Home concentration is not high, home textile enterprises carry out project adjustment

It is reported that whether it is the listing of home textiles, home appliances and other industries, in the eyes of consumers, it must be the choice of excellent brands. The encounters of Fuanna Home Textiles and Jinsheng Home at the beginning of 2010 can be described as two days of ice and fire. On December 31, 2009, Fu Anna was officially listed on the Shenzhen Stock Exchange. Then, according to the daily economic news report, the Jinsheng home listing plan, which has been in preparation for three years, was seriously frustrated. Although the listing was a success, a setback, but the impact of the financial crisis has been quiet for nearly two years, the home business boom will be revived. According to the survey, the market size of the home furnishing industry exceeds one trillion, and there are more than 50,000 large and small enterprises, but there are only a handful of listed companies. At present, it is possible to broadly define less than 10 listed companies belonging to the home sector, such as Meike, Yihua Wood, Jilin Forest, Luolai Home Textile, and Fuanna Home Textile. Therefore, the road to the capital market of home enterprises has a huge imagination. Listing has a huge temptation for home furnishing companies. In the home industry, the fact that the industry concentration is not high is an indisputable fact. The dispersion of the industry and the large number of enterprises make it difficult for all enterprises to become absolute leaders in the short-term through market expansion, and the fastest way is through the hands of capital. It would be surprising to compare the data set by Fu Anna with the home retail industry's largest retailer, Red Star Macalline (see map). According to public information, Fu Anna publicly issued 26 million shares at an issue price of 30 yuan per share, and actually raised 780 million yuan. Despite the small size of the plate, during the purchase of Fuanna's new shares, there were 225 institutional accounts, and the net frozen funds reached 29.32 billion. According to figures released by Red Star Macalline, there are currently more than 50 stores in Hongxing Macalline, with market sales exceeding 30 billion. If compared with the size of the company, Fu Anna and Red Star Macalline are definitely not a heavyweight, but through the push of the capital market, Fu Anna's scale and influence can be compared to the shoulder star. It is understood that the funds raised by Fu Anna's listing will be mainly used for the construction of the direct network system, as well as the construction of the second phase of the Longhua Home Textiles Production Base and the construction of the third phase of the Changshu Fuanna Company's home textile production base. Lin Guofang, chairman of Fu Anna j Home Textiles, said that the home textile and home market is in the context of the “Spring and Autumn Warring States Period”, and the expansion space for enterprises is quite huge. In this regard, Xiao Jian, executive deputy secretary-general of the Guangdong Household Textile Industry Association, acknowledged that the expansion of sales channels and the promotion of production and design with the help of capital will allow Fuanna to expand the distance between medium and low-end home textiles. “Listing must be an important choice for large chain home circulation enterprises and excellent brand manufacturers.” In the eyes of the industry, the market scale of home building materials circulation industry is larger than that of home appliance industry. Suning and Gome are taking the road of capital market expansion. Distribution companies will also follow. At present, there are strong capital promoters behind large-scale distribution chain companies including Red Star Macalline, Jinsheng Home, and Xiangjiang Home (view map). According to Wen Shiquan, the author of the Italian wind, Shi Yiquan, the company intends to go public in three years, and has started secret preparation work as early as two years ago. Recently, a number of brand owners of furniture and flooring in Beijing revealed to reporters privately that they all have plans to list companies and want to share the results of the company with employees. With the development of the financial market, A-shares, GEM, Hong Kong stocks, and US stocks have made the listing of home furnishing enterprises more spacious. According to the survey, the brand home enterprises that have introduced strategic investment before the financial crisis broke out include Red Star Macalline, Anxin Weiguang, Xinsihe Wood, Nature Floor, Cobo Bologne, etc., and these companies have the same development path. Undoubtedly listed as soon as possible. Jinsheng Group, which originated in Nanjing, has been established in Nanjing, Jiangsu and other Yangtze River Delta regions. Since 2008, Jinsheng Home, a subsidiary of the Group, has announced its entry into the Beijing home market. According to Jinsheng’s external publicity, Jinsheng Home has successively signed two home business projects in Beijing’s Aobei business district. The Olympic Village store specializes in high-end furniture products and is expected to open in October 2008. Chaolai Store is located in Chaoyang District, Beijing. The camp, with a business area of ​​100,000 square meters, specializes in building materials and furniture, is expected to open at the end of 2008. However, due to the financial crisis, the opening hours of the above two projects in Beijing have become “out of date”. According to industry insiders, Jinsheng has withdrawn from Beijing due to weak investment in the previous period. "The Beijing project we are still advancing, but the speed of development is not as fast as we expected." Jin Sheng said in an interview with reporters on January 7. According to the above-mentioned resignation executives of Jinsheng Group, Jinsheng’s projects in the Yangtze River Delta have been suspended. Due to the failure to start the business as scheduled, the funds invested by Jinsheng in the early stage have not been recovered. “The capital turnover has become a problem.” Preparation for multi-year listing “no time”? Wang Hua, chairman of Jinsheng Group, mentioned several timetables for listing in a number of public occasions – “before the Olympics”, “end of 2008” and “first half of 2009”. In fact, since June 2004, Jinsheng Group has been operating to form a joint stock company. At the end of the year, the company was approved by the Nanjing Municipal Commission for Reform and Reform; in 2007, the listed private placement and introduction of strategic partners had been completed and submitted to the Hong Kong Stock Exchange. At that time, Jinsheng Group and the sponsors were confident that after submitting the application The two months were successfully listed. In an interview with the Daily Economic News, senior executives of Jinshengyi Branch said, “In the long run, expansion is for the company's development; in the short term, expansion is to provide the necessary listing conditions.” Since 2007, Jinsheng is in the East China and Central China regions. According to Jinsheng's plan, the number of stores opened in 2008 was 10-15, which is equivalent to the total number of stores opened in the previous 12 years. In order to reduce the cost of opening a store, Jinsheng changed the past model of buying land-building plaza-investment-operating, in exchange for the faster development speed by leasing commercial property and peer-to-peer mergers and acquisitions. News observation home chain industry is mired in the world's largest home furnishing retailer Depot (view map) has been shutting down poorly-operated stores since the first half of 2009; and B&Q, the largest home retailer in Europe (see map), also last year's "strong man's broken wrist" , closed more than 20 stores, and adjusted more than ten stores. In this context, domestic home retail giants Red Star Macalline and Jinsheng Home are still "staking a horse", their unanimous goal is to go public, and the driving force for their expansion is "low cost, high speed." It is worth mentioning that under the limited capital conditions, Red Star Macalline and Jinsheng Home have chosen to expand in the way of “two landlords”. When other small and medium-sized home stores have reduced their rents to “catch up” suppliers, The annual rents of the two giants continue to rise, some suppliers are forced to withdraw, and the new investment projects are facing embarrassing situations. In addition, under the financial crisis, online home building materials supermarkets that value consumers' "practical" psychology began to occupy the "position" of hypermarkets: Qumei Furniture (view map) for online direct sales; Shanghai Group Buying Network established for 5 years Announced that the platform transaction volume in 2009 exceeded 3 billion yuan; with the advantage of "the price of similar products is only 40% of the big stores", Youke House announced its launch... What will be the home chain industry that has been regarded as "profiteering" by the outside world? We will wait and see. Prior to the financing of equity, the senior executives of Jinsheng Group had publicly stated that Jinsheng plans to raise RMB 5 billion after listing in Hong Kong. In the absence of successful financing from the capital market, in order to achieve expansion in various places, Jinsheng Home had to achieve financing through external forces. In November 2009, Xinan Co., Ltd. (600596, SH) announced that it had cooperated with Hangzhou Industrial and Commercial Trust Co., Ltd. to invest 50 million yuan to issue a six-month loan to Nanjing Jinsheng International Home Market Management Co., Ltd. At the same time, Jinsheng Home was pledged by Hangzhou Gongxin for its 33% stake in Nanjing Jinsheng Decoration Market Management Co., Ltd. (as of June 30, 2009), which was used to guarantee Jinsheng Home in Performance of obligations under the Loan Contract. In addition, Wang Hua, the actual controller of Jinsheng Home, and his spouse provide joint and several liability guarantee for Jinsheng Home's performance under the “Loan Contract”. Prior to this, in January 2008, Beida Jade Bird (08095, HK) announced that its wholly-owned subsidiary, Cayman Development, agreed to provide Jinsheng Hong Kong with up to US$18 million (approximately RMB 131 million) in financing for a period of four months. The annual interest rate is 30%. The financing was secured by a 36% stake in Jinsheng Hong Kong. The announcement shows that the above financing is mainly used by Jinsheng Hong Kong to pay and inject the unpaid capital of the registered capital of Nanjing Jianning Jinsheng Market Management Company. It is observed that since December 2009, Jinsheng Home began to recruit financing specialists in Wuhan, and Jinsheng’s second store in the local area was also opened earlier this year.

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