Modern Department Store Intends To Pfer Blood To The New Three Boards.

< p > "Guangzhou modern department store Limited by Share Ltd public pfer instruction" (hereinafter referred to as "manual") shows that the registered capital of the company is 45 million yuan, the planned allotment of shares is 45 million, the initial share value is RMB 1 yuan, and the GF Securities Limited by Share Ltd is the host broker.

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Huang Wenjie, executive director of the Guangdong Circulation Industry Association, told reporters that in the case of IPO (initial public offering) failed, the modern department store turned to "new three boards". On the one hand, it met the demand for financing, and on the other hand, it laid the foundation for capital operation in the future.

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"P", the modern department store said that because of its dependence on the accumulation and development of its own funds, there is still a certain gap between the expansion pace of the company's stores and the listed companies in the same industry, and the scale is small, and the future modern department store will change towards the direction of "entity store + e-commerce + mobile technology".

Therefore, the landing of the new three boards is seen as a new capital solution for modern department stores in the absence of IPO.

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< p > < strong > IPO is in distress < /strong > /p >

< p > modern department stores have always had the idea of going public. In December 13, 2007, when modern department stores changed into joint stock companies and completed the shareholding system reform, they once entered the guidance period of listing, but eventually failed for a variety of reasons.

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P, founded in 2002, is the largest private department store in Guangzhou.

But in recent two years, the profit of modern department stores has been declining year by year, and there has been a marked loss last year.

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< p > modern department stores reported that in 2013 1~8 months, the company's net profit was in deficit, with a loss of nearly 24 million yuan.

Two new stores in the modern department store are still in the incubation period, and the net profit in the short run is more difficult to make profits from losses.

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< p > according to the requirements, enterprises need to maintain their profits for 3 consecutive years to achieve IPO conditions.

In comparison, the new three boards do not have high requirements for the company's profitability, which is easier to achieve than IPO.

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< p > at present, the modern department store has 8 stores, the actual operating area is about 150 thousand square meters.

Huang Wenjie believes that in the department store system of Guangzhou, the volume and scale of modern department stores still have a certain market value, after which many agencies have contacted them, hoping to acquire them.

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< p > as of August 31, 2013, directors, supervisors and senior managers of the company held 42 million 750 thousand shares of the company, accounting for 95% of the total share capital of the company.

Among them, Zhou Qiang and Wang Youping are listed as the largest shareholder of the company, with a shareholding ratio of 24%.

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< p > the controlling shareholder of modern department store and the actual controller Zhou Qiang, Wang Youping, Zhang Shaowei and Zhang Zewen promise that the shares directly or indirectly held before the listing of the company are divided into three batches, and the amount of each pfer is limited to 1/3 of the shares held before the company's listing. The time limit for the lifting of the pfer is listed on the date of listing, and the expiration date of the listing is one and two years.

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< p > < strong > > a href= "http://www.91se91.com/news/index_c.asp" > cash flow < /a > tension < /strong > /p >

< p > financial reports show that in 2011, 2012 and 2013 1~8, the net operating cash flow of modern department stores was 51 million 542 thousand and 900 yuan, 40 million 794 thousand and 500 yuan and -5954.15 yuan respectively.

The information of the manual shows that the operating cash flow of the company in 2013 1~8 is negative, mainly due to the large net operating outflow of the two new stores.

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< p > if the operating cash inflow generated by the sales revenue of two new stores in the next few years can not cover the payment of suppliers and the main fixed cost expenses, the net operating cash flow of modern department stores may still have negative numbers, which will adversely affect the company's continued operation ability.

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< p > "the new three boards do not require high profits for the enterprises, but modern stores do need cash."

Huang Wenjie believes that before landing the new three boards, it is not ruled out that the modern department stores have already selected some of the strategic shareholders introduced.

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< p > modern department stores said that compared with the surrounding department stores, Guang Bai department store, Guangzhou friendship and Wangfujing department store, although the company has a high reputation and reputation in Guangzhou area, but since its inception, it has been relying on its own funds to accumulate and develop. There is still a certain gap between the expansion pace of the company and the same industry listed companies, and the company's store network is mainly distributed in Guangzhou, the sales scale is relatively small, and the influence in other parts of the country is not enough.

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< p >, it can be seen that large-scale a href= "http://www.91se91.com/news/index_c.asp" > channel construction < /a > may be the future expansion direction of modern department stores.

The expansion needs a lot of capital support, and the demand for modern three board financing is even more obvious.

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< p > modern department stores said that although the company has developed into a leading new fashion department store in Guangzhou and has accumulated a stable customer base, it still faces the competitive pressure of potential market entrant.

In the future, the modern department stores will move towards the direction of "entity store + electricity supplier + mobile technology".

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< p > however, even though the landing of the a href= "http://www.91se91.com/news/index_c.asp" > new three board < /a > is successful, there are still many problems to be solved in the modern department store.

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< p > from the perspective of total revenue, the head office is the main source of revenue for modern department stores.

From 2011 to August 2013, the revenue of the head office was 527 million yuan, 539 million yuan and 325 million yuan respectively, accounting for 55.12%, 54.76% and 48.69% of the Department's operating income respectively.

In the new store's incubation period, the risk of relatively concentrated operation of modern department stores is difficult to solve in the short term.

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< p > the gang top store supports most of the revenue of modern department stores, but the property rights of the head office property are not clear, which may bring huge instability to the development of the company.

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