Why Do We Still Have To Apply For The Pfer Board Two Times?

In the evening of June 13th,

(08127) announce the application from gem to main board listing, so as to enhance the liquidity and enhance the image of the group.

At today's opening, its share price rose 20%, closing at 11.67%.

This is no longer the first time that cloud clothes have been put on the table.

In March 16th, Yun Shang Yi applied for the pfer of the board for the first time.

The difference is that the company's share price is on the way down, stimulated by the application of the pfer board, up nearly 50% the following day, but it is soon drowned by the falling tide.

Now, the price of cloud clothing has stabilized at the low level.

Share price used to ride roller coaster.

According to the world clothing shoes and hats net, cloud clothing is mainly engaged in

Sales to customers

The overall management solution is located in Europe, the Middle East, the Americas and the Asia Pacific region.

The company's annual revenue is between one and two hundred million, and its net profit is about 120 million.

Such a small Hongkong company is an unknown, but its share price trend of roller coaster due to its sharp rise and fall.

In October 8, 2015, Yun Shang clothes were listed on the growth enterprise market on the way of placing shares. The listing price was HK $0.15 (the same below), and its share price soared nearly 10 times on the first day of listing.

Since then, in one year and two months, after two consecutive sidewalk pull up ladder trend, by December 15, 2016, the price of Yun clothing has reached 18 yuan, 120 times higher than the listing price.

Through this operation, the clothes or clothes can be listed with the same placing method, and the stock price has surged 100 times in one year or more. (08217), and the gem is called "double pride".

Of course, behind the magic rise of cloud clothes, there are many queer things.

In the 296 trading days that the stock price has risen 120 times, the exchange rate of the casual wear is only 7.40%.

Such a poor paction situation, but can promote such a huge increase, the reasons behind it or are ready to come out: the stock of clothing or clothing has come to the side, the stock price rises or falls or is completely manipulated by big funds.

As a matter of fact, as early as August 12, 2016, the Hong Kong Securities Regulatory Commission criticized the highly concentrated ownership of Yun Shang Yi.

According to the findings of the SFC, 20 shareholders share 999 million shares, accounting for 99.99% of the total share capital and only 980 thousand shares in circulation.

Investors are not fooled, no one is involved in Bo silly game, the big money behind the cloud clothing may also feel that it has no significance to go up again, so it opened up the opposite trend of the previous trend. In just 5 months, the price of the clothes and clothes fell from 18 yuan to 0.47 yuan, or 97.4%.

During the 83 trading days, the stock exchange rate of Yun's clothing was about 44.4%, much larger than the previous rising stage.

This may be due to the fact that large funds have gone against the illusion of making active pactions, or perhaps some of the unknown leeks are being hunters.

Can we turn the board successfully?

The excessive concentration of shares is one of the reasons for the first application of Yun Shang clothes to the market.

According to the Listing Rules of the stock exchange, the GEM listed companies must apply to the main board to meet the main prerequisites for the listing of the main board, one of which is not less than 25% of the public shareholding.

Obviously, when the first time to apply for the pfer board, the public shareholding ratio did not conform to the conditions for the listing of the main board.

Over time, since April 20th, the activity of cloud clothes has increased significantly since the end of April 20th. The cumulative turnover rate reached 88.6% in the 36 trading days.

Coupled with the turnover rate of about 40.2% during the 20 months of March 17th -4, the total turnover of the company's stock has reached about 121% since the first application for pfer, or it is enough to introduce more public shareholding (or through the original shareholders' split share holding and share holding).

However, it is understood that, in order to turn to the listing of pfer boards, there are provisions in the performance of the stock exchange, except for the proportion of public shareholding requirements. The profit attributable to shareholders of the company in the latest year should not be less than 20 million; and the cumulative profit attributable to shareholders should not be less than 30 million in the first two years.

After years of continuous growth, Yun Peng's net profit in the 2017 fiscal year reached 25 million 140 thousand.

However, in the 2015-2016 fiscal year, the net profit of the company was 14 million 710 thousand and 4 million 140 thousand, respectively, which generated about 13 million 200 thousand of the listed expenses in 2016. The accumulated profit in the first two years was only 18 million 850 thousand, less than 30 million.

Since the net profit does not meet the requirements of the pfer board, why is it still necessary for the two times to apply for the pfer board?

However, the Hong Kong stock market is ultimately a market for performance. Even after the regression of valuation and the growth of the company's performance, the price earnings ratio of the clothes is still 27 times higher than that of the industry.

At the same time, from the cash flow situation, the growth of Yun Shang Yi's gold content is not high.

In the 2016-2017 fiscal year, the net cash inflow of the company's operating activities was -14 and 3 million 590 thousand respectively, far below the net profit level of the period.

In addition, the market value of the cloud clothing is about 670 million, which exceeds the shell value of the motherboard. Even if there is a possibility of success, there is little room for speculation.

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