The Third Time Of IPO'S Successful Listing In Hong Kong

< p > the Fujian odd Limited by Share Ltd (hereinafter referred to as "the odd") has issued the global sale announcement, offering 150 million shares in the world at the selling price of not more than HK $2.88 per share (HK $), not less than HK $2.03.

Among them, 15 million shares are publicly available in Hongkong, and 135 million shares are offered internationally.

It is expected to start trading at the HKEx at nine o'clock a.m. on January 9, 2014.

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< p > preliminary estimate that the market value of the regional market will reach 1 billion 218 million ~17.28 billion after the listing.

The odd side expects that after deducting the underwriting fees, commissions and expenses payable on the global sale, the net proceeds of the first time will be HK $321 million 400 thousand (about 253 million 700 thousand yuan).

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This is the third IPO application of P.

This year, it has almost become the "gathering year" of the domestic a href= "http://www.91se91.com/news/index_c.asp" > clothing enterprise < /a > listed in Hong Kong.

But the way of listing is not smooth.

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In March 6, 2011, P put forward the application of A share listing to the SFC for the first time.

In November 9th of the same year, the SFC was limited by the limited product sales area, the brand promotion fee and the R & D expenses of the company were lower than those of the same industry listed companies, and the sales mode was changed from direct sale to sale, and the risk of lower sales efficiency to the expansion of terminal stores nationwide.

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After six months, P presented the second A share listing application to the SFC again.

In March 19, 2013, he proposed to withdraw the second application.

After that, he moved to the Hong Kong stock exchange for listing.

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In 2004, P began to manage the retail business of men's clothing. It was one of the fastest fashion companies in China that first adopted the Specialty Store Retailer of Private Label Apparel (SPA) and its own brand clothing professional store retailer mode.

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< p > the development mode is similar to that of the leading fast fashion retailers such as GAP, H&M, Zara and Uniqlo. With the management of retail outlets and integrated retail and supply chain as the main part, we can quickly design, develop and promote new products that meet the market needs by mastering the latest fashion trends and customer preferences.

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< p > in the integration of market information, the company collects useful market and customer information on the basis of membership database.

As of the first half of 2013, there were more than 100 thousand registered members.

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< p > in the terminal channel, the network develops in the form of mixed direct and franchisees.

As of October 31, 2013, there were 438 retail outlets, 225 of which were direct retail outlets and 213 retail outlets.

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"P", which is HK $321 million 400 thousand raised by the global sale, said that 70.3% of them were used to expand the sales network, 19.7% for the construction of the R & D part of the Shanghai product center, and the remaining 10% as the general working capital of the group.

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< p > in the expansion of retail network, the park plans to open more retail outlets in China's three and four tier cities on the basis of consolidating the market position in East China, and plans to set up about 50% of the new retail outlets as the franchise point and about 50% as direct outlets.

And plans to open 200 new retail outlets in 2014, and develop its own online sales outlets in 2016.

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In order to expand the diversity of product lines, P plans to introduce women's clothing products to 10 special retail outlets in 2016. If successful sales of women's products are successful, two years later, children's clothing products will be tested.

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< p > > a href= "http://www.91se91.com/news/index_c.asp" > "odd" /a "market-oriented fast fashion business mode, also have to face the potential business risks brought by this mode.

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P also points out that its business is highly susceptible to repeated changes in fashion trends and consumer tastes. If we fail to respond quickly to market changes, we may face declining sales, lower prices, lower profit margins and slower inventory turnover.

The same is true of sales on e-commerce platforms.

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"P", which was previously approved by the SFC "sales mode to join the sale of the main" defects, in the structure of the income of odd, there are still traceable.

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< p > earnings report shows that in 2010 ~2013, the revenue from the franchisee was 185 million 900 thousand yuan, 282 million 100 thousand yuan and 338 million 500 thousand yuan respectively, accounting for 57.7%, 60.3% and 59.2% of the total revenue respectively.

In the first half of this year, the proportion of revenue from franchisees still reached 55.3%.

A high degree of dependence on franchisees leads to huge risks in their performance.

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< p > in addition to highly dependent on franchisees, highly dependent on members' performance may also bring instability to the future performance of the company.

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< p > the results show that most of the products sold to the members of its affiliate program. In the first half of this year, the sales revenue of the group and the retail outlets reached 349 million 600 thousand yuan, accounting for more than 80% of the total revenue of the direct and retail outlets.

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< p > if you can not retain the old members and recruit new members, the development model of a href= "http://www.91se91.com/news/index_c.asp", "sales of members less than /a" will be adversely affected.

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At present, most of the retail outlets of P are located in East China, and expand beyond East China, especially the first tier cities. They will face direct competition with international brands such as GAP, H&M and Zara.

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< p > moreover, the newly launched women's wear products need a lot of time and financial resources, which may bring great pressure to their existing business and operation ability.

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< p > besides, none of the products is produced by third party manufacturers OEM and ODM, and some products are also outsourced to ODM.

On the one hand, the stability of manufacturers has an impact on the development of the company. On the other hand, the rising cost of raw materials, labor and other costs of manufacturers increases the cost of outsourcing production.

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