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13 Billion "Sell Oneself", The Home Of Hai Lan To Borrow "Cake".

2013/9/7 10:38:00 38

Hai Lan'S Home Clothing Industry Keno Technology

September 2nd to September 5th, < a href= "http://sjfzxm.com/news/index_c.asp" > Keno Technology > /a > share price even pull four trading. But let the fund "excitability" is before the IPO defeat sea Lan's home wants the shell company curve to enter the A share market. 
 according to the report on the major asset restructuring of assets and related spanactions issued by keto technology shares issued (hereinafter referred to as "draft reorganization"), it is estimated that from 2013 to 2015, the net profit of Hai Lan's home after tax is no less than 1 billion 212 million yuan, 1 billion 470 million yuan, and 1 billion 707 million yuan respectively. 
 > a a target= "_blank" href= "//www.sjfzxm.com/" > clothing < /a > industry listed company executives told reporters that in the case of continued downturn in the clothing industry and large inventory pressure, it is very difficult for the Hai Lan home to achieve the above performance commitments. The performance compensation of shareholders such as Hai Lan group is only carried out in the form of shares instead of cash plus shares. This shows that it lacks confidence in the performance of the promise performance in the future. It can be said that it drew a "tempting pie" for investors. 
 IPO, turning back to /strong. 
 August 31st, keno science and technology announced that the reorganization plan showed that the company issued 3 billion 846 million shares to the Hai Lan House at the price of 3.38 yuan / share to buy 100% shares of Hai Lan's home, and the spanaction price was 13 billion yuan. Jiangyin third fine wool spinning Co., Ltd. (hereinafter referred to as "Jiangyin Sanjing spinning") held its 23.29% stake in Keno technology, that is, 151 million shares, which was spanferred to Hai Lan group with a price agreement of 509 million yuan. 
 after the completion of this spanaction, Hai Lan's home will become a wholly-owned subsidiary of Keno technology. Hai Lan group will become the controlling shareholder of Keno technology, and Mr. Zhou Jianping will become the real controller of Keno technology. 
Less than P, the IPO family, which had previously crashed into the sea, chose to sell backdoor technology, which is closely related to its actual controller Zhou Jianping. 
 at the beginning of Keno technology's listing, Zhou Jianping had a close relationship with it. 
 December 28, 2000, the Limited by Share Ltd was listed on the Shanghai stock exchange. In March 2001, the Limited by Share Ltd was renamed as keno Polytron Technologies Inc, and the company changed its name to Keno technology. 
 the 2000 annual report of Keno science and technology shows that the controlling shareholder of the company is the San Mao Group. The legal representative of the San Mao Group is Zhou Jianping, and the actual controller is the collective asset management committee of Xinqiao Town, Jiangyin. In 2002, the San Mao Group was renamed Hai Lan group, and the legal representative is still Zhou Jianping. 
Zhou Jianping P actually controlled Keno technology in 2006. In those days, Hai Lan group was spanformed into Hai Lan group. Zhou Jianping and others invested in the establishment of Jiangyin Hai Lan Klc Holdings Ltd (hereinafter referred to as "Hai Lan Holdings"). Zhou Jianping holds 56.67% of Hai Lan holdings, and Hai Lan holdings owns 90% of Hai Lan group, and Hai Lan group owns 17.5% of Keno technology. 
 however, only a year later, in December 2007, in order to concentrate on its own business, Hai Lan group held its 41 million 413 thousand and 900 shares of Keno Technology (accounting for 12.81% of the total capital of Keno Technology), and managed it to the second largest shareholder, Jiangyin three worsted, in the form of pledge, and spanferred the share rights to Jiangyin's three worsted in 2010. 
 it is understood that Hai Lan group's control over Keno technology is to pave the way for IPO. Referring to the reasons for the spanfer of shares, Zhou Jianping once told the media that at that time, Hai Lan group wanted to focus on the development of a chain like Hai Lan home. But the government of Xinqiao Town in Jiangyin believed that the production and sale of Hai Lan's home were not local and could not solve the local employment and taxes. Therefore, we hope to focus on the development of production based Keno technology. 
 Zhou Jianping said that if the two enterprises take into account together, Hai Lan group has not enough resources in terms of manpower, material resources and financial resources, so finally decided to sell 12% of the shares to Jiangyin three worsted owned by the town government, and develop the Hai Lan home wholeheartedly. 
"P", a investment bank told reporters that the home of the sea Lan's family did not choose to go on the market by borrowing the shell of Keno, but chose to go on the market, not only because the premium of IPO was much higher than that of the backdoor listing, so the shareholders of Hai Lan's family, such as Hai Lan group, would undoubtedly gain a lot of times. 
 however, the independent listing of "a href=" http://sjfzxm.com/news/index_f.asp "Hai Lan home" /a "has not been approved by the SFC. In May 2012, the SFC rejected the reason why IPO, a controlling shareholder of Hai Lan, was the controlling shareholder of Keno technology, a controlling shareholder of Hai Lan. In 2009 and 2010, the three main suppliers of Keno Polytron Technologies Inc had business or capital dealings with Hai Lan home and Hai Lan group. The independence of Hai Lan's home was flawed. 
Less than a year after the P IPO crashed, Hai Lan's home chose to return to the market. The above investment bankers said that after the first IPO was denied, and the IPO was in a pause stage, in this case, if Hai Lan's home continued to choose the IPO form, it would not be able to queue up and have less chance to get approval, and PE, who had invested in the sea's home, was also eager to find exit channels. Besides, Hai Lan group was a controlling shareholder of Keno technology, and Zhou Jianping had close ties with the local town government. In this case, Hai Lan's home was relatively small in terms of the listing of Keno technology, so it was a good choice. {page_break} 
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 achievement pie > /strong > /p >
 data show that from 2011 to the first half of 2013, the net profit of Hai Lan's home was 691 million yuan, 854 million yuan and 672 million yuan respectively. In the first half of this year, the clothing industry was in the doldrums, and the net profit of the company in the first half of this year was nearly 80% last year. 
"P" and the prediction of future performance, Hai Lan's home looks more confident. The restructuring plan shows that from 2013 to 2015, Hai Lan's home tax net profit is no less than 1 billion 212 million yuan, 1 billion 470 million yuan, and 1 billion 707 million yuan respectively. This also means that in 2013, 2014 and 2015, Hai Lan's net profit increased by 43.43%, 21.29% and 16.12% respectively. 
 a Beijing brokerage industry garment analyst told reporters that in the downturn of the clothing industry, Hai Lan's home is very difficult to achieve the above performance commitments. Its net profit in 2013 has increased by 43.43% over the same period, which is expected to be too optimistic in the same industry listed companies. 
In the first half of the year, P said that the net profit rose 4.28% in the first half of this year, when it talked about the market environment in the first half of the year, the consumer market continued to be depressed and the retail environment was weak due to the external economic impact. It is also expected that the macro-economic and external environment may still face difficulties in the coming period and will continue to have an impact on the sales terminals. 
 "Hai Lan's commitment to achieve performance in addition to facing the plight of the overall downturn in clothing, the company's high inventory pressure will also affect the company's performance." The analysts pointed out. 
 data show that from 2011 to the first half of 2013, the inventory of Hai Lan's home stock was 3 billion 863 million yuan, 4 billion 457 million yuan and 3 billion 852 million yuan respectively, accounting for 56.82%, 60.77% and 51.62% of the total assets of the company, and the inventory pressure was much higher than that of other listed companies in the same industry. 
 in the first half of this year, the proportion of the total inventory accounts for 20.33% of the total assets, while the share of the total assets of the nine herd kings was 11.36%, while that of the seven wolves accounted for only 6.9% of the total assets. 
 for reasons of higher inventory, Hai Lan House said that the company mainly signed sales contracts with suppliers for the return clauses of unsalable goods, and commissioned sales instead of buyout methods. The products were sold by stores (excluding Direct stores and 100 clothing brands), and all products displayed or stored in stores were stock of Hai Lan's home, resulting in larger inventory accounts. Hai Lan's home frankly said that with the increasing number of stores of clothing brands under Hai Lan's home, the stock will keep a high proportion and larger scale. If the market environment changes significantly or the competition intensifies, the inventory sales will slow down or the selling price will fall, which will adversely affect the operation of Hai Lan's home. 
 for the Hai Lan group and other seven parties undertaking the achievement of Hai Lan's performance, if the compensation is not up to standard, the market will also be questioned. The restructuring plan shows that the seven parties, such as Hai Lan group, undertook that if the Hai Lan House, which was purchased by keinor technology, from 2013 to 2015, the actual net profit accumulated after the deduction of non recurring gains and losses at the end of each fiscal year from the three fiscal year to the end of each fiscal year failed to achieve the accumulated net profit amount up to the end of the current period as promised by the seven parties such as Hai Lan group. The seven party, such as the Hai Lan group, should make compensation to Keno technology with its Keno technology shares obtained by this spanaction. 
 the executives of apparel listed companies told reporters that such a way of compensation by shares shows that shareholders such as Hai Lan group have insufficient confidence in the future performance, because if the performance of Hai Lan's home is not good, the price of its technology will inevitably go down. In this case, it is obviously more cost-effective to use shares instead of cash as compensation for performance. If we have confidence in the future performance of Hai Lan's home, then the future of Hai Lan's home can achieve better performance, and the price of Keno technology will rise. Under such circumstances, it is obvious that the use of shares as compensation is not cost-effective for shareholders such as Hai Lan group. 
 these executives further pointed out that in the face of the overall downturn of the apparel industry and the high inventory of the company, Hai Lan's home performance is more difficult to achieve. If the performance commitments can not be realized, the shareholders of Hai Lan group will only make compensation in the form of shares. According to the above situation, shareholders such as Hai Lan group drew a "tempting pie" for investors.