\”We make market make one\’s fortune, capital market is not quite familiar. \” beautiful Tesibangwei (next state weighing the United States) a personage that responsible brand popularizes expresses when accepting a reporter to interview.
Enter tongueless period beautiful country keeps his mouth shut consistently up and down not character. This personage gives speech quite cautious also: ?
Be able to bear or endure gram mode \” Chinese type transplants \”
The global old of athletic brand is able to bear or endure gram itself does not produce shoe, and the each district of whole world of layout of manufacturing processing factory that relies on its accredit. The sale gives the brand joins in business will do, about 70 much people are in charge of headquarters only design and market. The gold-lettered signboard of NIKE is able to be born to be born not to cease and carry forward below unique dumbbell type structure.
Zhou Chengjian of lukewarm city businessman transplants ground of this mode do sth following a set pattern to China.
Tangerine gives birth to north of the Huaihe River to be trifoliate orange, ship comes be able to bear or endure gram mode did not encounter natural environment refuses to obey. The design group ＋ that the calling card that beautiful country plays is 133 people 490 supplier ＋ the sale terminal of many 2000 shop.
On April 22, 1995, the first \” beautiful Tesi Bangwei \” brand shop opens locate Zhejiang to visit Wen Zhou town. The Zhou Chengjian at that time also cannot think of probably, after 13 years today, beautiful country grows to reach 1927 to join in to have store of 284 straight battalion by 100 much initiative capital the huge market network of inn, 21 accuse the sportswear tycoon of share company. The business income 2007 is 31 100 million, year design ability amounts to 3000.
According to the statistic of Euromonitor, brand sportswear acts the role of beautiful 2006 Tesi Bangwei the product is in of domestic sportswear retail trade have rate for 0.95% , the first place ranks in the brand of 12 big sportswear with main home market. In the industry concentration spends the garment industry with not tall and brutal competition, of get the upper hand of of beautiful country in order to is it is fictitious manage. Wrap outside all hand-me-down production: Up to on March 31, 2008, the company is mutual register be in fabrics supplier supplier of 96 the home, complementary makings 84, hand-me-down factory 310. Product sale, concessionary join in mix with straight battalion build: South over or across, north, thing 3 large areas, beautiful country makes the sale network that gives a piece of 2211 home store to pervade the throughout the country.
Be in Shanghai Nanjing east the road is the most flourishing a sector of an area, store of the biggest flagship and dress museum are witnessing beautiful country of the company erupt type grows: The business profit that goes 3 years is 8.76 million, 90.93 million, 430 million; At the same time the implementation as a result of dimensions benefit, the management wool interest rate that comes a few years also by 16.35% , 27.92% rise 38.39% ; Shop amount parts a few years is 1021, 1441 mix 2106.
And itself does not have manufacturing facilities factory building the investment of this respect, the fixed assets rate of beautiful country wants relative to other clothing company many low, the 15.53%; flow rate that holds total assets about 0.92 far under the industry 2.25 of average level, asset indebted rate is in higher level compared with congener company, because the department is in high speed to develop period, financing means with the bank short-term loan is given priority to.
2008, the phylogeny of beautiful country breaks up brilliant one page, zhou Chengjian turns the look to capital market. Open collect capital can reduce financing cost greatly, the abidance that the dilate that quickens hypostatic inn and information system improve is advanced. Below the circumstance that reachs the designated position in capital, the straight battalion inn that predicts beautiful country will add 68 to amount to 339, join in inn will increase 588 to amount to 2423.
IPO does not take common route
\”We are a private enterprises only, actually the manager also does not understand this piece too. \” the word of company in-house personage is worth ponder.
Beautiful country plans this to issue 70 million A, capital drafting collect 1.8 billion yuan, use at sale network to build respectively (1.6 billion) improve with information system (200 million) two projects.
The project predicts construction period 1 year, operation period 10 years. These two projects already were passed 2007 examine and approve, always invest 2.822 billion yuan. Result from 1.8 billion yuan among them future capital of this collect of second IPO place, others will use own reserves complemental.
Li of horse of galactic negotiable securities says frankly, beautiful country passes IPO collect unlikelily to need capital to whole place. Come with project itself plan, issue valence to need to achieve 25.7 yuan, this price with beautiful country the EPS0.61 2007 yuan come plan, city is filled with rate general to achieve 42 times! The near future is new issue, the analyst gives out generally only times city of 20-30 is filled with rate, perch issues pair of beautiful country to tell face test.
\”Still basically see the basic face of the company, beautiful country the bibcock position that now is an industry, do very successfully. Congener enterprise for instance 7 wolves, although share price compared with highest when already met with cutting sb in two at the waist, city is filled with rate still can amount to 46 times above. But like Yantai ammonia black silk ribbon this is planted, the evaluation that we give out is met very low. \” Ma Li says.
Do not be short of money why to want to appear on the market
If press 30 times city to be filled with rate estimation, beautiful country this IPO can collect arrives 1.3 billion capital. \”Beautiful country does not lack cash actually, join in management mode does not need to take up a large number of capital. \” industry of garment of a spin is senior the personage makes ice (alias) express to the reporter.
Why does Na Meibang choose to appear on the market? \”Can end arrives at 2 o\’clock: Assets goes to command with administration now. Assets goes is completely current now, the enterprise needs to show through selling off workshop equipment to cover previously, after appearing on the market, do not need completely, carry one fraction share dish vivid whole capital stock; Administrative order is simple, it is local government pushs a hand to make rear like that. \” Xu Bing is summed up.
Of beautiful country accusing a large stockholder is Shanghai China is taken, have a company the share of 90% , control factitious Zhou Chengjian actually, additionally 10% share are in hand of beautiful of Hu Jia of Zhou Chengjian\’s daughter, register capital to be added through several rounds endowment achieve at present 260 million.
Ma Li thinks, the management risk with beautiful current state is not to come from capital catenary, last as a result of dimensions however the supply that dilate brings catenary insecurity and administrative issue. This just is the two large segment of aggrandizement of graph of solvency of beautiful country collect, channel construction and information system are improved. Company data shows, 87.16% what join in management shop occupies total shop front at present, for sale contribution is amounted to 62.2% . Join in apparent to enlarging market share effect quickly, but the company is younger to ability of whole trench control. Accordingly, at present the company is in big in urban key is to expand straight battalion store energetically, in order to reduce the risk that channel depends on; On the other hand, also through joining in outstanding management project implements dealer group (AFE) implementation controls government effectively to shop.
Company side also admits, because market condition is ceaseless fluctuant, if capital cannot reach the designated position in time, the circumstance such as market environment mutation or industry competition aggravate happens, will anticipate to what invest a project the effect brings bigger impact. Add at present raw material complementary makings cost rises considerably, the state such as the replace that industry boom cycle goes downstream on is the potential risk that the enterprise runs.
It is changeable more on 2 class market, elusory. Since this year, the abidance of Shanghai late stock market drops prices makes new issue valence to innovate repeatedly low, first days go up low escape hard in the prices that drops one after another broken hair.
Whether can beautiful country accept the stern test on capital market? The beautiful country after Ma Li meets to passing is confident: \”Although the market is stagnant, but the expression after should not affecting beautiful country to appear on the market, after all the aptitude of the company is being placed over. After all the aptitude of the company is being placed over..