Hundred Round Pants Industry Cross Border Mergers And Acquisitions To Open Capital Feast

< p > hundred round pants industry announced the reorganization plan, with the paction price of 1 billion 32 million yuan, acquisition of cross-border export retail business global easy to buy 100% of the shares.

Mergers and acquisitions + e-commerce, such a combination of hot topics, makes the stock of listed companies hot.

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Behind P's excitement, what people want to know is why a traditional clothing enterprise based on the domestic market has acquired a business enterprise outside the market from the perspective of Shanxi's capital market. What kind of effect will this capital operation have? < /p >

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< p > hundred round trousers industry is a private enterprise mainly engaged in trousers in Shanxi province.

In 2011, the company successfully landed in A shares.

At the beginning of April this year, the 100 round trousers industry announced that it was suspended due to major assets reorganization matters.

In July 17th, the mystery was announced, and the global Tesco from Shenzhen became the target of mergers and acquisitions for the first time.

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< p > Global Tesco is one of the leading cross-border export retailers in China. It belongs to the self operated foreign trade B2C (enterprise to individual customer) enterprise.

At present, universal Tesco owns many vertical B2C business platforms, such as clothing and 3C electronic products. It mainly uses buyout self operated mode and directly faces terminal consumers in more than 200 countries and regions such as the United States, Canada and the United Kingdom. The main source of profit is sales revenue of products.

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< p > in contrast, the hundred circles trousers industry is a traditional clothing brand operator, and the business mode is mainly based on brand alliance.

As of the end of March this year, the company has 1615 direct and franchised stores, including 1408 franchises, covering 28 provinces, municipalities and autonomous regions nationwide.

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< p > cross-border, becoming the first impression of the merger.

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< p > in accordance with the draft issued by the 100 round trousers industry, the company will issue 100% of the shares of the global Tesco company in the form of issuing shares and paying cash. The issuing price of the shares will be 14.30 yuan / share. At the same time, the non-public offering of stock to the specific investors will be raised, matching funds of 150 million yuan, which will be used to finance the cash consideration, restructuring related expenses and replenish the operation funds of the global easy purchase.

After the reorganization is completed, Tesco will become a wholly-owned subsidiary of the 100 round pants industry.

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< p > for some of the mergers and acquisitions, some brokerages are optimistic.

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< p > Huaxin securities released research report, 100 yuan acquisition of cross-border electricity providers can increase the importance of online sales, create a listed company online and offline resource linkage and domestic cross border coordination of Clothing Three-dimensional retail ecosystem, thus breaking through the domestic market sales bottlenecks.

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< p > in the two level market, the concept of the merger and acquisition of electric business also triggered capital carnival.

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< p > in recent years, Dangdang, Lanting Pavilion, vip.com, jumei.com and other domestic e-commerce enterprises have entered the overseas capital market. Especially this year, Jingdong mall is listed on NASDAQ. Alibaba is about to visit the New York Stock Exchange and become the world's largest IPO (the first public offering of new shares) this year.

Outstanding Chinese technology enterprises "bloom outside the wall", many mainland investors feel sorry.

The 100 round pants industry's acquisition of global Tesco is expected to form the first electricity supplier concept stock in A shares, giving investors the opportunity to share the growth value of e-commerce enterprises.

Therefore, despite the constant questioning, the acquisition is still touted by the capital market. The price of 100 circles trousers industry has risen from 15 yuan to the highest 30.78 yuan, becoming the first bull stock in July.

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"P" and universal Tesco will also enhance its value by capital "golden touch".

In the acquisition, the net worth of global Tesco is estimated to be 1 billion 45 million yuan, with a profit of more than 3000 yuan in 2013 and a 33 times price earnings ratio.

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< p > the increase of stock price brought by M & A attracts market participants to ask more about the intention and Prospect of this acquisition.

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P, a senior official who asked not to be named, said that the most direct purpose of the merger was to reverse the declining trend of profits in recent years through resource integration, and to introduce the high-quality assets and to enhance the performance of listed companies.

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From the end of "P" to the end of 2011, the prosperity of domestic textile and clothing industry began to decline.

Raw materials, labor costs and store rents rose, consumer terminal purchasing power continued to slump, pressure on inventory growth was difficult to ease, and terminal profits fell.

At the same time, the development of e-commerce has a certain impact on the offline sales network.

Against this background, the hundred round trousers industry will inevitably face similar store shrinkage and profit declines with peers.

In 2012, the company achieved net profit of 52 million 370 thousand yuan, down 23.78% compared to the same period last year. In 2013, the net profit was 31 million 490 thousand yuan, down 40% compared with the same period last year.

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Under the background of P, mergers and acquisitions can improve the quality of assets of listed companies, improve the company's financial status and enhance their continuous profitability.

The rapid development of cross-border e-commerce pactions in recent years, so that the global easy to buy into the industry of 100 round pants.

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< p > it is understood that global Tesco has maintained rapid growth in recent years, and sales revenue reached 466 million yuan in 2013, an increase of 135% over the previous year.

In the first quarter of this year, the company has realized sales revenue of more than 200 million yuan, up more than 100% over the same period.

In this acquisition, the net profit of the global Tesco promise in 2014~2017 is not less than 65 million yuan, 91 million yuan, 126 million yuan, and 170 million yuan, which will be a good way to enhance the profitability of the 100 circles trousers industry with a net profit of 31 million 490 thousand yuan in 2013.

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< p > in addition to reversing the declining factors, market participants interpreted the merger as a pformation from traditional enterprises to electric providers.

But reporters learned in the interview that this conclusion is too early.

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< p > in the draft of mergers and acquisitions, the hundred round pants industry said that after the reorganization is completed, the company can directly use the platform resources and user resources of the global easy to purchase platform to carry out its cross-border online business. In the future, it will actively embrace the Internet and create a clothing Eco retailing ecosystem with online and offline resource linkage and cross border cooperation within the domestic market.

But in fact, the pformation from traditional enterprises to Internet companies is subject to many conditions.

From the two sides of the merger, there are obvious differences in target consumer groups. The industry is located in the middle income group of 25 years old, -55 years old, and the main customers of global Tesco are young foreign groups with the concept of Internet consumption.

From the hundred round pants industry, the Internet assets of the underlying assets should be injected into the franchisee based operation system, and the supply chain can be optimized through the online and offline business.

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Therefore, this paction has the characteristics of epitaxy acquisition and connotative development. < p >

As the top executives of hundred round pants industry believe, the role of mergers and acquisitions in the integration of industrial chain has not yet been revealed.

From the perspective of effect, what happens is "physical change" instead of "chemical change".

After mergers and acquisitions, traditional business and global Tesco's e-commerce business will go hand in hand.

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< p > although it is not yet able to predict the success of the M & A, it is still worthwhile for the provincial enterprises to draw lessons from the merger and acquisition plan.

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< p > after the listing of enterprises, how to solve the problems encountered in their own development with the capital market platform?

In the downturn of the garment industry, the hundred round pants industry has chosen to open up the development space of enterprises with mergers and acquisitions and realize its own rapid expansion.

The reporter noted that in the M & a package, the purchase price of 100 round pants industry was 1 billion 32 million yuan, but 972 million of them were paid by issuing shares, and the cash payment was only 60 million yuan.

At the same time, the acquisition also provides $150 million to the specific investors in non-public offering of shares, which is used to pay the cash consideration and restructuring fees of the paction.

This is the takeover power of listed companies.

As the main body of mergers and acquisitions, because listed companies can issue shares payment paction consideration, listed companies naturally have high price competitiveness and leveraged more assets acquisition capabilities, and can be used for efficient mergers and acquisitions of another company with little or no cash.

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Sun Cairen, the financial expert and director of the Shanxi securities regulatory bureau, described the rapid expansion of enterprises through M & A as an example of "taking the elevator", and described the self accumulation mode of development as "climbing the stairs". P

Since this year, the news that regulators have relaxed the approval of mergers and acquisitions is constantly coming out. Under the institutional dividend, A share listed companies are expected to usher in a wave of extensive mergers and acquisitions.

Under such circumstances, Shanxi listed companies can make good use of their own "acquisition power". Under the background of the replacement of leading industries, mergers and acquisitions and horizontal mergers and acquisitions around the industrial chain will continue to pform and embrace the new economy.

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< p > from the point of view of capital operation, the merger is essentially a curve listing of electric business enterprises.

Through this paction, Tesco has become a wholly owned subsidiary of the listed company, not only enhancing its influence and popularity, but also reassessing its value in the capital market and getting rid of the unfavorable situation that the market share has been blocked up for a long time.

This reminds enterprises in the province that it is not a path for IPO to enter the capital market. We should seek merger and reorganization with listed companies with cooperation awareness and open thinking, and put high-quality assets into listed companies to achieve curve listing.

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