Secret: Potential IPO Queuing Listed Garment Enterprises

World clothing shoes and hats online, 2017 is called the "new year" of garment enterprises IPO. As many as 9 garment enterprises have become a member of the A share clothing sector (namely, Pacific bird, Wanlima, Ann fashion, Rodin, Japanese fashion, Anne, starting stock and mercury Home Textiles).

Thanks to the normalization of A share IPO issuance speed, Wah sang said earlier that this period was a "window period" for clothing companies to enter the market, and it seems that this window is getting smaller and smaller by 2018.

On the one hand, the IPO audit became more stringent, and there was a super low rate of "trial 7 No 6". On the other hand, we found that there were only three garment enterprises in the list of IPO queuing enterprises, of which two were still waiting for IPO queues for many years, while the remaining ones were new faces just queuing up.

Under such circumstances, will there be a successful landing of the garment enterprises in the A share market this year? What clothing enterprises will appear in the new list of IPO queuing enterprises?

Hechi group (IPO queuing status: accepted)

Compared with Jordan sports and Mass Phil, Heji group can be regarded as the "new face" of IPO queuing list of clothing enterprises.

In December 13, 2017, Hechi (China) group Limited by Share Ltd submitted a prospectus draft to the SFC and began to sprint IPO.

By the end of January 18, 2018, the queuing status of hkei group IPO showed that it was "accepted", and 200th of the 225 queuing enterprises on the main board of the Shanghai Stock Exchange were in a relatively backward position.

Hkei group prospectus shows that the company currently has ochirly, Five Plus, TRENDIANO, COVEN GARDEN and other self created brands, the acquisition and operation of international brands such as MISS SIXTY, etc., through the joint venture operation in China, such as Superdry, DENHAM and other international brands.

As of June 30, 2017, there were 2960 stores under the brand lines, including 2943 in China, 7 in Hong Kong and Macao, and 10 in Europe.

On the type of shops, the company has 1107 direct outlets, 1697 outlets, and 156 joint stores.

From 2014 to 2016, the revenue of Heji group was 5 billion 803 million yuan, 6 billion 96 million yuan and 6 billion 446 million yuan respectively, the annual compound growth rate was 5.39%, and the net profit was 1 billion 151 million, 1 billion 94 million and 1 billion 106 million yuan respectively.

Hkei group's IPO plan does not exceed 127 million shares, raising about 3 billion 226 million yuan, investing in marketing network construction projects, supply chain and logistics center construction projects and information system construction projects, and 500 million yuan to supplement working capital.

Among them, the marketing network construction project plans to raise funds 1 billion 839 million yuan, plans to build 6 experience centers in the second tier cities nationwide, and opens 350 new standard stores.

It is noteworthy that the third largest shareholder of Hechi group is Pilgrim, with a shareholding ratio of 5.0981%.

This Pilgrim is LVMH's private equity fund L Capital, renamed Pilgrim in February 2017.

L Capital also invested in the Hsin ho shares that had been queued up in IPO.

From the perspective of return on investment, maybe L Capital will "push".

Boost and wait for IPO to break through successfully.

Jordan sports (IPO queuing status: past meeting)

Jordan sports has been in the meeting for a long time, but has not obtained the approval status. The main reason lies in the lawsuit.

But Jordan sports did not give up the A share listing target, and remained in the list of IPO queuing companies.

In November 21, 2011, Jordan sports submitted a draft prospectus for IPO to the SFC, which was awarded in November 25th.

As of January 18, 2018, Jordan sports is still in the past.

The Commission referred to Jordan sports in a news conference in 2014. It said that there was a major pending lawsuit in Jordan sports. It belonged to the special situation of the enterprise. The SFC will push forward the listing work according to the procedures after the relevant limited factors are eliminated.

Since the financial data of the prospectus application ended in June 2011, Jordan sports latest financial data has not been published publicly.

Jordan sports official website introduction shows that the company achieved annual sales revenue of nearly 4 billion yuan, net profit of over 600 million yuan, more than 6000 brand stores in the country, and 8 employees.

This can be considered as a revenue data for the past two years.

According to the prospectus, Jordan sports sales in 2010 amounted to 2 billion 930 million yuan, the net profit attributable to shareholders / owners of the parent company was 520 million yuan, and as of June 30, 2011, the total number of Jordan brand stores was 5715.

It can be estimated that Jordan sports revenue is still growing in recent years.

Compared to A shares of sports apparel stocks, birds in 2016, precious birds bird revenue 2 billion 279 million yuan, attributable to shareholders of listed companies net profit of 293 million yuan, it can be said that Jordan sports 2010 revenue and net profit has exceeded the 2016's precious birds.

At present, the price earnings ratio of A is about 43 times, and its market value is 12 billion 700 million yuan.

It can be considered that if Jordan sports is finally successful, IPO is likely to become the market leader of A share sports apparel subdivision industry.

Mass Phil (IPO queuing status: pre disclosure update)

In 2014,

A group of high-end women's clothing brands such as Hsin Ho, Vigna S, and Zheng fashion were sprinting IPO, all of which submitted the prospectus draft to the SFC in this year.

Three years later, the fate of these enterprises is quite different.

Song Li Si, an Zheng fashion and Vigna S have become listed companies, Hsin ho shares have been terminated IPO, Mass Phil is still in the IPO queue list, the results of the listing are outstanding.

Since the filing of the updated prospectus submitted to the SFC on 18 January 2017, the queuing status of "pre disclosure update" has been maintained for a whole year.

In 2017, IPO was listed on the new year. Mass Phil did not become one of the new shares of clothing enterprises in 2017. There are various factors affecting internal causes and external causes.

But from the prospectus, one of the intuitive factors may be the revenue situation.

Prospectus shows that in the first half of 2016, Mass Phil's revenue and net profit decreased year by year, with a turnover of 1 billion 43 million yuan, down 12.21% compared with the same period last year, and net profit of 187 million yuan, down 47.30% compared to the same period last year.

Mass Phil said that the main operating indicators of the company declined as a result of macroeconomic slowdown, intensified market competition, rising cost costs, expected decline in consumer income growth and overall weakness in the consumer market.

The other is that the share of inventory increases year by year.

Prospectus shows that in 2013, 2014, 2015 and the first half of 2016, the book value of Mass Phil's stock was 504 million yuan, 613 million yuan, 780 million yuan and 777 million yuan, respectively, accounting for 26.62%, 26.33%, 28.90% and 29.50% of total assets. Mass Phil said that this was mainly determined by direct selling mode and strict sales discount policy.

However, in general, the size of the revenue in the middle and high end women's brand is in the forefront.

In 2015, Mass Phil's revenue reached 2 billion 480 million yuan, and net profit amounted to 710 million yuan.

In 2017, there was a resumption of growth in the high-end women's clothing market as a whole. We can deduce that Mass Phil's growth will also benefit from this factor.

Jo Mass Phil can finally land on the A share market, and also has considerable imagination in the market value. The A shares will add a strong new force to the women's wear.

What are the potential IPO queuing clothing companies?

There are bound to be more clothing companies in the list than the three remaining clothing companies in the IPO queuing list.

Which companies will take the lead in becoming a member of the list?

Then, the topic of Hechi group's shareholders, in addition to Hsin ho shares and Heji group, LVMH's private equity fund L Capital Asia (now called L Catterton Asia) also invested in another Chinese clothing brand, that is GXG.

In October 2016, L Catterton and Crescent Point completed the holding of zhe Mu Shang of GXG parent company.

Recently, media reports reported that GXG is likely to sprint IPO this year, and said that zhe zmzon will soon disclose its prospectus in the first half of this year.

In addition, there are also some clothing business enterprises to sprint IPO attitude is also quite active.

In addition to rumors that GXG may be IPO, there have been reports recently that the Internet apparel brand clothing Tiancheng intends to IPO.

The founder of clothing Tiancheng revealed that the company completed a round of PreIPO financing in 2017, and plans to report gem or motherboard IPO in early 2019.

According to the introduction, the clothing product Tiancheng brand was founded in 2010, in the same year, it opened the first flagship store in Tmall, the flagship leisure men's clothing, located in the 20-30 year old young crowd.

At present, the company owns nine brands, namely, men's clothing, clothing, women's clothing, dialogue, bloom, Milda, KOJO, luxury, NMAX, clothing, Tiancheng children's clothing and so on. In 2016, the company sold more than 1 billion yuan per year.

In addition, it has also mentioned that two new three plate women's clothing business enterprises began to sprint the IPO road at the end of 2017.

The two enterprises are Han Du Yi she and you Yi buy.

In December 5, 2017, Han Du electric announced that the company had submitted the IPO listing guidance material to Shandong Securities Regulatory Bureau recently and was accepted.

The 2017 semi annual report showed that the company had a revenue of 850 million yuan and a net profit of 72 million 630 thousand yuan.

According to the announcement in December 25, 2017, the company submitted the IPO listing guidance materials to the Shenzhen Securities Regulatory Commission on the same day and was accepted.

Statistics show that the company has a women's clothing brand UGOCCAM, the first half of 2017 revenue of 41 million 940 thousand yuan.

After checking out the garment enterprises listed above in the IPO queue list and the enterprises that may appear on the queuing list, we must recognize an objective situation, that is, this year is unlikely to reproduce the "spectacular scene" of last year's IPO listing.

However, we must also see an objective "advantage", that is, time.

It is still the beginning of 2018, and no more new faces will be announced on the next day to start sprint IPO.

From a long-term perspective, under the general trend of consumption upgrading, there will be more and better clothing enterprises with the strength and confidence of listing.

The "harsh" listing environment will speed up the speed of listing of some garment enterprises that have good growth performance, good corporate governance and familiar with the rules of the capital market game.

From a positive point of view, this will force the clothing enterprises with small and medium-sized enterprises and family and individual entrepreneurship as the main mode of development to have more sense of capital management and avoid stepping on the thunder in the process of going to the capital market, so as to successfully set foot on the A share market.

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