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Liqun Department Store Intends To Sprint A Shares Or Become Regional Department Stores "Pain Spot"

2014/5/21 14:31:00 48

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Liqun Department Store A Share Regional Department Store

recently, Qingdao Liqun department store Limited by Share Ltd (hereinafter referred to as "Liqun department store") issued the IPO (initial public offering) prospectus. According to the instructions, Liqun department stores will issue no more than 176 million shares of new shares at a face value of 1 yuan per share, accounting for no more than 20.45% of the total share capital issued. 
 there are people in the industry who believe that the traditional retail industry is generally in a doldrums, and Liqun department stores are sprinting on the market. 
 Liqun department store said that in the next few years, if there are significant adverse changes in the industry and the market due to macro-economic and other reasons, the company can not maintain the simultaneous growth of revenues and profits and depreciation and amortization, and the net profit of the company may have a risk of slipped, even if there is a risk that the operating profit of the listed company will drop by more than 50% over the previous year. 
 however, Guo Zengli, director of the industrial information center of China's "a href=" http://www.91se91.com/news/index_c.asp "shopping center" /a, told reporters that compared with the national department stores, regional department store brands are relatively less affected by the big market environment, although Liqun department store is not the best time to prepare for listing, but the impact is relatively small. 
 Guo Zengli believes that the regional department stores in China are very stable, and the demand for regional development and consumption is very closely combined, which is very compatible with the local income level, expenditure structure and consumption characteristics. Especially, the loyalty of regional department stores is very high, and the temperament of localization and life is very obvious, and has a lot of growth and increasing vitality. 
 earnings report shows that in 2011 ~2013 Liyuan department store realized business income of 9 billion 90 million yuan, 9 billion 663 million yuan, and 10 billion 668 million yuan. 
 from the current situation of the domestic retail industry, the performance of regional department stores is generally better than that of national department stores. However, the relative concentration of business operations is a double-edged sword. Although maintaining the stability of regional department stores in the existing environment, it may also become a "pain spot" affecting its performance development in the future. 
 as of the signing date of the prospectus, Liqun department store has 42 stores and 3 logistics centers, all located in 7 cities in Shandong province. Among them, there are only 28 stores in Qingdao, accounting for 66.67% of the total number of stores. In terms of operating area, Qingdao stores have an area of about 570 thousand and 800 square meters, accounting for 54.67% of the total operating area of the company's stores. 
 earnings report shows that in 2011 ~2013, the main business income in Qingdao accounted for 77.54%, 79.17% and 80.06% of the main business revenue of Liqun department store respectively. In contrast, in the past three years, the proportion of Liqun department store in Qingdao has been increasing year by year. 
 and Liqun department store management also said that if Qingdao's retail market environment, residents' disposable income, consumption habits, urban planning and other major changes, will have a greater impact on the company's business development. 
 in addition, the commercial a href= "http://www.91se91.com/news/index_c.asp" > property < /a > rental risk and property risk of some commercial and logistics operation property may also bring negative effects to Liqun department store performance. 
 earnings report shows that the leasing business property area of Liqun department store is about 679 thousand and 200 square meters, accounting for 65.05% of the total business area of the company's stores. 
 > at present, the "a href=" http://www.91se91.com/news/index_c.asp "Liqun department store" /a "has established a comprehensive operation mode of" department stores, supermarkets and electrical appliances ", focusing on the intensive cultivation of the market centered on Qingdao and the surrounding Shandong peninsula. 
 although the environment is stagnant, expanding retail sales is still the main development project after Liqun department stores raise funds. According to the prospectus, about $1 billion 900 million of the fund was raised, of which about 880 million yuan was used for the development of chain store projects, accounting for 46.24% of the total funds raised; about 460 million yuan was used for decoration and upgrading of the stores, accounting for 24.14% of the total funds raised; about 440 million yuan was used for the four phase of the urban logistics distribution center, accounting for 23.08% of the total fund raising; about 125 million yuan was used for upgrading the e-commerce platform, accounting for 6.55% of the total fund raised. 
 to maintain stable development of the company, Liqun department store said that within three years from the date of the listing of the company's stock, if the daily closing price of the company's stock is lower than the audited net assets per audited for the 20 consecutive trading day, the company's share repurchase shares will be taken. The largest shareholder will increase the share of the company's shares, directors and senior management will increase the share of the company's shares to stabilize the share price.