Nike Mode Pplant Metersbonwe Clothing Predators To Test Water Capital Market

"We started in the market, and the capital market is not very familiar."

A person in charge of brand promotion, Metersbonwe, said in an interview with reporters.

Because of the IPO meeting in June 20th, the United States and the United States were silent when they entered the silent period.

The person was also very cautious about saying: "everything is waiting for us to succeed in listing."

Nike model "China pplant" sports brand global leader Nike itself does not produce shoes, and its authorized production processing plant layout around the world.

Sales to brand franchisees to do, headquarters about more than 70 people only responsible for design and marketing.

NIKE's gold lettered signboard has been developing vigorously under the unique dumbbell structure.

Zhou Chengjian, a businessman in Wenzhou, pplanted this model to China.

Orange is born in Huaibei, but the Nike model does not suffer from acclimatization.

The business card produced by Smith Barney is the design team of 133 people plus 4, 90 suppliers plus more than 2000 marketing terminals.

In April 22, 1995, the first store of "mus and bang Wei" was opened in Wenzhou, Zhejiang.

At that time, Zhou Chengjian probably did not think that 13 years later, the US bond grew from about 1000000 initial funds to a large market network with 284 Direct stores and 1927 franchised stores, and 21 casual apparel giants holding subsidiaries.

Its operating income in 2007 was 3 billion, and its annual design capacity reached 3000.

According to Euromonitor's statistics, in 2006, the market share of Mts. Bang Wei's brand casual wear products was 0.95% in the domestic casual wear retail industry, ranking the first among the 12 major casual wear brands in the domestic market.

In the clothing industry with low concentration and fierce competition, what the United States has to win is its virtual operation.

All garment production outsourcing: as of March 31, 2008, there were 96 registered fabric suppliers, 84 excipient suppliers and 310 garment factories.

Product sales, franchising and direct mix and match: across South, North and East and West three areas, MP has created a marketing network with 2211 stores penetrating the whole country.

In the most prosperous section of Nanjing East Road, Shanghai, the largest flagship store and clothing Museum in the United States witnessed the explosive growth of the company: the operating profit in the past three years was 8 million 760 thousand, 90 million 930 thousand and 430 million; at the same time, due to the realization of scale efficiency, the gross profit margin in recent years increased from 16.35% to 27.92%, and the number of shops in the past few years was 1021, 1441 and 2106.

In addition, the fixed assets ratio of the US state is much lower than that of other garment enterprises, which accounts for about 15.53% of the total assets. The turnover ratio of 0.92 is much lower than the 2.25 of the industry average, and the asset liability ratio is at a higher level than that of the similar companies.

In 2008, the development history of Smith Barney opened up a brilliant page. Zhou Chengjian turned his attention to the capital market.

Publicly raised funds will greatly reduce the cost of financing, and accelerate the expansion of entity stores and information system improvement.

In the case of funding, it is estimated that the number of Direct stores in the United States will increase by 68 to 339, and the number of franchisees will increase by 588 to 2423.

IPO doesn't take the unusual road. "We are just a private enterprise. In fact, the boss doesn't know much about listing."

The words of insiders are worth pondering.

The United States intends to issue 70 million shares of A shares, to raise funds of 1 billion 800 million yuan, respectively, for marketing network construction (1 billion 600 million) and information system improvement (200 million) two projects.

The project is expected to have a construction period of 1 years and an operation period of 10 years.

The two projects were approved in 2007, with a total investment of 2 billion 822 million yuan.

The 1 billion 800 million yuan will come from the funds raised by the IPO, and the rest will be made up with its own funds.

Galaxy Securities Ma Li admitted that it is unlikely that the United States will raise all the necessary funds through IPO.

In terms of the project itself, the issue price will reach 25.7 yuan, which will be priced at EPS 0.61 yuan in 2007, and the price earnings ratio will be 42 times.

In the recent issue of new shares, analysts generally only give 20-30 times price earnings ratio, and high issuance is facing the test of the United States and the state.

"The main thing is to look at the fundamentals of the company, and the United States is now the leading position in the industry, and it has been very successful.

Similar companies such as the seven wolves, although the stock price has been cut down compared with the highest, price earnings ratio can still be more than 46 times.

But like Yantai spandex, our assessment will be very low. "

Ma Li said.

Why do we need to go public if there is no shortage of money? If we estimate 30 times earnings, the US IPO can only raise 1 billion 300 million capital.

"US bond is not really short of money. The mode of franchising does not require a lot of money."

A senior textile and garment industry Xu Bing (a pseudonym) told reporters.

Why did the United States choose to go public?

"It comes down to two points: asset realisation and administrative order.

Asset realisation is full circulation. Previously, enterprises need to cash in through the sale of plant equipment. After listing, it is totally unnecessary to revitalize the entire share capital through a small share of stock. The executive order is simple and the local government is pushing hands behind it. "

Xu Bing concluded.

The largest shareholder of Smith Barney is Shanghai's Chinese clothing, owns 90% of the company's shares, the actual control of Zhou Chengjian, and the other 10% stake in the hands of Zhou Chengjian's daughter Hu Jiajia, registered capital after several rounds of capital increase currently reach 260 million.

Ma Li believes that the current US business risk is not from the capital chain, but because of the continuous expansion of the scale of supply chain tension and management problems.

This is precisely the two link that the US fundraising Fund seeks to strengthen, and the improvement of channel construction and information system.

According to company information, the current franchise business accounts for 87.16% of the total sales, contributing 62.2% to sales.

The effect of joining in the rapid expansion of market share is obvious, but the company's ability to control the entire channel is weak.

Therefore, at present, the focus of the company's development in large and medium-sized cities is to develop direct outlets to reduce the risk of channel dependence. On the other hand, the effective management and control of shops can also be achieved through the AFE.

The company also acknowledges that because of changing market conditions, if the funds can not be timely, market environment changes or industry competition intensifies, all will have a greater impact on the expected effect of investment projects.

In addition, the cost of raw materials and accessories is greatly increased, and the replacement of upstream and downstream business cycles is the potential risk of business operation.

The two tier market is even more changeable and elusive.

This year, the continuous decline of the Shanghai and Shenzhen stock market has made the issuing price of new shares record low, and the first day is low.

Can the US state accept the severe test in the capital market?

Mary has confidence in the United States after the meeting: "although the market downturn, but it should not affect the performance of the United States after listing, after all, the company's qualifications are there."