Metersbonwe A Shares Increased Financing To Relax Rescue

The "refinancing" policy has been loosening for more than half a month, and the market activity has risen sharply. According to the statistics of choice, 146 new listed companies have issued, revised or terminated the increase plan after the new deal ended in the 16 trading days ending March 9th. The total amount of fund-raising involved has reached 210 billion yuan.

And public information shows that over the past two years, A shares have increased the actual fund-raising scale at an average annual rate of around 700 billion yuan.

002269.SZ is one of them. In late February, a fixed investment increase of 1 billion 300 million yuan was revised. According to the new regulation, the issue price was 9 fold 20 percent off, the issue target was 10 changed to 35, and the stock lock period changed six months in 1 years (and not limited by the existing reduction rules). The rules were changed, hoping to win more funds by lowering the entry threshold and price.

In fact, the casual clothing brand, which once swept the whole country for Jay Chou's endorsement of "not taking the unusual road", has thrown a plan of increasing the amount of money raised to 9 billion yuan as early as the last round of policy easing. The goal is to develop a self owned e-commerce platform and open up the lifeblood of the Internet increasingly choked throat. At that time, the total market capitalization of the US state was only about 20000000000, which was equal to the rebuilding of half a listed company.

The unprecedented amount of fund-raising has declared bankruptcy after a year. In the meantime, the main business of the United States has contracted to 6 billion from the peak 10 billion battalion, and the profit has been adjusted by the diversion of assets to avoid being ST for two consecutive years. At the same time, the asset liability ratio has increased from 40% to 60%.

In 2017, Zhou Chengjian, founder of the American state, announced publicly that it would return to the main business of clothing brand.

Today, its latest refinancing scheme has been reduced to 1 billion 300 million yuan, and the project has also been upgraded from online to brand image upgrading, store construction and transformation and repayment of bank loans.

Agencies generally believe that relying on the strict regulation of the A share market and the gradual rationalization of investors, despite the current barriers to entry and deregulation, so that the situation of "unable to buy or sell" has been greatly improved, but the investment enthusiasm is getting warmer, "only good companies and good projects can melt into money" has also become the industry consensus.

Under the change of market risk preference, whether the policy of "loosening" can become the master key to solve the dilemma, perhaps the answer is not optimistic.

9 billion days for the front desk.

It was more than four years ago when the last attempt was made.

At that time, from 2014, "new country nine," a series of policies to encourage mergers and acquisitions and issuance of financing of listed companies were launched. According to the data of Guosheng Securities Research Institute, from 2014 to 2016, A shares totaled 3 trillion and 830 billion of the total increase, and the total number of shares in the previous 8 years was 2 trillion and 140 billion. Thus, in July 2015, the United States and the state of clothing sold a 9 billion yuan fixed amount of increase plan.

Metersbonwe has experienced glory. With the upstream and downstream brands, the casual wear brand, founded by Wenzhou businessman Zhou Chengjian in 1995, has gained popularity all over the country in the early years of the new century. The popular stars Aaron Kwok and Jay Chou have endorsed it.

In 2008, Smith Barney went on the market, and the scale of revenue in 2011 reached 10 billion. The next year, Zhou Chengjian, 47, ranked nineteenth in Forbes's mainland rich list by 17 billion yuan. He reached the peak of his life.

But behind the summit, it is also the beginning of the retail sale under the massive impact of the electricity supplier. In fact, Zhou Chengjian was the first group of business owners to take the initiative on the O2O battlefield. At the beginning of the listing, Mei Bang clothing set up an electricity supplier company. In 2010, its own electronic business platform "state purchase network" was launched.

The "net" only failed in a year. In September 2011, the United States clothing announcement said that because of huge investment and uncontrollable early financial risks, in order to ensure the overall performance of the company, it decided to stop running the "state purchase network" and transfer it to Zhou Chengjian, the largest shareholder, and invested 60 million of its funds before and after its apparel.

"Bong buy network" is an online position created by the United States in the great transformation of the channel. After switching to the big name, although it still sells its own products in related transactions, the financial results show that the purchase amount in 2012 and 2013 dropped from 500 million yuan to 260 million yuan, which shrank by nearly half. The overall performance of the "base camp" in the United States also began to continue downward. In 2015, the United States and the state store fell from 5220 in the peak season in 2012 to 3700, shrinking 30%.

In 2013, along with the popularity of 4G network and smart phones, the American state clothing, which had not yet slowed down from the PC side, stood on the mobile Internet draught. In October of that year, Zhou Chengjian transferred the domain name method to the listed company again without compensation, and began to rearrange the electricity supplier system.

The difference is that the improvement of the financing environment has made more claims for the development of American Apparel, which has caused too much financial risk in the development of online channels, and 9 billion increase.

According to the plan, the 6 billion yuan of this raised fund will be used for the construction of the US channel O2O all channel platform, while others will be used to build the "intelligent manufacturing" industrial supply chain platform and the Internet big data cloud platform center.

Even in the financing environment at that time, 9 billion also refreshed the refinancing record of listed companies. According to choice data, in 2015, A shares issued 1469 fixed increase plans, and according to the fund-raising limit, 9 billion yuan can be ranked among the top 50. The top ranking schemes come from the heavy capital industries such as finance, real estate and manufacturing.

Then the capital market changed. At the end of that year, the United States would reduce its financing to 4 billion 200 million yuan.

"Fan" downline, the boss "go wild"

Everything stopped abruptly at the end of 2016. In December of that year, the United States announced that it would terminate the programme that had struggled for over a year because of many factors, such as the overall situation of the capital market, regulatory policy requirements, financing environment and the development of the company's business.

In 2016, A shares completed a refinancing scale of more than 1 trillion and 600 billion, reaching the peak of history. However, in September of the same year, the SFC revised the management method of major asset reorganization including backdoor, and began to clearly reveal the signal of tightening supervision. The new rules for financing and reduction were introduced in the following year. In 2017, the size of A shares fell to less than one trillion yuan, and dropped to less than 700 billion yuan in 2019.

But this is not the main reason for the collapse of the "electronic business dream".

In the generous increase plan of Mei Bang dress, its mobile terminal business platform, which started in May 2014 and was launched in May of next year, has "fan" APP, which is the core part of the whole O2O system.

"Fan" as a platform level product, the main young fashion trend card. In June 2015 and March 2016, "fan" continued to be named after the second and third seasons of the variety show "fantastic flower". The specific naming fee was not disclosed. However, according to the financial report, the advertising cost in the United States increased from 50 million yuan to 120 million in 2015.

Did the US state, which was willing to invest in the "capital", get the expected results? The questionnaire survey platform wendax, in the second season of "wonderful flower", once thought that half of the "wonderful flowers" audience was considering downloading "fan", while 20% viewers had already downloaded, but after the third season was broadcast, some media questioned its total downloads by less than 1 million according to the League index.

The final answer was soon announced in August 2017: "fan" APP downloaded the line on the basis of internal adjustment. In the case of most of the goods sold directly for its own brand, the platform level APP failed to cross the gap between the electricity supplier and the business class, and Metersbonwe failed to become a fashionable brand for young people through "fan".

Zhou Chengjian also openly reflected on the media at the same time: "although this series of attempts has laid a strong technical foundation for the lean management of big data based on big data, some exploration now looks back. It may still be beyond the scope of being an excellent brand operator, and has also brought some pressure on the company's performance."

At the end of 2016, when the planned growth plan was terminated, Smith Barney sold its subsidiary Shanghai Mei Bang enterprise development (Group) limited to 982 million yuan to Zhou Chengjian, a major shareholder. Prior to a fiscal year, its huge losses of more than 4 billion, the transaction generated more than 500 million yuan investment benefit from the book, so that the United States and the year profits barely return to avoid losses for two consecutive years by ST.

It is worth noting that in early 2016, the United States announced that the state clothing, the company's actual controller, chairman Zhou Chengjianshi United. External speculation or "Xu Xiang case" related, but not confirmed by the company. Since then, according to the China business newspaper, in September 2014 and April 2015, Zhou Chengjian made a substantial reduction to the stock market of Xu Xiang for the two time, and accepted the latter's proposal to stimulate the stock price by issuing high sending messages. During the period, the US bond price rose from less than 4 yuan / share to more than 10 yuan / share, while Xu Xiang made a profit of over 1 billion by repeatedly buying and selling American stock. At that time, it was only 3 months since the listed company issued a fixed increase plan.

After the success of shell preservation, Zhou Chengjian retired to the background in November 2016 and pushed the daughter, born in 1986, to the position of chairman and chief executive of. Since the announcement of the proposed growth plan in July 2015, the price of the barban has fallen from 10 yuan / share to 2 yuan / share, and the market value has been reduced from 25 billion yuan to less than 6 billion.

　 Returning to reason, the United States needs new stories.

In September 2018, the size of A share financing fell to the bottom. In the fourth quarter of the year, the interval between supporting financing and financing was loosened, and a new round of policy easing was coming out. In January 2019, the United States and the apparel industry came home again.

Compared with the previous time, when the stock price has been chopped down, the appetite of the United States has been greatly reduced, the fund-raising amount is only 1 billion 500 million yuan, and the electronic business platform has completely disappeared. The announcement said that about 1 billion 200 million yuan was used for upgrading and upgrading projects including upgrading of brand image, reconstruction of new and old stores, improvement of retail big data platform and so on. 300 million yuan was used to repay bank loans. In mid 2019, the US fundraising amount was further reduced to 1 billion 300 million yuan, of which the amount used to repay debts remained unchanged.

In 2019, the three quarterly report showed that the currency of US bond clothing currency was 370 million yuan, and short-term borrowing was as high as 1 billion 200 million yuan. Zhou Chengjian himself owns 51% of the listed company through investment in Chinese clothing, and Hu Jia Jia has a direct holding of 9% shares. According to the latest announcement, the equity pledge rate of the father and daughter is 70% and 40% respectively.

Choice data show that since its pledge, the stock price has fallen by more than 20%. In the first half of this year, the amount of pledge financing of Zhou Chengjian and her daughter reached 540 million yuan. Under the pressure of debt repayment, we must be thirsty for "capital".

In fact, according to prism statistics, among the 146 companies, including Smith Barney's clothing, after the refinancing new regulation was issued, 28 companies included repayment of bank loans or debts.

For us, fresh blood transfusion is not only about development, but also about survival. Therefore, after the refinancing of the new deal came to the ground, the regulations of the United States were changed to 20 percent off in accordance with the new regulations, 10 in the issue price, 35 in the 9, and 1 months in the stock market.

Ping An Securities data show that in 2018 the lifting of the ban on the issuance of stock returns median negative value, 19 years to -13.5%, most of the refinancing project losses. Guosheng Securities Research Institute believes that the adjustment of early stage policy will increase pressure on fixed income and increase the difficulty of realisation. This will further optimize the structure of investors participating in the fixed increase, and investment institutions with emphasis on investment value analysis and risk control will continue to develop to achieve the survival of the fittest. At the same time, the price game gradually returned to rationality. The capital structure of the first tier market was significantly adjusted, and the number of participating investment institutions decreased significantly.

The previously increased chaos has been curbed. In the future, only the main businesses will develop excellent enterprises and high-quality projects, so that money can be melted into the market and there is no room for "problem" companies. This has become a consensus in the industry.

In the first three quarters of 2019, the net profit of Smith Barney clothing lost another 250 million yuan. Therefore, the new round of fixed increase plan has not reduced the difficulty of financing for the United States which is not good in fundamentals.

In fact, the traditional competitive enterprises with fierce market competition have never been the darling of the financing circles. Data show that in the last round of rising tide, the media, biomedicine, real estate and electronics industries were among the top fund-raising sectors, and more than half of the 146 companies that had moved after the current round of easing came from TMT, real estate and biomedical related industries.

After retiring from the front desk, Zhou Chengjian did not disappear, reflecting on the transformation and returning to the main business became his new proposition in public. Of course, he needs new stories. At the end of February at the end of the epidemic, Zhou Chengjian published an employee's open letter saying that the epidemic led to a crisis at the offline store, but brought opportunities to the Internet. In February, tens of thousands of "retail partners", hundreds of thousands of single transactions and millions of goods were developed on the United States online.