The Road To Listing Is Not Smooth. JORYA Parent Company Xin He Shares Will Be Submitted To IPO Prospectus Again.

Despite the unfairness of the domestic apparel retail group's listing, the JORYA parent company, which has been locked in a closed door for a long time, has not yet given up.

According to the fashion business news, JORYA parent company congratulate Limited by Share Ltd recently submitted the IPO prospectus, the sponsor is CITIC construction investment securities, plans to be listed on the Shenzhen stock exchange, the number of shares issued is not less than 80 million and 100 shares, the number of publicly issued shares is no less than 10% of the total share capital after the issuance, and the raised funds will be used for brand marketing network construction and other projects.

In Xiamen, hintin headquarters is located in Xiamen, Xiamen Clothing Co., Ltd., founded in June 7, 2006, with the exception of the core brand, JORYA, including JORYA weekend, ANMANI, GIVHSHYH, CAROLINE, AIVEI and other high priced clothing brands, as well as the fast fashion brand QDA.

It is reported that Xin he shares owns a professional and high-quality design team with more than 380 people at the core of the actual controller Sun Ruihong. The annual R & D design investment is more than 60 million yuan, and more than 4000 garments are launched.

It is noteworthy that this is the fourth time that Xin he shares has submitted the IPO application.

Since 2014, Hsing ho has started to apply for IPO, but it has been denied. The group's continued profitability, abnormal gross margins and more cash have become the main factors to be rejected.

The prospectus revealed that the operating income of He Xin shares from 2016 to 2018 was 1 billion 498 million yuan, 1 billion 634 million yuan and 1 billion 760 million yuan respectively, with net profit of 185 million yuan, 192 million yuan and 206 million yuan respectively, and gross profit rates were 73.25%, 75.31% and 75.23% respectively, exceeding the average level of the industry.

Hsin ho shares said that the company's products have been ranked among the first tier women's brands in China. JORYA and JORYA weekend women's wear brands have a high reputation in the market. In 2018, brand sales accounted for about 50%.

However, during the reporting period, there were some shops in Xin He stock that were not well managed.

As of the end of last year, Hsin ho shares had 600 sales outlets in all provinces and municipalities directly under the central government except Tibet. The main branches of terminal stores were high-end shopping malls in Beijing Oriental Plaza, Guangzhou Swire, Beijing SKP, Shanghai port, Shenzhen the Mixc and Nanjing de chi square.

At the end of 2011, Xin he shares sold 7% of its shares to LVMH L Capital (L Catterton Asia predecessor), involving about 338 million yuan, making L Capital the second largest shareholder.

Last January, L Capital sold its stake to Hsin ho holdings and cash out of 518 million yuan, which means that L Capital made a net profit of 180 million.

Up to now, the main shareholders of Xinhe share are Xinhe International Limited, Jun Sheng investment partnership, Xinhe Equity Investment Co., Ltd., Purple Forest Limited, Xin Jiajun Investment Co., Ltd., Ju Fu Development Co., Ltd., Hongye Asia Limited and Jun Hao investment partnership.

The couple are Purple Forest Limited's shareholders, and Honglei Sun is the founder of the investment.

In addition to JOYRA, L Capital, another Apparel Group invested in China, was also submitted to IPO in March of this year by GXG, the parent company of Moore Group Holdings Ltd., which has been approved by the Hong Kong stock exchange. Credit Suisse, Citigroup and recruitment international are joint sponsors who intend to raise about HK $2 billion 300 million. The fund will be used to repay debts and reduce financial expenses and expand brand portfolio.

The group was established in 2007. In addition to its core brand GXG, the group also operates five brands, including GXG jeans, gxg.kids, Yatlas and 2XU, but GXG is still the group's biggest performance engine. Its main competitors include Pacific bird menswear and CABBEEN menswear. The latter two have been listed in A shares and Hongkong.

At the end of December 2017, herkie group, which also received the L Capirtal platform, formally announced its application for IPO, but no further information has been received so far.

According to the open prospectus issued by Heji group, the group will issue no more than 127 million shares on the Shanghai stock exchange, accounting for no more than 15% of the total share capital of the company after the issue, and not less than 10%, and plans to raise 3 billion 200 million yuan for the expansion of 356 self operated stores.

According to the latest public issuance of stock audit process and application results of the Ministry of supervision, the results show that the two failure of pill beauty appears again and is awaiting the meeting.

This is the only beauty brand that L Capital invested in China.

Insiders told fashion headlines that the only purpose of L Capital is ROI, which has nothing to do with the overall brand and product strategy of LVMH. In addition, L Capital is an investment fund with a definite exit time. The time is about 3 to 5 years. Last January, it was the stage of L Capital seeking exit cash.

As of press time, Xin he shares have not responded to relevant news.