a very low price; besides, the stock of the first class agents will also be sold to the tail cargo market; the other source of the tail goods comes from the upstream fabric suppliers of the sports brand manufacturers. Because of the tight cash flow, some brand motion manufacturers will mortgage the goods at low prices, and the fabric manufacturers will sell them to the tail market at the cost price. 
 but Liang Jiliang refused to answer questions such as whether the sports brand such as "noble bird", "Lining" or "PEAK" are facing such a problem. It only means that the performance of many domestic sports brands depends highly on distributors, and only the dealers' behaviors are acquiesced. 
 in fact, the business idea of < a > "noble bird > /a" is to recruit more distributors to join. The reporter consulted the birds in Chongqing, Hangzhou, Ji'nan, Chengdu and Tianjin. They expressed great enthusiasm, but the sales situation of the local birds seemed to be difficult to avoid.