IPO this year has been greatly improved, meanwhile, number of IPO was no proportion also is rising. On May 6, the zhuhai listed on the main board to Wisconsin silk dress Co., LTD Raman canceled, thus, the textile garment industry review has 3 enterprises this year was no or cancel IPO of the industry review, more than half of the meeting on the company.

50% of the IPO success rate, make investors feel doubt, difficult to judge whether it is audit gateway improve? Or will the company quality downside. But for investors, it is definitely a good thing, reduce speculative can also orientate secondary market, protect the safety of fund.

A-share IPO rejected raising six home textile proportion will company by half

Since this year, although secondary market of China stock market did not perform as well as others, but mutations, but the primary market IPO (IPO) was no proportion rapid promotion. Especially, the six home textile and apparel industry will company, only 3 home through the, the rest home 1 be cancelled audit, two unsuccessful.

According to the latest statistics, wealth remit information as of May 17, the China securities regulatory commission on aggregate to 124 home listed companies, including the mainboard review ipos 72, gem 52 house. Look from the latest audit schedule, not through the company 25 home, four, and the rest to cancel audit 95 companies smoothly, percent of pass 76.61%. Accordingly, whether IPO was calculated the number or cancel the total review of 23.39% 29 home, than. This ratio and last year's 15.31% this number, compared to continue to ascend.

According to the latest statistics, China securities regulatory commission in 2011 to aggregate 405 to listed companies, home to FaShenWei IPO audit, including Shanghai motherboard to 230 home landed small plates and shenzhen exchanges audit and FaShenWei enterprise is for the rest of the gem listing in shenzhen 175 house plans to review the enterprise listed.

May according to is, because the sixth, in 2008 and IPO suspended in 2009 to listed companies the SFC audit were 116 home. Home and 197 The whole point of view, 2010 were 343 companies smooth come through the two big FaShenWei audit, percent of pass is about 84.69%; Surplus 62 the public company was no home, including two companies in ShangJiaoSuo motherboard offering and listing plan, 35 companies plan issued in small and medium plate shenzhen market, 25 companies listed in shenzhen gem issue.

Six home textile and apparel industry, all want to landing will company motherboard market. But unfortunately, only three home through, percent of pass is only 50% lower than the primary market, the same 76.61% passing rate level.

Specific perspective, 3 home textile and apparel companies were the zhejiang sen horse costumes Co., LTD, nine animal husbandry king Co., LTD, jiangsu deer port technology Co., LTD, audit date respectively is January 24th, March 14, April 8, this is expected to issue shares is 70 million shares, respectively 12,000 million shares, 53 million shares, of raising funds 20.5617 billion yuan, respectively 16.4734 billion yuan, 2.671 billion yuan.

Rejected all the key reasons for profit persistent

The company is cancelled audit on May 6, 2011 audits of zhuhai neville silk mann dress Co., LTD, this is expected to issue shares 2200 million shares, raising money is expected to 2.8478 billion yuan.

Two of the companies were not through the verification of shandong ShuLang clothing is a joint stock limited company, Shanghai and step red dress Co., LTD, audit date respectively is April 20, 22 April, this is expected to issue shares for 24 million shares, respectively, is expected to 30 million shares of raising funds 2.6385 billion yuan, respectively 3.2925 billion yuan.

Raman: history of zhuhai wei silk business material omissions

Zhuhai wei silk dress Co., LTD Raman planned issued in shenzhen, no more than 22 million shares after issuance shall not exceed the total stock 8633.33 million shares.

FaShenWei SFC gem scheduled for 2011 held on May 6, the 88th times in 2011, the meeting will review working meeting of zhuhai wei silk dress mann of a joint stock limited company starting application.

May 5, the China securities regulatory commission issued a temporary cancellation May 6 review wei silk mann, its reason is starting for Wisconsin zhuhai Raman dress Co., LTD silk there are related matters need further implement ".

According to the author mastery of the material, neville silk mann specialized is engaged in the fashion sweater ODM/OEM business is women's own brand chain in business, the company in the historical process and management are major omissions, serious raise their money involved. Neville silk dress is a figment of Raman missing the disappearance of white sweater brand port in zhuhai century Co., LTD (hereinafter referred to "century white horse"). Its prospectus can't find a white horse, this should century Wisconsin silk dress mann occupy an important role in the development history of the subject. But neville silk dress and century white horse not only Raman belong to the same actual controller, and that they are competing relations.

Shandong ShuLang: operation efficiency and performance personality

Shandong ShuLang apparel Co., LTD, Shanghai and step red dress Co., LTD was no, such IPO enthusiasm with the results of the two companies listed on it, is undoubtedly a fatal damage ".

April 20, FaShenWei evening, the China securities regulatory commission announced a paper ShuLang clothing vetoed starting application. According to the prospectus revealed ShuLang clothing once existed, delay pay society insurance premium phenomenon.

In addition, the company capital turnover extremely slowly, but gross margin was surprisingly high. According to statistics, ShuLang nearly three years accounts receivable turnover days have been more than 60 days, 2010 reached 69 days, and peer is in 30 days to 47 days between; The business cycle is 804 days, and similar listed companies in 128 respectively between the 249 days. ShuLang clothing is similar in the listed companies the supreme value more than three times.

So slow business turnover rate, should to, but poor ShuLang clothing nearly 3 years in the gross profit margin but are more than 60%, while similar listed counterparts at 37% ~ 51% will only in between. The whole point of view, ShuLang clothing operation efficiency of the business performance but poor, but far above counterparts, obviously this is not a normal phenomenon.

Shanghai step Rachel: the core competitiveness difficult to keep

Shanghai shares the IPO is rick dress step ever, mainly because its core competitiveness, difficult to keep also involves listing and financing motivation is insufficient, the single market customers rely heavily on deep problems such as. Simple to international dress brand orders from the fast response ability see, average 30 days to step red 90 days to greatly inferior at delivery gold feida, jiangsu qinghe fast delivery ability.

Actually, from the 2010 FaShenWei disclosure by CSRC ever see reason and feedback on land, regulators to Shanghai motherboard for small and medium plate enterprise more and shenzhen exchanges emphasized enterprise sustained profitability ability; And the gem in FaShenWei attention while consistently profitable enterprise growth into attention points.

According to not complete count, released in succession in CSRC 2010 by no reason 34 companies, nearly two-thirds of the companies involved, it serves to show the sustained profitability of its importance to regulators; Among them was no reason released 14 home of companies in the landing gem to 11 involves sustained profitability problem. Many companies are given for the conclusion of "anti-risk ability is weak, to give you the company's growth and sustainable profitability explicitly judgment."

In addition to sustained profitability ability inadequacy and growth not sure outside, still involve IPO was no connection transaction not fair, the internal control and standardize operation does not arrive, the preferential tax and subsidies for major dependence, accounting is not standard and existing problems such as competition.

Governance "breaking" only improve gateway secondary market regulatory layer pay attention to safety

Analysts believe that the audit IPO in gradually increasing efforts, they require more strict. Not only considers the single enterprise's main business profit level, at the same time, as well as enterprise in the overall development of the industry in the national economy, by sector the position, conform to the state industrial policy orientation, etc. "Breaking" boom let investors injured, governance "breaking deep," only improve into IPO audit gateway to block source.

If the "problem" to the whole market circulation and the a-share market caused by the development of inestimable damage.

First, poor market performance, persistent after the stability of the shares would be difficult to maintain. Most after company listed performance downturn is the undisputable fact, even some companies listed the following year appeared performance losses. In a sense, the listed company is the cornerstone of the securities market, only the benign development of the stable growth performance of listed companies, to promote sustainable development of securities market.

From the many brokers investment bankers have started to understand, to where the listed company especially fitting for the company, it landed gem supervision department special requirements for sustained profitability issuer a significant adverse impact on growth special case of the synthetical analysis, Suggestions for regulatory requirements focus on part of the sponsor may need to be issued by added comments.

Secondly, concussion city trigger "breaking" boom, in a "new" funds serious bedding bag. According to the latest statistics, wealth collect information, so far this year have listed shares, including 123 only 79 only proportion of breaking, 64.27%. With the arrival of new shares into expansion of breaking climax period. The family shares listed this year, 123 49 listed first, accounting for more than 39.84% breaking. This let waiting months a liberated dozen new institutional investors is not happy.

In textile clothing industry, as of May 17, six listed companies of breaking, 11 March this year listed's horse costumes 54.19 yuan, below closing prices 19.12%; The display is otherwise 2010 listed in specially, jia hin LianFa silk, and sinoer, shares and jinasu kuangda are in breaking state. Because a-share investors is not mature, the ipo of undertaking desire strong first, gradually formed A new shares unbeaten myth. In this myth under, new shares generally realize "three-high" (high price, high p/e ratio) collected, superb, batch issued at the same time, provide rich maker to market GanZheZha "new really just", but also in the secondary market "pumping" too tight to stock market financing area.

In addition, both domestic and overseas economic growth is slowing, regulatory layer notice long-term investment earnings quality. Economic slowdown in help fall a-share listed companies in 2010, overall growth performance in the first quarter of this year, after 37.3% after eliminating financial company, comparable net profit decline, the listed company 10.01% period than at the end of 2010 KuiSunMian rose nearly nine percentage points information, economic slowdown in fact already is indisputable. In this context, cautious checks the listed companies, promote long-term investment earnings quality is advisable.

Source "Chinese textile nets"

Edit: lara