Corporate Listing Games

The power of example is endless.

When 1880.HK, a mainland private enterprise with women's shoes brand as its main business, sold more than 500 times the oversubscription in the Hongkong capital market in May this year, when the price earnings ratio reached 30 times, the frozen capital was as high as HK $438 billion. In one fell swoop, it won the throne of "frozen capital king" in Hongkong stock market. The price earnings ratio of many IPO is as high as 30 times, 50 times or even two hundred or three hundred times. No matter how high the price of the stock is and how much the price of the stock is still high, it is still popular with the investors. Those enterprises who either had no intention or waited or waited for landing in the capital market could no longer hold the impulse of IPO for IPO.

Since the beginning of this year, only 95 small and medium-sized enterprises have been listed in Shenzhen's small and medium-sized board. A total of 120 enterprises in the A share market have issued new shares IPO, with an amount of 441 billion yuan.

Among them, there are famous giant PetroChina, China Shenhua, construction bank and other national giant groups, but more are obscure small and medium-sized private enterprises.

For private enterprises eager for financing, the gate of domestic capital market has finally been completely opened.

It can be said that in this round of IPO banquet, every active participant did not return empty handed.

When the listing campaign was held in early 2005, the Shenzhen stock exchange sent more than 40 business backbone to 30 provinces, municipalities and autonomous regions outside Tibet.

In Fujian, Zhejiang and other small and medium-sized enterprises with rich resources, they have worked for 40 days, and established offices in Quanzhou, Shenzhen and other places to maintain daily contacts and communication with local enterprises and listed companies.

It is said that the Shenzhen stock exchange is ready to develop 1000 small and medium enterprises in the next 3 years, and even assign them to everyone on the exchange.

Lv Yongbo, director of Quanzhou listed company, seems to be an objective that can be achieved.

In the 30 years of reform and opening up, only 500 enterprises in Quanzhou have more than 100 billion yuan in real estate value.

The annual turnover of garment enterprises is 100 billion yuan, and the quality of each one is good.

Lv Yongbo talked about these enterprises.

At present, there are 29 enterprises listed in Quanzhou both at home and abroad, and the amount of financing is about 18000000000 yuan, of which 8 are listed this year. "Now more than 150 enterprises have entered the shareholding system pformation, and will be the peak in the next year."

The same happens in "capital market insulators" - Wenzhou.

In the area where the private economy accounts for more than 90% of the total economic total in the city, there are 498 enterprises with a total sales of billion yuan and 31 Enterprises exceeding 1 billion yuan.

But in the past many years, all bosses have been very secretive about the capital market. The only listed companies are the few state-owned enterprises in Wenzhou.

But last year, the concept of bosses changed dramatically, and more than 50 companies scrambled to enter the stock reform process to prepare for listing.

Those who have not yet made decisions are closely watching the pace of those who are in the forefront of the reform and are ready to follow up.

According to the data provided by the Shenzhen listing office, Shenzhen has achieved 80 registered and listed enterprises that are eligible for registration and registration, and there are 130 kinds of quasi listed enterprises that have been followed up by the listed companies. More than 530 organizations have been trained in the first half of the year.

However, only two years ago, even if SMEs wanted to go public, Hongkong or NASDAQ would be their preferred stock market.

Take Quanzhou as an example, 21 of the 29 listed companies in Quanzhou now are listed overseas, and are listed in Hongkong, the US Nasdaq, Frankfurt, Singapore and other listed places.

One of the reasons is that Quanzhou itself is a hometown of overseas Chinese. Whether it is capital or market, it is closely related to overseas. Therefore, we all prefer to go overseas.

The more important reason is that China's stock market was at a low level, financing capacity was very poor, and there were many restrictions on the listing of private enterprises.

This year the situation is quite different.

The new company law promulgated in 2006 and the securities law eliminated many restrictions for the development and innovation of the capital market: the abolition of the requirements for the establishment, merger and division of a joint stock company, and the time limit for the restructuring of enterprises, while the mandatory provisions of two times the amount of net assets and no more than 20 times the price earnings ratio were abolished at the same time.

In December 2006, Lv Yongbo held a meeting at the Shenzhen Stock Exchange. One of the most important contents of the conference was to achieve "zero home waiting, 100 day listing". In fact, the most successful one was listed on the 72 day.

And it can be listed as long as the capital stock reaches 100 million yuan and the accumulated profit in 3 years reaches 30 million yuan.

After the introduction of this policy, the advantages of high price earnings ratio, low financial rates and convenient communication began to appear.

The Quanzhou municipal government stipulates that a "green one" system should be implemented for enterprises to solve problems such as certificates, land and foreign exchange. The system of "one enterprise and one discussion" should be applied to every enterprise. The pfer fee of Limited by Share Ltd will be reduced by half of the fee rate approved by the price department after the establishment of Limited by Share Ltd involves the pfer of land-use rights and property owners. After the share reform, the company's tax increment will be returned in full after the company's listing. The municipal government will reward 300 thousand yuan after the completion of the enterprise's counseling and acceptance, and the city will give an additional bonus of 3 million yuan to the local company's listing.

The Wenzhou Municipal Finance Office's listing office has also listed the highest prize and the highest honor of the municipal government to the listed companies. As long as the enterprises are listed, they give 2 million yuan reward. In mid December, they issued the official documents, announces a list of the companies to be listed.

Such a preferential incentive policy in this year's big bull market is obviously attractive to all companies that want to go public and have never thought of going public. It stimulates people to understand and discover the advantages of the securities market.

Before, the theme of the listing office was mostly "whether to go public" or "what advantages would be listed". This year, how to go public and how to go public has become a hot topic of business. Business owners are seriously studying the rates of major securities markets, and carefully estimating the cost of listing and the wealth effect it brings.

In August of this year, Wu Zhize, the chairman of the wedding bird adornment (002154), struck the bell in Shenzhen. The chairman of the local 30 private enterprises accompanied the vice mayor to the ceremony.

In Wenzhou, except in August 2006, the peak of spandex (002064) had struck the bell in Shenzhen, it was only in 90s of last century that the only state-owned enterprise in Wenzhou was listed. So basically, we haven't seen the grand occasion of the first day of listing.

The popularity of the stock market is obvious to all, but such a close observation of his fellow countrymen is a great stimulus to all the people present.

It is said that at the moment when Wu Zhize struck the bell, the opening price of the sign jumped out, and the bosses who were there and who used to see a lot of battles suddenly turned red and their eyes were straight.

After going back, everyone's listed projects have taken a step.

Apart from the preferential policies of being opened and listed, what are the desire to stimulate these enterprises to go public?

After the 30 years of hard struggle before and after the reform and opening up, the competition for capital behind the brand has laid its own field in the manufacturing industry. The consumer goods manufacturing enterprises have entered the era of brand investment, and those industrial production enterprises are aiming at improving their R & D strength and upgrading their industrial level.

At this time, listing seems to be the inevitable choice for everyone.

At least, the men's clothing that started business in 1980 is considered.

"Before this industry may be product competition, now it is absolutely brand competition, and behind the brand competition is capital competition."

Hong Lianjin, deputy general manager of China strong (China) Co., Ltd.

In 2002, the company began to implement unified retail price and zero risk alliance in the whole country. It became the first enterprise to adopt this mode in garment industry. At the same time, Jin Ba invested nearly 10 million yuan to become a report partner of China CCTV 2002 Korea Japan World Cup.

The match between the sky advertising and the underground marketing channels brought about an explosive growth in the store opening trend. By the end of 2004, the strong men's wear had broken through 2000 stores in the country, and the occupancy rate in the two or three line market was much higher than that of other men's clothing brands in the same industry.

However, in the town of Ying Lin, Jinjiang, Quanzhou, Fujian, where the local and foreign population is only more than 70 thousand, there are more than 1100 light clothing enterprises, 8 enterprises with over 100 million yuan, and 46 enterprises with over 10 million yuan.

In such a small town, entrepreneurs who grew up from a small bottle robbing and digging eggs grew up to emulate each other and learn from each other's successful strategies.

In such a fierce competition environment, if we can not make the best efforts to innovate, we should at least follow up at any time.

Therefore, RP can use huge sums of money and zero risk to join the way of brand success, seven wolves, nine Mu Wang can also immediately follow up, and vice versa.

After six or seven years of development, Jinjiang's clothing enterprises in the two or three tier market, through dealer financing, promotion mode has been able to come to an end, Shanghai, Beijing, Xi'an and other first-class cities gradually become everyone's next goal.

At present, all brands adopt the flagship store with different styles in the first tier cities.

This means huge sums of money.

In the flagship store that Kunming has just opened, the rent is about 6000000 yuan.

In the next two years, rime will open more than 20 flagship stores in the central cities with more delineation, so as to promote the upgrading of the terminal network of rimba.

In fact, it is not just the men's clothing of Jinjiang, or the clothing industry in Jinjiang, who is considering making the same brand.

At present, AOKANG's self run stores and franchisees account for 50% of the total, while the proprietary stores in three years will reach 100%.

Wang Zhentao, chairman of AOKANG, told reporters that although franchising or franchising is a very good financing mode, the cost of communication with franchisees in recent years has become more and more high after the channel's scale is large. Failing to do well will destroy AOKANG's brand, and if it is a self operated channel, the execution will be very smooth, so that the image of the brand terminal will be more unified.

According to the plan, AOKANG's terminal stores will expand to 1 in 2010.

The main purpose of listing and financing in August this year is to change the channel of relying solely on franchising. 100 million yuan is used to build chain marketing network, including the establishment of centralized management system and 6 direct flagship stores and 15 direct store landscape stores, so as to change the situation of "insufficient control over sales channels, short response to market demand information, and uncoordinated implementation of brand image" in the past.

In October of this year, seven wolves increased 30 million shares, raising nearly 600 million yuan, of which 500 million yuan was used to buy 10 "men's life hall" storefront.

Brand is undoubtedly a long-term investment process.

After being successful in advertising in CCTV in 2002, Rb took the naming right of the 2006 World Cup shooter list last year at 38 million yuan, and won the CCTV advertising time of the Olympic Games at a price of 89 million 440 thousand yuan not long ago.

From the continuity and risk of investment, high R & D expenses will also lead enterprises to come to the same conclusion.

"In a word, innovation requires cost, and the risk of innovation is also great."

Qian Jinbo, chairman of Red Dragonfly Group, said.

In July this year, he just invested 200 million yuan to build sports shoes base, and this is only the initial investment, in order to create the concept of sports shoes, he and international famous pportation.