More Than 20 Service Companies' IPO Road Blocked, And The Hardest Hit Areas Staged A Counter Attack War

　 　IPO The prospective investment consultants (mainly providing pre listing market segmentation research and feasibility study of raised investment projects for the enterprises to be listed) found that the performance improvement of most clothing enterprises mainly depends on the large-scale expansion of the number of stores. The arrival of the tide of closing stores means that the textile and garment industry is facing the risk of overall performance shrinkage, which is also more intuitively reflected in this IPO status of the industry.

As of July 3, this year, 8 textile and garment enterprises have terminated the IPO review, and 17 enterprises are facing the suspension of IPO. In the past few years, textile and clothing enterprises have even become a disaster area for IPO. At present, only sports shoes and clothing manufacturer Jordan sports is in the normal waiting for trial, and has passed the examination committee, which is expected to be the lucky one to take the lead in breaking out of the encirclement among the textile and clothing enterprises to be listed on the market.

Performance fluctuation, product quality defects, high inventory, overcapacity, high production costs, export continued downturn and other problems, resulting in textile and clothing enterprises in business fatigue, which directly affects the capital market's judgment on the investment value of the textile and clothing industry. Although many enterprises have tried to transform through o2o channel expansion, advanced customization, fan economy and other forms, it is still not enough to enhance the capital market's confidence in this traditional industry.

The new round of store closing tide set off by well-known clothing brands such as Benny road undoubtedly reflects the deeper background of frequent IPO obstacles of textile and garment enterprises such as piggy banner. At the same time, the phenomenon that more than 20 textile and garment enterprises are listed on the stock market also reflects the huge capital gap of this traditional industry under the pressure of transformation and performance downturn.

　 Eight companies including Xiaozhu Banna terminated IPO

According to the statement on the suspension and termination of the examination of the initial public offering of shares by the issuance supervision department and the basic information of the enterprises, which were disclosed by the CSRC on July 1, the IPO applications of Zhejiang Yinyu textile, Xiaozhu Banna, Weisman, Biancheng sports, Delphi, Taihua new materials, AB group, Yingxiang chemical fiber and other textile and garment enterprises have been terminated since April this year.

From the perspective of industry classification, piglet Banna, Weisman, Biancheng sports, Jiangsu AB group and Delphi are all garment and related products manufacturing, which are mainly engaged in children's wear, women's wear, sports function clothing, underwear and sports shoes; Other enterprises are upstream textile manufacturing, including Yinyu textile, which is mainly engaged in adhesive lining base cloth, Taihua new material, which is mainly engaged in nylon fabric, and Jiangsu Yingxiang chemical fiber, which is mainly engaged in chemical fiber weaving.

It is worth mentioning that Delphi, which has terminated the review, and Jordan sports, which will be ready for release, are all from Quanzhou, Fujian Province. There have been seven wolves, Fengzhu textile, Huafeng Textile, Anta sports, Tianyu chemical fiber, China Hongxing, Tebu international, China LiLang, peak sports and other well-known textile and garment listed companies at home and abroad.

In January this year, the same from Quanzhou, the same main sporting goods, and Jordan sports IPO waiting for the same period, has completed the IPO listing, and one step ahead of the "A-share sports apparel first stock.".

At the same time, as a brand of children's clothing, the IPO process of piggy banner has also attracted much attention. During the preparation of A-share IPO, piggy banner frequently exposed quality problems. In May 2011, a random inspection result of Xi'an Quality Supervision Bureau showed that nearly 20% of local children's clothing had quality problems, and little pig Banna was on the blacklist. In the second quarter of the same year, in the random inspection of Wuhan industrial and commercial bureau, a children's T-shirt with round neck and short sleeves was found to be unqualified.

Prospective investment consultants believe that the termination of this IPO by piggy Banna, who broke through the IPO for the first time, does not exclude that it is related to product quality defects and the internal control risks caused by it. By coincidence, Weisman, which terminated its review on June 30, started its IPO for the second time, but it was also exposed that there were problems such as the withdrawal of large number of franchisees and substandard product quality, which was temporarily suspended by the CSRC before the issuance and examination committee.

　　 Masfield 17 companies including IPO suspension

As of July 1, there were 17 textile and garment enterprises whose IPO examination was suspended due to incomplete application documents.

Among them, there are 5 enterprises planning to land on the small and medium-sized board of Shenzhen Stock Exchange, which are mainly engaged in women's and children's products, golden hair Rabi women's and children's products, Jiangsu danmao textile company's main textile fabric's Jiangsu danmao textile, biyinlefen's main golf leisure clothing, Shenzhen's masfield fashion company's main female's clothing, and Hunan's favorite home textile enterprises.

There are 12 enterprises planning to land on the main board of Shanghai Stock Exchange, including Chinachem (Xiamen) new materials, Zhejiang Xinao textile, Jiangsu Shenli industry and Beijing Futai leather base cloth, Xinhe Co., Ltd., weignas Fashion Co., Ltd., Shenzhen gelisi Clothing Co., Ltd., Zhejiang Jiansheng group, Zhejiang hongdragonfly Shoes Co., Ltd., and Guangzhou Tianchuang Fashion Shoes Co., Ltd., which are mainly engaged in textile fabrics China, Hassen Trading (China), and Beijing DAHAO technology, a textile equipment supplier.

These textile and garment enterprises that intend to suspend the examination of IPO shall submit an application for resumption of examination when updating their financial information, and the examination can be resumed after the CSRC has performed the legal procedures.

　 Will IPO be staged a counter attack war in the disaster area

Driven by brand upgrading, in recent years, domestic clothing enterprises have a high enthusiasm for listing. In particular, the men's wear enterprises represented by seven wolves, happy bird, nine shepherd king and Youngor were once favored by a shares. In addition to Hong Kong shares and Singapore's listed companies, they have also become the first choice for overseas listed companies.

However, whether it is the domestic Shanghai and Shenzhen exchanges, or other overseas markets, the financing difficulties of textile and garment enterprises are becoming more and more difficult, and the valuation is also getting lower and lower. Because with the continuous development of the market, this resource intensive traditional industry has ushered in a new round of transformation challenges. According to prospective investment consultants of IPO consulting agencies, the main reasons for this sector's cold reception in the capital market are low threshold, fierce competition, low profits, irregular internal control, unstable performance, insufficient growth momentum and lack of innovation motivation.

According to the data, in 2011, clothing enterprises became the disaster area of whether A-share IPO was rejected or not. Among the 11 garment enterprises, 6 were rejected, with a passing rate of only 45%. These six enterprises are Vigna fashion, Zhuhai Weisman clothing, Fujian noqi, Shenzhen shunnvwu fashion, Shandong Shulang clothing and Shanghai librui clothing. The reason is that the clothing industry is facing the common problems of high inventory and low profit for a long time.

Although the financing and listing of textile and clothing plate is full of thorns, and its IPO battlefield has also been bloodstained and corpses strewn everywhere, this has not stopped everyone's enthusiasm for listing. Now, wegeners and Weisman are making a comeback. Unfortunately, the former is temporarily suspended and the IPO prospect is unclear, while the latter has failed again and opted to withdraw its IPO application.

In 2012, the IPO of Hailan home was also rejected by the CSRC, mainly due to "poor independence due to related party transactions". Since then, it has not applied for IPO. In September 2013, Kainuo technology, a backdoor of Hailan home, realized the curve listing and staged a successful "counter attack" war.

Prospective investment consultants believe that in recent years, the demand for ready-made clothing market has been in a downturn, and the performance of listed clothing companies has generally declined. Many large-scale clothing brands are trapped in cash flow difficulties due to high inventory and other problems. Under this background, the financing of clothing enterprises is particularly urgent. Take Vigna, which has temporarily suspended its review, as an example. The IPO plans to invest 260 million yuan for the marketing network construction project, and a total of 152 Direct stores have been added. However, it is obvious that the closing tide of a series of ready-made clothing brands, such as Benny Road, has added some worries to the prospect of the raised investment project of Vigna.