The Two Birds Are Listed For Two Months To Issue Corporate Bonds.

< p > listing for more than two months. < a href= "http://www.91se91.com/news/index_f.asp" > "noble bird > /a" has launched a new round of financing to the capital market.

Some analysts believe that this is closely related to the financial pressure faced by the company.

< /p >

< p > according to the announcement issued by the noble bird yesterday, the company intends to issue a five year corporate bond of no more than 800 million yuan, and the funds raised will be used to supplement working capital.

In view of this, an analyst in Beijing pointed out that "just finishing IPO financing can't wait to cash in again, indicating that the company's liquidity is really tight."

< /p >

< p > however, the staff of the Ministry of human resources and bird securities denied the views of the analysts on the phone. He explained that "liquidity is not very tight."

It is mainly because our bank borrowings are mostly short-term loans, and the structure of liabilities is not particularly reasonable. We want to optimize the debt structure of the company by issuing bonds.

< /p >

< p > Beijing Business Daily reporter noted that the "noble bird" is a main campaign a target= "_blank" href= "http://www.91se91.com/" > shoes < /a > and sports a target= "_blank" href= "target=" > dress > enterprise. The company just landed on the main board market of Shanghai stock market in January 24th this year, first raised 943 million yuan.

However, the listing of expensive birds seems not to be very optimistic about the market. After rising 43.96% on the first day of listing, the stock market plunged for another four days, and this market performance was largely due to the environmental impact of the company's "a" target= "_blank" href= "http://www.91se91.com/" > clothing < /a > industry downturn.

Even now, the price of expensive birds has not changed much compared with other new shares.

As of yesterday, the stock closed at 12.68 yuan / share, a slight increase of 19.62% over the issue price.

< /p >

< p > the downturn in the industry is not only reflected in the market of the two tier market, but also increased the pressure on the operation of the birds themselves, resulting in a marked decline in the performance of the 2013 year.

The company's operating income during the reporting period was 2 billion 406 million yuan, down 15.74% compared to the same period last year, and realized net profit of 423 million yuan, down 19.79% compared with the same period last year.

What is more noteworthy is that there has been an obvious pressure to repay money.

< /p >

< p > according to the annual report of 2013, the company's accounts receivable increased sharply in the case of declining operating income. The accounts receivable during the reporting period reached 1 billion 369 million yuan, an increase of 507 million yuan relative to the 862 million yuan in 2012, an increase of 58.8%.

It also means that although the net profit of 423 million yuan has been realized by "noble bird" last year, some of these funds are still "paper gold", which is not really pinched, and the company's original funds are also occupied by accounts receivable.

< /p >

< p > for the situation of accounts receivable bursts, the staff of the company replied that "the main customers of the company are dealers. As the market of sports shoes is not good, we have increased the credit limit of distributors and extended their credit period. The company wants to use this marketing policy to help dealers get through the difficult period".

< /p >

< p > it is worth mentioning that while the funds of the great birds are heavily occupied by accounts receivable, the pressure of bank repayment is also increasing.

The company's short-term borrowing has accounted for more than half of the company's liabilities, and the company's existing monetary fund does not seem to be enough to repay these short-term loans.

At the end of 2013, the short-term borrowing amount of the precious birds was 782 million yuan, which accounts for 54.46% of the total liabilities of the company, while the company's Monetary Fund is only 515 million yuan, which is 267 million yuan short term loan.

< /p >

"P >" in the opinion of the analysts, the bird's a target= "_blank" "href=" "http://www.91se91.com/" > "cap < /a > plus financing" and "supplementary working capital" may be associated with the problems existing in the company.

< /p >