Haining Home Textile City By The Impact Of Business Pformation Adjustment

According to the world clothing shoes and hat net, the SFC's main board panel will convene the 150th issuance audit committee working conference in 2017 to examine the first application of Haining China Home Textile City Limited by Share Ltd (hereinafter referred to as Haining Home Textile City).

It is mainly engaged in the operation and management of the specialized market of cloth art.

The company sent the initial public offering prospectus on 14 daily newspapers in May 13, 2016 and August 2017 respectively, and it will not issue more than 40 million shares in Shenzhen Stock Exchange.

It is understood that the sponsor of IPO in Haining home textile city is Sino German securities.

Prospectus shows that in 2014 -2017 1-6, the total liabilities of the company were 793 million yuan, 855 million yuan, 824 million yuan and 773 million yuan respectively, and the total liabilities of current liabilities were 291 million yuan, 251 million yuan, 239 million yuan, 167 million yuan respectively, and the assets liabilities ratio (Merger) were 82.14%, 78.53%, 78.53% and 78.53% respectively.

The above data show that by the end of 2016, the company had liabilities of 824 million yuan.

In raising investment, the company intends to invest 249 million 640 thousand yuan to upgrade and upgrade the old market and "window of cloth art".

Service platform project.

Among them, 228 million 450 thousand yuan for old market pformation and upgrading projects.

Prospectus shows that in 2014 -2017 1-6 months, the company achieved operating income of 79 million 100 thousand and 400 yuan, 126 million 106 thousand and 700 yuan, 140 million 764 thousand yuan, 74 million 338 thousand and 400 yuan, net profit for the same period was 31 million 118 thousand and 300 yuan, 61 million 125 thousand and 700 yuan, 111 million 651 thousand yuan, 29 million 418 thousand and 100 yuan.

According to the world clothing and shoe net, the company's net profit is not contributed by its main business. In 2016, over 60% net profit came from non recurring gains and losses.

Data show that in 2014-2017 years and 1-6 months, the net non recurring gains and losses of the company were 4 million 695 thousand and 600 yuan, 23 million 439 thousand and 400 yuan, 70 million 742 thousand and 600 yuan and 3 million 694 thousand and 400 yuan respectively, accounting for 15.09%, 38.35%, 63.36% and 12.56% of net profit respectively.

The largest shareholder of Haining textile city is Hongda holding group, with a shareholding ratio of 35%.

However, HTC holdings is only an ordinary shareholder of the company, and has not been identified as the controlling shareholder of the company and the actual controller.

In the feedback of the SFC, the issuer pointed out that "the issuer will further explain the provisions of the legal laws and regulations that the HTC holding group has not been identified as the controlling shareholder and the rationality of the HTC holding group's locking commitments."

From the performance of textile and clothing professional market in recent years, the impact of electric business impact and industry pformation adjustment and other factors, a lot of professional market in revenue and other aspects of greater pformation pressure.

Haining home textile city will spend 21 million 190 thousand yuan on the construction of the service platform of "window of cloth art".

In this regard, insiders said that the operation mode of Haining home textile city is more traditional, and the road of the electricity supplier is slower.

At present, many of the country

The market of textile products and so on, Haining home textile city began to focus on the layout, behind the half.

In view of the above content, the reporter interviewed Haining Textile City secretaries office, as of press time did not receive a reply.

In 2016, the company was in debt of 800 million yuan.

Summary balance sheet

Prospectus shows that in 2014 -2017 1-6, the total liabilities of the company were 793 million yuan, 855 million yuan, 824 million yuan and 773 million yuan respectively, and the total liabilities of current liabilities were 291 million yuan, 251 million yuan, 239 million yuan, 167 million yuan respectively, and the assets liabilities ratio (Merger) were 82.14%, 78.53%, 78.53% and 78.53% respectively.

The company claims that the current asset liability ratio is higher than that of the listed companies in the same industry. The main reasons are: 1) the leasehold fees and fixed rents of the issuer are higher than those of the same industry, and the amount is not required to be paid in real terms; 2) the issuer has a relatively short time to establish, and the net assets and investment funds are mainly accumulated through their own operating profits, and the net asset scale expansion is limited; 3) Commodity City, light textile city, Haining city and Fujimori Mi are listed companies, and their capital structure has been improved through issuing shares.

Fundraising $228 million 450 thousand for upgrading and upgrading projects in old markets

The prospectus shows that the total investment of the company's capital raising investment project is 249 million 640 thousand yuan, and it intends to invest 249 million 640 thousand yuan in the upgrading and upgrading of the old market, and the service window project of "window of cloth art".

The company said that upgrading and upgrading projects in the old market were based on upgrading and upgrading of the old market, and re layout and pformation of its market structure, internal shops and auxiliary facilities.

The proposed construction area increased from 22914.63 square meters to 73330 square meters.

The number of shops will be increased from 868 to 1272, 343 new exhibition rooms will be added, and some life support facilities will be added.

The project is to build two buildings, which are divided into 1 buildings and 2 buildings, of which 1 is located on the south side, with four floors as the market area. The 2 building is located on the north side, with a total of ten layers, with one to four tier as the market area, and five to ten layers as the integrated business district.

The market area will be 59810 square meters, and the total commercial area will be 13520 square meters.

According to the architectural form, the project is divided into three functional areas, namely, the market trading area, the exhibition area and the high-level comprehensive business district.

The company hints at risk that in the implementation process of the investment project, the company is faced with many uncertain factors such as policy changes and market demand changes. If the market situation changes unforeseen after the completion of the project, or the company can not effectively develop the market, it may affect the expected return of the investment project, and the net asset yield of the company will be likely to decline.

Over 60% net profit in 2016 came from non recurring gains and losses.

Summary consolidated profit statement

Non recurring gains and losses

According to the world clothing and shoe net, public information shows that the main business of Haining home textile city is the operation and management of the professional fabric market, and the establishment time is August 2012.

However, the company, which has only been established for only 5 years, is quite stunning.

According to its disclosure, in the first half of 2017, Haining Home Textile City achieved operating income of 74 million 338 thousand and 400 yuan, a net profit of 29 million 418 thousand and 100 yuan in the same period, and realized operating income of 79 million 100 thousand and 400 yuan, 126 million 106 thousand and 700 yuan and 140 million 764 thousand yuan in 2014, respectively. In 2014, the net profit was 31 million 118 thousand and 300 yuan, 61 million 125 thousand and 700 yuan and 111 million 651 thousand yuan.

It is worth mentioning that the net profit of Haining home textile city is not contributed by the main business.

Prospectus shows that in 2014 -2016 and the first half of 2017, the net profit and loss of Haining home textile city was 4 million 695 thousand and 600 yuan, 23 million 439 thousand and 400 yuan, 70 million 742 thousand and 600 yuan and 3 million 694 thousand and 400 yuan respectively, accounting for 15.09%, 38.35%, 63.36% and 12.56% of the net profit respectively.

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The largest shareholder is not holding.

According to the world clothing and shoe net, the controlling shareholder of Haining textile city is not the largest shareholder, and there is no actual controller.

Prospectus shows that the largest shareholder of Haining textile city is Hongda holding group, with a shareholding ratio of 35%.

However, HTC holdings is only an ordinary shareholder of the company, and has not been identified as the controlling shareholder of the company and the actual controller.

Although HTC holdings did not achieve absolute holding, according to the relevant provisions, a single or joint control of a company's share and voting power to reach or exceed 30% could also be regarded as the actual controller.

Statistics show that Hongda holdings is also the controlling shareholder and actual controller of Hongda new stock company. Therefore, HTC holdings is not the "boss" of listed companies.

Then, Hongda holding has the largest shareholder's title, holding 35% of the shares, but not the position of the actual controller of the company. Why? Information shows that the second and third largest shareholders of Haining Textile City, base company and Haining supply and marketing cooperatives have signed the agreement on uniform movement. The agreement points out that, based on full trust and close cooperation, they agree to act as a concerted action shareholder of the company and take concerted action on the related matters of the company. The two parties share 47.5% of the total shareholding, which is the controlling shareholder of the company and jointly controls Haining home textile city.

It is worth mentioning that although the two shareholders do not have the background of state-owned assets, they are collectively owned or collectively owned enterprises.

Statistics show that the sole shareholder of base company is Haining Xu Cun Asset Management Co., Ltd., which is actually controlled by Haining Xu village Asset Management Committee.

The Haining supply and marketing cooperative is a cooperative economic organization approved by the Haining Municipal People's government. It belongs to the joint organization of the supply and Marketing Cooperative in the whole city.

For the above phenomenon, an anonymous investment bank analysis, "do not do the actual controller of the company may have the company's own considerations.

In addition, if it is recognized as the actual controller, the requirements of the share lock commitment will be different.

Prospectus shows that the controlling shareholder base company and Haining supply and marketing cooperatives and major shareholders Hongda holdings limited circulation and voluntary commitment to lock shares, there is indeed a big difference.

It is worth mentioning that HTC holdings is only recognized as a general shareholder holding more than 5%, but it has a longer term of commitment period than ordinary shareholders with the same shareholding of more than 5%. For example, the lock up period of billion investment is only 12 months.

Does this have to do with the concerns of regulators?

"The issuer further explained the basis and rationality of not identifying the Hongda holding group as the controlling shareholder and whether the locking commitment of the Hongda holding group is in conformity with the provisions of the laws and regulations," the SFC said in its feedback.

Electricity supplier impact pformation pressure

According to the world clothing shoes and hat net, from the performance of textile and apparel market in recent years, influenced by the impact of the electricity supplier and the adjustment of industry pformation, many professional markets have encountered greater pformation pressure in terms of revenue and so on.

Prospectus shows that the IPO intends to raise 250 million yuan, Haining home textile city will use 21 million 190 thousand yuan for "window of cloth art" business service platform construction.

The project will make use of advanced information technology such as Internet and big data, and adopt the design idea of integrated control bus and message driven, asynchronous buffering and real-time interaction to create an online and offline integrated electronic service platform, forming a professional mode of market and business service platform, realizing the linkage development between tangible market and invisible market, and promoting the maximization of business benefits of cloth business operators.

By grabbing the market opportunities and integrating the upstream and downstream of the fabric industry value chain, we can enhance the competitiveness of the company and further enhance the brand value of the company.

The company said that in terms of e-commerce service platform, the company will make full use of mobile Internet technology and powerful producer resources to explore the establishment and development of F2R (FactorytoRetailer short) business model, to create a professional e-commerce service platform that meets the needs of industrial development and social purchase and sale.

In this regard, the industry said that the Haining home textile city's business model is more traditional, the road of the electricity supplier is slower.

At present, many clothing, cloth and other market electricity suppliers in Haining, the home textile city this year began to focus on layout, behind the half.

In addition, according to media reports, in the first half of this year, only two of the two subsidiary companies in Haining Home Textile City were involved in losses. The former was set up in 2015, with a registered capital of 500 thousand yuan and a loss of 219 thousand and 400 yuan in the first half. The latter suffered losses last year and a loss of 461 thousand yuan in the first half.

More interesting reports, please pay attention to the world clothing shoes and hats net.