2020 The Opening Was Too Difficult. Is A IPO Brand And A Clothing Brand Warned By ST?

In January 9, 2020, according to the results of the audit, the Beijing Carmen apparel Limited by Share Ltd (hereinafter referred to as "Carmen costumes") became the first IPO company in the new year, and it was also the only IPO company in the 67 enterprises that were up to October 12, 2019. As early as May 2018, Volkswagen securities reported that the lower threshold of technology, the fact that Carman's own brand relies on "OEM", pointed out that the company did not produce its own products, and its brand products relied on "OEM".
　　 The product is entirely produced by "foundry".
According to the listing application, the Carmen fashion program does not exceed 27 million shares in the Shenzhen Stock Exchange SME board, not less than 25% of the total share capital issued. As a clothing enterprise, Carmen apparel is a company that deals in children's clothing business. The company's products involve 0-16 year old children's clothing, underwear, socks and other related products.
In apparel companies, regulatory authorities are particularly strict in terms of quality and environmental testing requirements for children's clothing. Carmen apparel market procurement, the implementation of supplier bidding system, but the company itself does not produce, the company's own brand, authorized to operate the brand's products mainly to the factory directly purchasing garments.
Another problem is that, according to the law, although the company's products are wholly produced by the foundries and the raw materials purchased by the manufacturers themselves, the company is still liable for product defects or quality problems. This also means that if the company's quality control system can not be reliably implemented, the product quality control links are in error, or the product does not conform to the national quality standards, the company will still face product liability claims and administrative penalties of relevant state departments.
It is questionable that, as for purchasing, Garman costumes guarantee the quality of products by procurement bidding system, but the foundry products are purchased by the factories themselves, and the products are entirely produced by the factories. Therefore, the quality and safety of children's clothing produced by the company are also puzzling.
　　 "Buy and sell" brushes make data
It needs to be mentioned that the entry threshold of clothing and home textile industry is low. "Clothing and home textile industry homogenization competition is fierce, so the bargaining power is weak." In this regard, market analysts believe that the industry's inventory and income are very important financial data, but also the main reason for the failure of many apparel IPO companies.
Compared with the ratio of stock to current assets, the average value of clothing industry in the first half of 2015 -2018 was 33.89%, 34.48%, 30.71% and 32.32%. As a clothing company, the company's apparel was 65.11%, 52.79%, 58.84% and 55.79%, respectively. From the ratio of total assets to total assets, the average value of industry in the first half of 2015 was 20.94%, 20.42%, 18.39%, and 18.94% in the first half of -2018, while the same period were 52.3%, 52.79%, 47.48% and 44.5% respectively.
In addition to the low technical threshold of the industry and the fact that the company's products are entirely produced by the "OEM" and the inventory accounts for a high proportion, the sensitive period of the listing of Carmen clothing also exposed the problem of integrity in the sales data.
Before listing, Carmen apparel received the warning letter from the SFC. After investigation, the SFC found that in the process of applying for IPO listing, the SFC had problems such as flushing and buying goods, imperfect internal control of fixed assets, payment of personal accounts or expenses, failure to fully offset the unrealized profits of internal transactions, and the defects of inventory and its impairment.
According to the relevant regulations, the above acts violate the relevant provisions of the fourth, seventeenth, twenty-third and twenty-fourth articles on the management of IPO and listing, which constitute the act specified in article fifty-fifth of the "IPO and listing management measures". In accordance with the provisions of the fifty-fifth provision on IPO and listing management, the SFC takes administrative supervision measures to give warnings to Carmen apparel.
As of January 9, 2020, 5 applications for IPO enterprises such as Carmen clothing group would be audited collectively, and eventually 4 companies passed smoothly. Only the fact that Carman dress was not the first company in 2020 to become a new company. In addition, Carmen apparel is the first IPO company in the 67 companies that have been meeting since October 12, 2019. At the same time, whether or not the IPO has been recorded has been broken.
The two garment brand enterprises such as Carmen clothing and modern Boulevard are like "Besieged City", but they are not easy to enter the stock market outside the stock market.
In January 10th, the announcement of the modern Avenue announced that because the controlling shareholder of the company violated the prescribed procedures and provided guarantee for the company and its subsidiaries in the name of foreign investors, the company's stock would touch other risk warning cases. Since January 13th, the company's stock trading will be subject to other risk warnings, and the company's shares will be changed from "modern Avenue" to "ST modern" for short. As a matter of fact, since September 2019, there has been a lot of negative news on modern Boulevard. Now it has become the first "cap cap" in the A share market in 2020. Is this high-end men's clothing listed company getting cold?
Before the risk warning, the modern Avenue announced the announcement of the company's new litigation and new discovery of external guarantees. Notice shows that the company recently received the Guangzhou intermediate people's court "summons" and "civil complaint" and other legal documents, the company's real controller Lin Yongfei and plaintiff Zhou Zhicong dispute over the existence of a loan, was sued. At the same time, the company found Lin Yongfei and the plaintiff between the existence of a violation of security matters, involving an amount of 150 million yuan.
It is noteworthy that in January 8th, Wang Kanggai, former representative of modern securities in morden Avenue, applied for resignation. The company said it would appoint qualified personnel as a representative of securities affairs as soon as possible. In the industry view, Wang Kanggai's resignation seems to be more abrupt, the reason is worth pondering.
An expert in economic management said in an interview with the China Commercial Daily reporter that the violation of warranty on modern Avenue is a mistake in internal management, which is very risky for listed companies. Although the follow up modern Avenue has opened new corporate seals, corporate chapters and financial charter, to strengthen the company's official seal management, but the previous disaster is difficult to solve. In terms of the company's current development and performance, it is difficult for modern avenue to repay debts and solve the liability of guarantee. It may be difficult to remove the "ST" hat in a long time.
It is understood that the modern Avenue in February 2012 landing A shares, the company's main business in the field of fashion retail business, the operation of its own brand, including the card slave road CANUDILO, CANUDILO H HOLIDAYS, DIRK BIKKEMBERGS.
Financial data show that the net profit of modern Avenue in 2018 was about 27 million 850 thousand yuan, down 79.32% from the same period last year. In 2019, the company's performance was also unsatisfactory. In the first three quarters of 2019, the revenue and net profit decreased by about 961 million yuan, representing a decrease of 8.2 compared with the same period last year.