In the first half of the year, a large number of domestic furniture companies have publicly put the long-awaited listing plan on the agenda and accelerated the pace of listing. For a time, the road to the listing of furniture companies seems to be blooming. The listing of flowers and flowers is reminiscent of the Da Vinci furniture listing counseling announcement last October. The Da Vinci furniture legend that dragged the industry into a deep crisis is now ironic. And for the fiery listing boom, the furniture people should stay half awake while being more intoxicated. Industry professionals and financial experts say that for furniture companies, the maturity of the current time to market is worth pondering. In the face of the stock market downturn and the shrinking of the stock market, the furniture companies with little experience in capital operation can really get financing at this time. I believe many furniture people have no bottom, but it is certain that if they are not in the capital market. If you are careful, you may be overwhelmed. Whether it can stabilize profits According to the requirements of the Securities Law of the People's Republic of China, enterprises applying for listing must earn profits for three consecutive years. The net profit for three years has accumulated more than 30 million yuan; and at the end of the last fiscal year, the proportion of intangible assets to net assets is not high. At 20%, the net assets at the end of the most recent fiscal year were not less than 20 million yuan. From these two conditions alone, I believe that most furniture companies have already met this requirement. Before 2010, the furniture industry has been in a period of rapid growth. According to statistics, in 2009, China's furniture industry bucked the trend and achieved 11.4% growth. The total output value of the whole industry reached 650 billion yuan, and the annual output value of many furniture enterprises soared to several hundred million yuan. However, the market has suddenly changed dramatically. Since the second half of 2010, with the frequent obstruction of foreign export markets, the increasingly stringent domestic real estate control policies and the rising prices of raw materials, the turnover of many furniture companies has fallen sharply this year, especially those specializing in European and American classical furniture. The decline has reached more than 50%. Even a leading company with strength and scale can be very good if it can be flat year-on-year. It can be seen that whether enterprises can stabilize their profits is still to be tested, which also adds more questions to enterprises planning to list in the next three years. Whether it can be financed or not, there are two purposes for listing companies: financing development and expanding brand influence. Among them, financing development is the most important purpose of enterprise listing. Through stock issuance, public capital is raised to expand project construction, channel construction and brand building, so as to seek a broader development space. However, the current domestic and international stock markets are unpredictable, and global stock markets have experienced series of fluctuations, causing investors to shrink their investment desires. From the furniture companies that have been successfully listed, the operation of furniture companies in the capital market has not been prominent. For example, when Xingli Holdings was listed on the main board of the Hong Kong Stock Exchange in June 2009, the issue price per share was only 1.02 Hong Kong dollars, eventually raising more than 100 million yuan of effective funds; and as early as 2003, the listing of the Dynasty furniture, The current average share price is about 2.691 yuan. The reason is that in addition to the immature market environment, the most important reason is that the scale of furniture enterprises is not large enough, the channel network is not mature enough, and the management is not perfect. Look at the "Belle International", which is also a manufacturing company. At present, it has reached 9.38 yuan per share and listed financing of 8.6 billion Hong Kong dollars. This is mainly due to Belle's 6090 self-operated retail stores in mainland China. Here is a question: Which of the furniture companies in the manufacturing industry can own 6090 self-operated retail stores? Can you afford the capital? The gambling industry generally believes that the current speculative attitude of the furniture industry is still very heavy, so many enter the furniture business. The capital is also biased towards speculative capital, which is not a good thing for the furniture industry. It is understood that some furniture companies have signed a gambling agreement with venture capital funds. For example, if a company can achieve a growth rate of 15% after listing, venture capital will reward 5% of the shares; if it can not complete the growth rate of 15%, Companies may have to give up 10% or more of their shares. In addition, a series of related requirements such as time to market and profitability have been signed with VC. This unfair gambling agreement puts companies at risk of falling into the abyss at any time and place. Even if the company goes public, the venture capital can be pulled out in a moment after the fishing. Therefore, in the face of capital madness, companies must think twice before moving on. Whether the management and finance can be publicly and transparently listed is a public model. After the company is listed, it is no longer an enterprise of a certain individual or a few people, but a public enterprise. Any behavior of the enterprise has a certain social effect. Therefore, enterprises have the right to list financing, and accordingly have the obligation to accept social supervision such as public financial information and major change events. Then, can the current furniture enterprises effectively manage transparency and financial disclosure? Although the furniture industry has developed for more than 30 years, many furniture companies have maintained a rough factory management model: for example, the boss has the final say. Lack of long-term development planning. Undoubtedly, this rough management model is the biggest obstacle for furniture companies to seek listing. In order to go public, many furniture companies have undergone shareholding reforms, but the reform process has been rapid and hasty. On the surface, the establishment of the company's articles of association, the establishment of the board of directors, the improvement of the financial system, the hiring of lawyers and other procedures are all regulated, but the actual operation has not kept up with the system, which will be the most deadly blow, for example The former bright furniture was bankrupt because of internal financial problems. Experts in the industry pointed out that for the current maturity of furniture companies to be listed, it is not possible to answer "mature" or "immature" in a general way. Enterprises must seek truth from facts to examine whether the market timing and timing are mature at the same time. Generally speaking, it is not the furniture industry at present. When the right time to enter the capital market, furniture companies should wash away the impetuousness and sink their hearts to work hard.
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