Hasen Announcement Of Women'S Shoes Is Officially Registered On The Shanghai Stock Exchange Through The Approval Of The SFC.

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Hasen announcement officially registered on the Shanghai stock exchange through the approval of the securities and Futures Commission. The stock is short for "Hasen shares" and the stock code is 603958. It will start the purchase online in June 17th.

Prospectus shows that

The initial public offering does not exceed 54 million 360 thousand shares of RMB common stock, and the number of shares issued is 25.01% of the total share capital issued after the issuance. The net assets of the audited shares belonging to the parent company were calculated on December 2015 31, and the net assets before the issue were 3.93 yuan.

Hasen shares are mainly engaged in high-end

Brand operation, product design, production and sales, by the end of 12 2015, Hasen has 2050 marketing outlets, and rely on vip.com, Tmall, Jingdong, Yintai and other e-commerce platforms to carry out network marketing.

Prospectus shows that in 2011 Hasen set up Shanghai Jun titanium to engage in e-commerce business, after which the average annual investment of about 20 million yuan.

In 2013, 2014 and 2015, Hasen's electricity supplier income was 63 million 902 thousand and 500 yuan, 82 million 444 thousand and 300 yuan and 122 million 813 thousand and 800 yuan respectively, and sales income accounted for 2.95%, 4.02% and 6.34% respectively.

Hasen, director of the brand electric business of a man's shoes, said that there was a big gap between the electricity supplier of KISSCAT and the brand of similar shoe companies. The size of the brand of the shoe first brand BELLE was about 2 billion yuan. On Saturday, the scale of the brand electric business was about 600 million yuan, and the fashion of its brand (its main brand was KISSCAT) was about 400 million. The overall sales scale of the Hasen group was larger than that of Saturday and Tian Chong, but the electricity business sales were only about 120 million, far lower than that of the competitors.

The proportion of electricity supplier's income is 6.34%, which is far below the electricity supplier's total 10% of the total social volume.

It is understood that the top ten well-known women's shoes enterprises in China, such as BELLE, Saturday, 100 degrees, Daphne, AOKANG and so on, have been listed in Hongkong or the domestic capital market. Hasen has been applying for IPO queuing after the stock pfer in 2011. Finally, it was approved by the SFC at the end of 2016 in 2016. It is the top ten footwear brand in the capital market.

But from the prospectus, Hasen's current business data, whether it is sales revenue under traditional lines or sales channels of electricity suppliers, there is not much room for thought.

In 2013, 2014 and 2015, Hasen's operating income was 2 billion 169 million yuan, 2 billion 49 million yuan, and 1 billion 938 million yuan respectively, which has declined over the years.

In 2016 1-3, Hasen's operating income was 465 million yuan, operating profit 38 million 280 thousand yuan, net profit attributable to shareholders of the parent company 33 million 620 thousand yuan, compared with the same period in 2015.

It is estimated that the net profit of the shareholders of the parent company after the deduction of non recurring gains and losses in 2016 will decrease by about 30% compared with that in 2015.

The reason for Hasen's decline is the reason why "the company's domestic sales revenue is affected by online sales and closes more stores, resulting in a decline in direct sales."

At the end of 2015, Hasen had 2050 marketing outlets, including 1665 direct outlets.

At the end of 2013 and the end of 2014, the number of Hasen outlets was 1782 and 1815 respectively, and 150 stores were closed in 2015.

In fact, the impact of the rapid rise of the electricity supplier, the entire women's shoes brands have been affected by different degrees of store closing and performance decline. In the first three quarters of 2015, BELLE international closed a total of 418 shoe shops.

UBS, a financial services agency, pointed out that BELLE's footwear sales in the third quarter of 2015 fell by 10.4% year-on-year, representing a 7.7% decline over the second quarter, reflecting a further contraction in sales volume, which is expected to fall 10% annually in the next three years.

On the other hand, Chinese women's footwear enterprises are generally OEM for foreign brands. Under the environment of continued downturn in the euro area economies and the US debt crisis, and the pfer of manufacturing orders to Southeast Asia, the export export orders of shoe companies have been greatly reduced.

In 2013, 2014 and 2015, Hasen's export earnings were 494 million 457 thousand and 100 yuan, 339 million 196 thousand yuan and 314 million 807 thousand and 300 yuan respectively, accounting for 22.80%, 16.56% and 16.24% of the main business income respectively.

Export earnings declined significantly during the reporting period. In the future, it will still face the risk of declining export earnings and declining overall returns.

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It is worth noting that the prospectus shows that Hasen will raise funds for the implementation of marketing network construction projects, leather shoes production expansion projects and information construction projects.

Among them, we plan to spend 389 million yuan of the net proceeds raised for marketing network construction projects.

The construction of the marketing network project will open 950 direct outlets, which are distributed in 24 major cities, including Beijing, Nanjing and Dalian, and their surrounding areas. The new business area will be 38000 square meters.

On the other hand, it is the loss of business and the closure of stores. On the other hand, it plans to open new stores in batches, reversing the declining performance and increasing revenue.

But the new store means that there will be a cycle of cultivation costs, and it is impossible to get instant results.

After the listing, how should Hasen's first pcript be painted?

In addition to the established Shanghai Jun titanium Agel Ecommerce Ltd engaged in e-commerce business, Hasen also low-key investment in the layout of cross-border electricity providers.

Founded in 2014, Agel Ecommerce Ltd, Shanghai, is an e-commerce company engaged in the import and export of mother and infant products. It has worked with brands, agents and manufacturers in Japan, Korea, the United States and many European countries.

According to the prospectus, Hasen's controlling shareholder, Kunshan real investment, holds a 25% stake in Shanghai.

Shanghai Hyun ho International Trading Co., Ltd., wholly owned by Shanghai Jun titanium, was founded in 2013. It specially introduced the latest and most fashionable brands and commodities in the world.

At present, its brand has Korea's new bright art make-up brand too cool for school.

It is understood that Hasen owns Hasen (HARSON), Cardenal (KADINA), Kavin (COVER), love ALLER-A (ALLER-A) and Hasen shoes (HARSON BUSINESS) and other private brands, and agents such as ROBERTA, AS and other well-known foreign brands products, at the same time for DANSKO, SPERRY and other famous brands abroad to provide OEM/ODM processing.

The prospectus shows that Hasen's controlling shareholder is Zhenxing international Limited by Share Ltd, holding 91.02% of the company's shares. The company is a wholly owned subsidiary of HARRISON SHOES INT 'L CO., LTD. (BVI).

The company's actual controllers are the main members of Chen family, such as Chen Yuzhen, Wu Zhenfang, Chen Yurong, Chen Yufang and Chen Yuxing.

The company's actual controller and co operative person share the equity of HARRISON (BVI) 92.86%.