Listing Of La Natsu Bell Stock Exchange

Yesterday, it was called "China Version ZARA". La Natsu Bell The HKEx is officially listed on the Hong Kong stock exchange. The announcement of its offering results shows that its public offering has not been fully subscribed since September 24th. It is understood that La Natsu Bell did not subscribe for the 602 thousand and 400 shares have been redistributed to the international sale. In addition, 80% of the funds raised by La Natsu Bell will be used in expanding the retail network.

In view of this, there is an industry view that the fact that the public offering of shares is "cold" and the current situation of the whole garment industry are still in a state of depression. The growth of the expansion brought by epitaxial expansion is hard to sustain. The biggest challenge for the company will be how to achieve endogenous growth through meticulous management.

　　 Public offering not fully subscribed

A few days ago, a notice released by La Natsu Bell showed that the offering price of the company was set at HK $13.98 per share, the lower limit of the price range (HK $13.98~18.2) announced previously. After deducting the underwriting fees and commissions and projected expenses payable by the company on the global sale, the net proceeds are estimated at HK $1 billion 606 million.

La Natsu Bell's official website Bulletin shows that the final number of shares allocated to the public offering is 11 million 555 thousand and 600 shares, which is equivalent to about 95% of the total 12 million 158 thousand shares of the initial offer available under the public offering. On the whole, this publicly offered share is equivalent to 9.50% of the total number of initial shares available for sale under the circumstances of the failure to exercise excess allotment rights.

Reporters learned that, due to insufficient public subscription, a total of 602 thousand and 400 H shares have been redistributed to the international sale.

Prior to this, La Natsu Bell has introduced Shengda international and Zhou Dafu agent company based investors. It is reported that as of yesterday, the basic investor Zhou Dafu agent was allotted 11 million 87 thousand and 200 shares, and Shengda international capital was issued 16 million 630 thousand and 800 shares, which accounted for 2.3% and 3.4% of the issued shares respectively after the global sale.

In September 24th, La Natsu Bell made public in Hong Kong. Prospectus The shares were priced between 13.98 and HK $18.2 per share, when 12 million 158 thousand new shares were expected to be sold for the first time. According to the median stock price range of HK $16.09, it is estimated that the net capital contribution is about HK $1 billion 855 million.

However, even though it is known as the "Chinese version of ZARA", and its performance is even more beautiful than its peers, and its early dividend payment commitments, but now, La Natsu Bell's initial offer is still cold, the first day has not been favored by many small and medium brokerages.

Garment industry independent commentator Ma Gang pointed out that this is not the same as the whole garment industry is still not enough prosperity. At present, most garment enterprises are still worried about going to stock, the industry is not completely out of the trough, and the investment returns of clothing brands are not very good.

　　 Online and offline are high-speed expansion

According to La Natsu Bell's previous plan, about 83% of the proceeds from the fund-raising will be used to expand the retail network.

It is understood that before December 31st this year, La Natsu Bell plans to increase about 1200 retail outlets, and in 2015 and 2016 each increase by about 1500 retail outlets, if the plan is realized, by 2016, La Natsu Bell's Dot The number will be close to 1. There is a view that the rapid growth of La Natsu Bell's income comes from its rapid increase in the number of stores.

Data show that La Natsu Bell's income increased from 1 billion 860 million yuan in 2011 to 2013 yuan in 6 billion 225 million yuan, with a compound annual growth rate of 82.7%. Net profit increased from 123 million yuan in 2011 to 413 million yuan in 2013, with a compound annual growth rate of 83.3%.

But during the same period, the same store sales growth slowed down, or even negative growth. The latest data show that the same store sales in the first half of this year dropped 3.4% compared to the same period last year. Ma Gang told reporters that if the performance is purely dependent on the expansion of the shop, then the growth brought about is unsustainable. In his view, "opening a shop needs a considerable part of the funds to open a shop, but whether it can continue is also a problem." "

Inventory is also a big worry for La Natsu Bell. Statistics show that the average stock turnover days of group 2011~2013 are as high as 212 days, 204 days and 199 days. Although its models follow ZARA and UNIQLO, new products are launched every two weeks, but they are hard to match in turnover speed.