Taiping Bird'S Listing: The Intention Of Leveraging Capital Is Worth Pondering.

Under the background of the cold capital market and the overall downturn of the retail industry, the intention of Taiping's listing to borrow capital is worth pondering.

In fact, beyond good data, Taiping bird has many worries.

Taiping bird applied for hosting the listing since November 2014. It was approved by the SFC in late October this year.

On the evening of 19, Taiping bird officially issued 55 million shares.

The domestic fashion clothing brand Taiping bird has finally landed after three years of gambling.

Dream.

Taiping bird applied for hosting the listing since November 2014. It was approved by the SFC in late October this year.

On the evening of 19, Taiping bird officially issued 55 million shares.

This is the second garment enterprises listed on the main board since the listing of women's clothing brand in April last year in A shares.

Taiping bird costume was established in 1996. This year is the year of its "weak crown".

According to the prospectus of Taiping, the operating income of Taiping bird in the year 2013, 2014 and 2015 is 3 billion 831 million yuan, 4 billion 999 million yuan and 5 billion 903 million yuan respectively. The net profit attributable to the parent company is 212 million yuan, 436 million yuan and 535 million yuan respectively.

The decline of garment retail industry is an indisputable fact. According to the report, the growth rate of clothing retail sales in China has dropped from 20% in 2011 to around 10% or below in 2015.

Many famous clothing brands no longer have a strong wind, and the declining trend is obvious. Smith Barney, Lang Zi, seven wolves, Ordos, Baleno, YOUNGOR, and Li Lang are all spared.

Despite the net profit,

Steady growth, and the continuous backlog of inventory problems caused by the downturn in the industry is becoming more and more serious.

In 2013, 2014, 2015 and mid 2016, inventory value of Taiping birds reached 867 million 740 thousand, 1 billion 62 million 800 thousand, 1 billion 508 million 750 thousand and 1 billion 500 million 960 thousand respectively, accounting for 43.04%, 43.11%, 50.30% and 55.49% respectively.

In the fashion and apparel industry, inventory is mostly facing the risk of stock price drop.

As an important member of Zhejiang's clothing brand, it can become a clothing listed company after YOUNGOR, wedding bird, Semir and Busen.

In 2012, the financial subsidies it enjoyed accounted for 19.6% of the profits of that year. According to incomplete statistics from the financial eye, in the first half of 2016, Taiping bird received a total subsidy of 99 million 230 thousand yuan, nearly half of its 2015 full year profit.

By the end of October this year, there were more than 4000 stores in Taiping, 1072 in Direct stores, and 66.70% in the total group, which accounted for 26.8% of total revenue. That is to say, over 2/3 of non direct stores were in a state of loss.

In terms of net profit, the average net profit margin of the garment industry in 2014 was 14.4%, while the Taiping bird was only 6.85%, slightly higher than the troubled American state in the industry, and 21.60% of the high profit margin home in the industry.

The 26.29% gap is far away.

Among the top five customers of Taiping, between 2013 and 2015, vip.com was the top. The behavior of low volume sales volume was very obvious, while the handsome sales volume was behind the profit reduction.

Compared with the 1996 launch of the wedding bird and Semir in 2007 and 2011, Taiping chose to go on the market in a sluggish industry. The intention of using capital to save the decline seems to be more important than capital flight.

In the prospectus of Taiping, a large amount of funds will be used for the construction of the electricity supplier and the expansion of the stores.

In the first half of this year, Semir clothing revenue of 38.4 billion, contributed 800 million to the electricity supplier, accounting for 20.8%, while Taiping bird accounted for only 12.23% of the electricity supplier. Department stores and street stores were still the main sales channels.

In terms of store expansion, Taiping bird prospectus shows that 238 new outlets will be opened and 2000 stores will be opened in five years.

With the expansion of the online channels and the sinking of the channels, the bird's two hand plan seems to make itself invincible.

For more information, please pay attention to the world clothing shoes and hats net report.