The development of garment enterprises requires a capital market. The listing can bring a large amount of capital and change the capital structure, which can have greater capital scale advantages than competitors. Listing can increase the financial institutions’ confidence in the company and make it easier. Listing can change the company's strong model, and become a global leader through equity payments.
How do garment companies enter the capital market? At present, there are four steps in the domestic listing process. The first step is the establishment of a restructuring system. Through investigation, it is established that the intermediary institutions will reform the system and establish a company limited by shares for more than six months. The second step is listed counseling and material production. Intermediary agencies conduct a comprehensive net worth survey, sign a counseling agreement, and the China Securities Regulatory Commission provides counseling and acceptance. At the same time, the intermediary agency produces the application materials. The third step is the issuance of audits. Intermediary agencies will send the listed company materials to the China Securities Regulatory Commission's Issuing Department or the GEM Board. The two departments will review the audits, and the audit time will be 6-9 months. The fourth step is the issuance of a listing. After the company obtains the approval from the CSRC, it will make an announcement, inquiry, pricing, and listing. The time is 1 to 2 months.
Everyone thinks that listing is difficult. It is not so difficult to imagine. In fact, the financial indicators of listed companies far exceed the threshold. The approval rate for the most recent three years was as high as 80%. If the company’s application did not pass, applications could be made again after 6 months, and the second pass rate was above 95%.
Apparel companies must pay particular attention to asset integrity issues when they are listed on the domestic market. Apparel enterprises may have incomplete production use of land use rights, so the review generally requires companies to solve the problem of asset integrity. The basic requirement at the moment is that if a third-party site is rented, it depends on the importance of the site's use. For example, the marketing headquarters and research and development center need their own complete property rights.
At the same time, since many garment companies are private enterprises and brothers and sisters do business together, it is very likely that there will be connected transactions. For example, there is a company in Jinjiang. The owner is the controller of the listed company. His sales are sold to his sister. His elder sister manages dozens of stores. The ownership of the store belongs to his sister. The transaction between them is It is a related transaction. The audit points of the SFC on related party transactions are discouraged and not prohibited. The first step is to see whether the nature of the transaction is serious, focusing on sales of related party transactions, purchase of related party transactions, and research and development of related party transactions. The second look at the price, the third look at the program.
What should I do if there are related transactions? First of all, it is necessary to adjust the ownership structure of affiliated companies. Generally speaking, it must not exceed 30%. Or acquire an affiliate, for example, if the boss bought the sister's store, or if his sister transferred the store to other people, it would solve the problem.
In addition, there may be some financial issues in the listing of companies. There are many storefronts for clothing companies. The settlement method is not the same as other companies. Sales revenue is easy to fake. Therefore, during the audit process, there are four aspects that are particularly concerned. One is whether sales revenue is reasonable? Second is whether the gross profit margin is reasonable, and whether the gross profit margin is high compared with the same industry, and the growth rate is too fast? The third is to carry out book analysis on the accounts receivable, so the company has to explain the bad accounts in detail. The fourth is to pay attention to whether the accounting policy is compliant and whether it meets the characteristics of the industry. Therefore, the enterprise must be consistent with the same industry in accounting treatment. In particular, many clothing companies have many franchise stores, and the cash management of franchised stores and direct-operated stores must be standardized.
Some suggestions on the final listing of the company: early preparation, early planning, leaving no hidden dangers and legacy. Establish a correct view of the market, listing development is correct, do not blindly operate. The listing must select the appropriate sponsoring institution, pay attention to the level of the sponsoring institution and the business spirit of the sponsor representative. The head of the company must personally grasp, and the chief financial officer must select professionals.
How do garment companies enter the capital market? At present, there are four steps in the domestic listing process. The first step is the establishment of a restructuring system. Through investigation, it is established that the intermediary institutions will reform the system and establish a company limited by shares for more than six months. The second step is listed counseling and material production. Intermediary agencies conduct a comprehensive net worth survey, sign a counseling agreement, and the China Securities Regulatory Commission provides counseling and acceptance. At the same time, the intermediary agency produces the application materials. The third step is the issuance of audits. Intermediary agencies will send the listed company materials to the China Securities Regulatory Commission's Issuing Department or the GEM Board. The two departments will review the audits, and the audit time will be 6-9 months. The fourth step is the issuance of a listing. After the company obtains the approval from the CSRC, it will make an announcement, inquiry, pricing, and listing. The time is 1 to 2 months.
Everyone thinks that listing is difficult. It is not so difficult to imagine. In fact, the financial indicators of listed companies far exceed the threshold. The approval rate for the most recent three years was as high as 80%. If the company’s application did not pass, applications could be made again after 6 months, and the second pass rate was above 95%.
Apparel companies must pay particular attention to asset integrity issues when they are listed on the domestic market. Apparel enterprises may have incomplete production use of land use rights, so the review generally requires companies to solve the problem of asset integrity. The basic requirement at the moment is that if a third-party site is rented, it depends on the importance of the site's use. For example, the marketing headquarters and research and development center need their own complete property rights.
At the same time, since many garment companies are private enterprises and brothers and sisters do business together, it is very likely that there will be connected transactions. For example, there is a company in Jinjiang. The owner is the controller of the listed company. His sales are sold to his sister. His elder sister manages dozens of stores. The ownership of the store belongs to his sister. The transaction between them is It is a related transaction. The audit points of the SFC on related party transactions are discouraged and not prohibited. The first step is to see whether the nature of the transaction is serious, focusing on sales of related party transactions, purchase of related party transactions, and research and development of related party transactions. The second look at the price, the third look at the program.
What should I do if there are related transactions? First of all, it is necessary to adjust the ownership structure of affiliated companies. Generally speaking, it must not exceed 30%. Or acquire an affiliate, for example, if the boss bought the sister's store, or if his sister transferred the store to other people, it would solve the problem.
In addition, there may be some financial issues in the listing of companies. There are many storefronts for clothing companies. The settlement method is not the same as other companies. Sales revenue is easy to fake. Therefore, during the audit process, there are four aspects that are particularly concerned. One is whether sales revenue is reasonable? Second is whether the gross profit margin is reasonable, and whether the gross profit margin is high compared with the same industry, and the growth rate is too fast? The third is to carry out book analysis on the accounts receivable, so the company has to explain the bad accounts in detail. The fourth is to pay attention to whether the accounting policy is compliant and whether it meets the characteristics of the industry. Therefore, the enterprise must be consistent with the same industry in accounting treatment. In particular, many clothing companies have many franchise stores, and the cash management of franchised stores and direct-operated stores must be standardized.
Some suggestions on the final listing of the company: early preparation, early planning, leaving no hidden dangers and legacy. Establish a correct view of the market, listing development is correct, do not blindly operate. The listing must select the appropriate sponsoring institution, pay attention to the level of the sponsoring institution and the business spirit of the sponsor representative. The head of the company must personally grasp, and the chief financial officer must select professionals.
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