19 textile companies queue up (IPO) fate

This year, the continuous rebound of the A-share secondary market has also shaken the primary market. The IPO of textile and apparel companies has entered the “blowout period” for nearly two months. According to information disclosed by the China Securities Regulatory Commission, as of March 20, A A total of 19 textile and apparel companies were queuing up. This spring of this year is very crowded.

“These listed companies are mostly small and medium-sized clothing brands. They are listed one after another. Their purpose is to strengthen their channels as soon as possible, and to expand their brands, and to gain a firm foothold in the fierce competition.” Insiders said, “But we have to According to the report, some of these companies do not have the core competitiveness of the listed companies, and they lack the stamina to continue to grow. Ultimately, they will be reduced to being eaten by fish. It seems that it is difficult to impress the market and the regulators with enthusiasm alone."

19 companies are queuing IPO

According to the latest statistics from WIND, as of March 20, there are 19 textile and apparel companies in the A-share market that are queuing for listing. Among them, 4 are listed on the main board and the rest are SME boards.

Specifically, the four companies that have queued up for listing on the Main Board are:

The company is located in Ningbo's textile company, Bandung Oriental Co., Ltd. The company has passed the trial.

Zhejiang Fulida Co., Ltd., a chemical fiber company located in Zhejiang, is currently in "implementing feedback."

Also in the implementation of the feedback stage is the Fujian Bird Co., Ltd. located in Fujian, which mainly manufactures clothing and other textile products.

Another company to be listed on the Main Board is Shanghai La Chapelle Apparel Co., Ltd., which is currently in preliminary trials. The company is mainly engaged in clothing retail.

There are 15 companies to be listed on the SME board, of which 3 have obtained the “Establishment Permit”, 8 are in “Implementation of Feedback” and 3 are still in the preliminary examination. There are three companies in the preliminary examination, including Zhejiang Xinao Textile Co., Ltd., which is mainly engaged in wool textiles, Weigenasi Fashion Co., Ltd., which mainly manufactures garments, and Xuchang Hengyuan, which manufactures leather, furs, down products and products. Products Co., Ltd.

Judging from the geographical location of the companies to be listed, Jiangsu and Zhejiang are the most concentrated, with 5 companies and 6 companies respectively queuing IPOs; there are 4 in Fujian; in addition, there are two companies in Guangdong planning to list; Shanghai, Henan has a queued IPO.

IPO meeting rate is only 45%

Frequently rejected textiles and apparel companies that have had their 2011 IPO been denied. For example, the market prospects and profitability of the ladies' equity investment project are uncertain; the agent of the Japanese brand Uniqlo Shanghai Liburui, the main business gross margin and sales net profit rate is obviously higher than the industry level, but there is no reasonable explanation; Vignes, who was "on the pass," had met for the first time last year because the issue of inventory turnover was not...

According to the data, in 2011, garment enterprises became the hardest-hit areas for the A-share IPOs. Six clothing companies applied for IPOs were denied, and the rate of passing-out meetings was only 45%. According to industry insiders, the apparel industry itself has a low threshold and there is a lot of mixed forces. Many companies do not have the core competitiveness of listing, and they lack the stamina to sustain continuous growth. In addition, the core competitiveness of branded apparel is more of soft power, which is difficult to fully reflect from the operating data, which also makes it difficult for regulators to judge their value.

Industry analysts believe that in the next 3 to 5 years, the apparel industry will enter a very rapid growth stage, the competition between companies will also be strengthened, if the lack of technology content, business conditions are weak, performance will not have a strong and powerful growth breakthrough In the end, it will become a marginal industry supporting role.

“Given that the development of Chinese apparel brands is still in its infancy, the regulators and investors must be very cautious when considering new public companies so as to select truly capable companies.” Insiders analyzed that “apparel is fast moving consumer goods, so There are many franchisees and distributors, which can present a problem of inventory measurement and sales revenue calculation, and it is also prone to manipulating inventory and income problems. These are the main reasons for the collapse of apparel companies' IPOs."

3 small and medium-sized companies to be listed have been awarded "grant licenses"

Among the companies to be listed on the SME board, 3 have already obtained the “life permit”, namely Hailan Home Apparel Co., Ltd., Guangzhou Canoudi Road Apparel Co., Ltd., and Zhejiang George White Apparel Co., Ltd. The two main clothing retail, the latter to produce, sell high-end men's clothing series as the leading product. A company that has passed the trial, Xingye Leather Technology Co., Ltd. has passed the trial, which is a leading enterprise in China's leather industry and a hundred key industrial enterprises in Fujian Province.

Hailan Home Apparel Co., Ltd. plans to issue 49 million shares, with a total share capital of 489 million shares after issuing, and plans to raise funds of 1.063 billion yuan. The biggest highlight of the company is "not bad money." From the point of view of cash flow, under the current business model of Haicang House, the procurement process is funded by suppliers, and the sales funds are paid back quickly. The franchisees also pay a certain amount of guarantee money to the company. The cash flow of the company is sufficient. And, with the continuous expansion of the scale of operations, the company's monetary funds will continue to increase. At the end of 2009, the end of 2010, and the end of 2011, the company’s monetary fund balance was 744.9949 million yuan, 1.193305 million yuan, and 165.04341 million yuan respectively.

Kanudi Road Fashion Co., Ltd. plans to issue 25 million shares, accounting for 25% of the total share capital after issuance, and 100.00 million shares after the issuance, and plans to raise 380 million yuan of funds. The company's biggest bright spot is good performance growth. Since 2008, the CAGR of the company's main operating revenue has been 47.04%. From 2009 to 2011, the company's operating income was 248.9105 million yuan, 337706760 yuan and 46146.87 million respectively. yuan.

George White Apparel Co., Ltd. plans to issue 24.65 million shares this time, accounting for 25.01% of the total share capital after the issuance. The total share capital after the issue is 98.57 million shares, raising 491 million yuan of funds. The biggest highlight of the company is its unique sales center for professional wear to bring efficient market development capabilities. As of December 31, 2011, the company has 13 direct sales and marketing centers and 6 agents, which are distributed in 18 provinces, municipalities, and autonomous regions in China. The perfect sales network has provided powerful support for the rapid growth of the company's professional packaging business.

Nine animal husbandry Wang listed by institutions to pursue the most obvious role model For these companies to be listed, the IPO rejected is a mirror, and companies that have successfully listed is an example. The author finds that among the 19 listed textile and apparel companies that have been listed since 2010, there are only three that have not broken, including Jiumu Wang, Jihua Group, and Jiejie. The Jiumuwang, which was listed at the end of May last year, has been sought after by the market due to its strong performance and has become a role model for listed companies.

The Jiumu King, which was listed on May 30, 2011, is a typical example of stable growth. In the third quarter of 2010, the net profit of the parent company's owners was 88.9718 million yuan. In the fourth quarter of 2010, this figure reached 106.702 million yuan, an increase of 19.22% from the previous period; when the third quarter of last year, the net profit of the parent company's owners was 125.96 million yuan. Increased 41.58% year-on-year.

The steady increase in performance has caused organizations to rush. In the third quarterly report of 2011, among the top ten tradable shareholders, 9 ** and 1 ** held 45.82 million shares; of which, the ***** 009 shares held 3.05 million shares, an increase of 1.99 million shares from the previous period. The number of shareholders decreased by 70.97% from the previous period, and chip concentration increased.

According to the latest research report released by Dongxing Securities on March 20th, the development of Jiumu Wang has established its own unique brand awareness and influence in the men's wear market. As long as the company continues its current position and strategy and implements it steadily, future development is worth continuing. Look good. The company's operations are stable, and the men's apparel industry is relatively stable in terms of consumer characteristics and stickiness due to the target consumer groups. The risk is smaller than other categories, and future performance growth can be realized more. It is expected that the company's earnings per share from 2011 to 2013 will be 0.88, 1.16, and 1.47 yuan, respectively, and the current price-to-earnings ratio for 2012 is 20 times, and the "strongly recommended" rating is maintained.

The author also noticed that Jiumu Wang planned to implement the equity incentive plan for stock options and restricted stocks in parallel, which stabilized the company's team and ensured the interests of the company's employees. To a certain extent, the nature of "welfare" was even more obvious. For apparel companies, the stability of the management team is of utmost importance, especially after the larger company, the stable and continuous management team can ensure the company's long-term development in the future. This is also a key aspect of the listed company.