As The Pillar Industry Of National Economy, 18 Textile And Clothing Enterprises Will Be Listed In Shanghai And Shenzhen In 2020

The year 2020 is the key year for deepening the reform of China's capital market. This year, with the rapid promotion of the registration system of the gem, the implementation of the selective layer of the deepening reform of the new third board, and the gradual maturity and improvement of the key second year of the listing of the science and technology innovation board, China's capital market has entered a new stage of deepening reform and steady development. In the past year, 396 enterprises completed initial listing and successively entered the Shanghai and Shenzhen markets. The amount of IPO raised reached 472.513 billion yuan, which reached a new high in the past decade.

As the pillar industry of national economic and social development, the basic industry to solve people's livelihood and beautify life, and the advantageous industry of international cooperation and integrated development, textile and garment enterprises have entered the intensive period of "listing" in 2020. Relevant statistics show that the number of IPO listing and the scale of fund-raising of textile and garment enterprises increased rapidly in the whole year. In the whole year, 18 new shares were listed, accounting for 4.55% of the annual IPO companies, which was the fastest growth in the past two decades. The initial IPO raised 19.6 billion yuan, accounting for 4.15% of the total amount of A-share IPO, which was 2.18 percentage points higher than that of 1.97% of the previous year.

1. From the perspective of subdivided professional fields, the listed companies of textile and garment industry are mainly chemical fiber manufacturing, clothing and industrial textiles. ?

Among them, chemical fiber manufacturing enterprises accounted for 33.33%, industrial textile enterprises accounted for 27.78%, and clothing enterprises accounted for 22.22%. The number of listed enterprises in these three professional fields accounted for 83.33% of the total newly listed textile and garment enterprises. The professional classification of 18 newly listed textile and garment enterprises in 2020 and the listing situation of textile and garment enterprises in recent years are shown in Table 1 and figure 1.

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2. In terms of the initial fund-raising scale of 18 newly listed textile and garment enterprises in the whole year, Kasai biological (688065. SH), robust medical (300888. SZ) and Haoyue Nursing (605009. SH) ranked among the top three. ?

Among them, Kaisai biological (688065. SH) and robust medical (300888. SZ) accounted for more than 50% of the IPO funds, accounting for 30.29% and 20.23% respectively. The following is a detailed list of initial fund-raising of 18 newly listed textile and garment enterprises in 2020:

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The comparison of the initial listing of textile and garment enterprises in Shanghai and Shenzhen stock markets in recent years is shown in Figure 2

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3. Regional distribution of IPO listing of textile and garment enterprises in 2020 (as shown in Figure 3 and table 3). ?

Zhejiang, Jiangsu, Shandong and Guangdong are the first echelon of textile and garment enterprises' IPO in 2020, and one in Anhui, Shanghai and Fujian has also been listed. (Note: one garment enterprise in Beijing won the meeting in 2020 and was not approved for listing)

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Table 3: regional distribution of IPO listing of textile and garment enterprises in 2020

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4. About the situation that the IPO meeting of 2020 has not passed the meeting and whether the IPO audit has been approved

According to the relevant information of China Securities Regulatory Commission, in 2020 (A-share), 620 enterprises will be listed on the stock exchange, including 124 on the main board, 59 on the small and medium-sized board, 213 on the gem and 224 on the science and technology innovation board. According to the audit results of the meeting, nine were rejected and six were suspended. The approval rate is as high as 97.58%, which is the highest in history. From the perspective of the pass rate of each sector, the main board is 99.19%, with the highest passing rate; the small and medium-sized board is 91.53%, with the lowest passing rate; the growth enterprise market and the science and technology innovation board are 98.59% and 97.32% respectively.

Among the 9 rejected enterprises, there are 1 main board, 4 small and medium-sized board, 2 Gem and 2 sci-tech innovation board. Small and medium-sized board is not 4, including the industry company - Beijing Jiaman Clothing Co., Ltd.

Through investigation and research, Beijing Jiaman Clothing Co., Ltd. is a brand management and operation company of children's wear (middle and high-end) with business covering middle and high-end children's wear design, supply chain management, operation promotion, direct marketing and franchise sales. The company operates more than 20 brands, including private brand, authorized brand, international retail agent brand, etc. It includes self owned or authorized brands such as Shuibao, haggis and hush hush, as well as more than 20 international brands such as Kenzo kids, Hugo Boss and Fendi.

The financial statement data shows that since 2015, the company's revenue and profits have increased rapidly, and the economic benefits and brand market influence have been significantly improved. But at the same time, inventory also increased significantly, significantly higher than the industry average level in the same period. Figure 4 and figure 5 show the inventory proportion, revenue and net profit of Beijing Jiaman Clothing Co., Ltd. since 2015-2018 (data source: prospectus).

According to the announcement of the 10th meeting of the 18th National Development and Examination Commission of the people's Republic of China on January 9, 2020, the reasons and rationality of the growth of operating income, the sustainability and stability of cooperation with relevant brand parties, and the rationality of large inventory balance are the main problems that Beijing Jiaman Clothing Co., Ltd. failed to pass the IPO examination reason. To sum up, the most important is the company's core competitiveness and sustainable operation ability. For example, it questions the company's revenue and profit growth problems, such as the annual growth of the company's operating revenue of authorized brands and the decrease of the proportion of its own brand income; the company has not signed long-term cooperation agreements with most international brand companies; the company has a large inventory balance and rapid growth; the rationality of value reduction calculation; and there are many differences with the average value of the same industry (comparable companies) Sustainable management ability.

5. About the situation of textile and garment enterprises newly listed in the national share transfer system in 2020

The year 2020 is a key year for the national stock transfer system to deepen the reform of the new third board. This year, the "new third board" was subdivided into basic layer, innovation layer and selected layer. The successful opening of the selected layer is not only a milestone in the development of the new third board, but also the starting point for further deepening.

According to statistics, there will be 181 new third board "transfer board" enterprises to the first meeting in 2020, of which 171 passed, 4 cancelled the audit, 4 postponed voting and 2 failed, with a pass rate of 94.48%.

During the year, the number of new listed enterprises reached 135. Among them, 2 textile and garment enterprises have passed the audit and listing (Table 4 and table 5 below). In 2020, there will be 903 delisting enterprises, 41 selected enterprises and more than 1000 innovative enterprises (Table 6 below).

China Textile Planning Research Association / contribution