Elegance Bird: Allegedly Unlisted Have Changed Face Gene

“Apprentice does not die before you die.” This phrase seems to be more appropriate for companies that have already faced performance changes when they are about to go public. The supplementary pre-disclosed materials of the companies to be listed show that some of the company’s performance “changing face” has already appeared before its listing.

At the same time, since the beginning of this year, 84 companies still held meetings during the year but have not yet issued it. Among these companies, there will be some companies that will soon face the embarrassment of unsuccessful performance. This has become a major focus of recent investor attention.

Do you have a "change face" risk?

According to statistics, there are still 84 companies that have held meetings during the year but have not yet issued it. Among the companies that have not yet listed in the meeting, due to the overall situation of the industry, some companies may also face the embarrassment of “performance”.

In the sporting goods industry, Guiren Bird Co., Ltd. (hereinafter referred to as “the elegant bird”) has such a risk. The noble bird had a meeting on May 9 this year and plans to issue 100 million shares and raise 880 million yuan of funds.

However, when the noble bird wanted to use IPO to aggressively expand the scale of the store, it suffered a decline in the performance of the sportswear industry.

After the rapid expansion of the first three years, all sports brands have basically entered the bottleneck of development. Since the second half of last year, the sports brand industry environment has become more and more difficult. This year, the sporting goods industry is still facing a grim situation. Due to the pessimistic expectation of the industry's prospects, both domestic and overseas investment banks have lowered the ratings of Xtep, Anta and other listed companies.

From a performance point of view, the performance of major domestic listed companies such as Li Ning (02331.HK) in 2011 all showed a downward trend.

Judging from the current risk of inventory turnover and tax breaks or the cancellation of expensive birds, the high growth performance of the noble birds may not be sustainable.

The data shows that the inventory turnover rate of noble birds increased from 6.40 times in 2009 to 9.44 times in 2011, which means that inventory turnover days have been shortened from 56 days to 38 days. However, the company's inventory in 2011 increased by 57 million yuan from the end of 2010, an increase of 65.68%.

What is even more unfavorable is that the company is a foreign-invested enterprise, exempt from income tax from 2008 to 2009, and halving its income tax from 2010 to 2012. However, since 2013, if no other new preferential tax policies have been introduced, the income tax rate will return to normal. In 2011, 2010 and 2009, the income tax preference ratio accounted for 10.36%, 14.85% and 30.46%, respectively.