50% of textile companies went public

The number of IPOs has increased significantly this year. At the same time, the proportion of IPOs has also increased. On May 6th, Zhuhai Weissman Apparel Co., Ltd., which was to be listed on the Main Board, was canceled. At this point, there have been 3 IPOs in the textile and clothing industry that have been disqualified or canceled this year, accounting for half of the companies in the industry. .

The 50% IPO success rate makes investors puzzled, and it is difficult to judge whether the audit threshold is improved. Or will the quality of the company decline? However, for investors, this is undoubtedly a good thing, reducing speculation at the same time can prevent duplication, protect the security of the secondary market of funds.

A share IPO rejection rate increased overall 60% of the textile companies have passed this year. Although the secondary market performance of the Chinese stock market is not satisfactory, the primary market has undergone abrupt changes, and the IPO (initial public offering) has been disproportionated. Raise quickly. In particular, in the textile and apparel industry, only six of the six association companies passed, and the other one was canceled and two failed.

According to the latest statistics from Caihui, as of May 17, the China Securities Regulatory Commission conducted an IPO audit on a total of 124 listed companies, including 72 main boards and 52 GEBs. Judging from the latest review progress, the company has not passed 25 companies, canceled 4 audits, and the remaining 95 companies successfully passed the pass rate of 76.61%. Based on this calculation, the total number of companies whose IPOs were disqualified or canceled was 29 in total, accounting for 23.39%. This proportion continues to increase compared to the 15.31% figure last year.

According to the latest statistics, in 2011, the China Securities Regulatory Commission conducted an IPO audit on a total of 405 IPO companies to be listed. The IPC audited 230 companies that planned to land on the Shanghai Main Board and Shenzhen SME Board. 175 companies that plan to list on the Shenzhen Stock Exchange's Growth Enterprise Market will be audited.

It can be compared with that, due to the sixth IPO suspension, the 2008 and 2009 audited by the China Securities Regulatory Commission will be 116 companies and 197 companies. On the whole, 343 companies successfully passed the review of the two major appraisal committees in 2010, with a pass rate of approximately 84.69%; the remaining 62 listed companies were denied, of which two companies plan to issue listings on the main board of the Shanghai Stock Exchange, 35 The company plans to issue listings on the Shenzhen Stock Exchange of SZSE, and 25 companies are listed on the GEM of the Shenzhen Stock Exchange.

The six companies in the textile and apparel industry all want to land on the mainboard market. However, unfortunately, only 3 of them passed, and the pass rate was only 50%, which was lower than the pass rate of 76.61% in the primary market over the same period.

Specifically, the three textile and garment companies that have met will be Zhejiang Senma Garment Co., Ltd., Jiumuwang Co., Ltd., and Jiangsu Lugang Technology Co., Ltd. The audit dates are January 24, March 14 and April respectively. On the 8th, the estimated number of shares to be issued was 70 million shares, 120 million shares and 53 million shares respectively, and the raised capital reached 205.17 million yuan, 1.464423 billion yuan, and 267.1 million yuan respectively.

Reasons for Rejection Profit Continuity The most critically canceled company was Zhuhai Weissman Apparel Co., Ltd., which was audited on May 6, 2011. This time, it expects to issue 22 million shares and raise funds to 2.8478 billion yuan.

The two companies that did not pass the audit were Shandong Shulang Garment Co., Ltd. and Shanghai Liburui Garment Co., Ltd. The audit dates were April 20 and April 22, respectively. The estimated number of shares to be issued was 2400 respectively. Ten million shares and 30 million shares are expected to raise funds of 2.6385 trillion yuan and 32925 million yuan respectively.

Zhuhai Wisman: Missing historical business data Zhuhai Wessmann Garments Co., Ltd. originally planned to issue no more than 22 million shares on the Shenzhen Stock Exchange. The total share capital after the issue will not exceed 86,333,300 shares.

The China Securities Regulatory Commission's GEM issuance and review committee was originally scheduled to hold its 88th working meeting on May 6, 2011. At the meeting, it will review the initial application of Zhuhai Wissman Garments Co., Ltd.

On May 5, the China Securities Regulatory Commission issued an announcement to temporarily cancel the May 5th application for the review of Wissman's initial application. The reason is that “the related issues of Zhuhai Wissmann Apparel Co., Ltd. still need to be further implemented”.

According to the author's information, Weissman specializes in fashion sweaters ODM/OEM business and fashion women's own brand chain operations, the company has major omissions in the history of the process and operations, and is seriously involved in the direction of raised funds. What Wissmann’s clothing missed was the disappearing Zhuhai Century White Horse Sweater Brand Port Co., Ltd. (abbreviated as “Century White Horse”). Its prospectus could not find the Century White Horse, a subject that should have occupied an important role in the development history of Wissmann. Moreover, Wissmann costume and Century Hakuba belong not only to the same actual controller, but also to the competition between the two companies.

Shandong Shulang: Operational efficiency and performance phase comparison Shandong Shulang Clothing & Apparel Co., Ltd. and Shanghai Liburui Apparel Co., Ltd. IPO was not. This result is undoubtedly a "fatal injury" to the two companies with full enthusiasm for listing. .

On the evening of April 20, a paper announcement by the China Securities Regulatory Commission's Approved Committee rejected the initial application of Shulang. According to the prospectus, Shulang Garment has had the phenomenon of delayed payment of social insurance premiums.

In addition, the turnover rate of the company's funds is extremely slow, but the gross profit margin is unusually high. According to statistics, Shu Lang's turnover for accounts receivable in the past three years has been more than 60 days, and it reached 69 days in 2010, while the peers are between 30 days and 47 days; the operating cycle is 804 days, and similar listed companies It is between 128 and 249 days. Shu Lang clothing is more than three times the highest value of similar listed companies.

Such a slow turnover rate should be poorly managed, but Shulang’s gross margins in the past three years are all above 60%, while similar listed counterparts are only between 37% and 51%. On the whole, the operating efficiency of Shulang Garments is extremely poor, but its operating performance is far higher than its peers. This is obviously an abnormal phenomenon.

Shanghai Li Burui: The core competitiveness is difficult to sustain Shanghai IPO of the Reebok apparel shares is not because of its core competitiveness is difficult to continue, but also involves the lack of motivation for listing **, single-market customers rely heavily on other deep issues. Simply looking at the ability to rapidly respond to orders from international apparel brands, Rebecca's average lead time of 30 days to 90 days is significantly lower than Jinfei Da and Jiangsu Sanyou.

In fact, judging from the reasons disclosed and comments given by the China Securities Regulatory Commission's issuing and approving committee in 2010, the regulatory authorities have emphasized the sustainable profitability of enterprises that intend to land on the Shanghai Main Board and the Shenzhen-based SME Board; While continuing to profit, we will also include the company's growth into the focus of attention.

According to incomplete statistics, of the 34 companies that have announced their reasons in 2010, nearly two-thirds of the companies have been involved in the problem of sustained profitability, which shows that the regulators attach great importance to it; Of the companies that intend to land on the ChiNext, 11 are involved in the issue of continued profitability. The conclusions given by many companies are that "the ability to resist risks is weak and it is impossible to make a clear judgment on your company's growth and sustainable profitability."

In addition to the lack of sustained profitability and uncertain growth, the IPO has also involved issues such as unfair corporate connected transactions, inadequate internal controls and standardized operations, major reliance on tax incentives and subsidies, unregulated accounting, and competition in the industry.

Governance "breaking" only to raise the threshold of the regulatory layer to focus on the security of the secondary market analysts believe that the review of the IPO is gradually increasing, and requirements are increasingly strict. It not only considers the profitability of the main business of a single company, but also takes into account the overall development of the industry in which the company is located, the status of its industry in the national economy, and compliance with the state's industrial policy orientation. The "broken" trend has caused investors to suffer from deep injuries. Governance "breaks" and only increases the IPO audit threshold and blocks the source of entry.

If the "problem" company can be listed and circulated, it will cause incalculable damage to the development of the entire A-share market.

First of all, poor performance persists, and it is difficult for a listed company to maintain the stability of the stock price. The decline in the performance of most companies after listing is an indisputable fact. Some companies even suffered a performance loss in the second year of listing. In a sense, listed companies are the cornerstone of sound development of the securities market. Only the stable growth of listed companies can promote the sustainable development of the securities market.

The author learned from a number of securities investment bankers that, for the listed company, especially the company that intends to land on the company's board, the supervisory department specifically requires the issuer to make a comprehensive analysis of the growth special opinions in the case of persistently profitable profits. , For the regulatory department to request a focus on the part may also require the sponsor to issue additional opinions.

Secondly, the shock market triggered a “breaking” tide and the “new” funds were heavily used. According to the latest statistics from Financial Information, as of now, 123 new shares have been listed this year, 79 of which have broken, representing a ratio of 64.27%. With the expansion of new stock coming into the peak period of breaking. Of the 123 new stocks listed this year, 49 listed on the first day broke, accounting for 39.84%. This makes it unhappy for new institutional investors who are waiting to be liberated for months.

In the textile and clothing industry, as of May 17, there were six listed companies breaking their shares. The closing price of Semir apparel listed on March 11 this year was 54.19 yuan, which was lower than the issue price of 19.12%. Another search was conducted in 2010. Xin Silk, Hinnor, Lianfa, Jiangsu Minda are all in a broken state. As the A-share investors are very immature, the desire to take over the first day of the IPO is strong, gradually forming the myth of unbeaten new stocks. Under this myth, the new shares generally achieve "three highs" (high prices, high price-to-earnings ratios, and high ratios), and at the same time they are making money in bulk, the new shares offered to the market are actually "bagasse" and they are also for the secondary market. "Training" is too much to make the stock market tight.

In addition, domestic and overseas economic growth slowed down, and the regulators focused on the quality of medium and long-term investment returns. Slower economic growth contributed to A-share decline. After the overall performance of listed companies increased by 37.3% in 2010, the comparable company’s net profit fell by 10.01% in the first quarter of this year after excluding financial companies. The loss of listed companies was higher than that at the end of 2010. Nearly 9 percentage points, economic slowdown is an indisputable fact. In this context, it is wise to carefully handle listed companies and improve the quality of medium and long-term investment returns.

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