Family business Nine shepherd King pay and benefits harsh sponsors RAID shares

Reporter Yu Qing correspondent Wu Jin Fuzhou Report "also does not belong to the new industry, family control is obvious, why let so many clothing enterprise IPO?" "The market has raised concerns about the IPO application of the nine-king company."　　According to the information of the SFC, nine Mu Wang intends to issue no more than 120 million shares, accounting for the total share capital after the issuance of 20.94%, after the issuance of the total share capital not exceeding 573 million shares, to be listed on the Shanghai Stock Exchange. Once the Nine Shepherd King successfully listed, Fujian Quanzhou is expected to rebuild a large number of rich. Nine of the total share capital 452.93 million shares, according to 2010 earnings per share of 0.8 yuan, the SSE board 35 times times the issuance of price-to-earnings ratios, the issue price per share about 28 yuan.　　The Lin Cong family holds a total of nine pastoral king 450 million shares, the stock market value can reach about 12.6 billion yuan. The king has planned to list on the Hong Kong Stock Exchange in the fourth quarter of 2008.　　A financial storm swept the nine-king listing process and made a comeback to catch the big expansion of the domestic market. At present, the domestic apparel industry more than 20,000 enterprises, including Youngor, red beans, keno, Shanshan, seven wolves, the News of the birds, Sen Ma, Sen, etc. have been listed.　　As a Hong Kong-owned clothing company, nine of the king's capital is a bloody disdain. Hundred Family Kingdom Nine shepherd King is the predecessor of the Nine Shepherd King Limited, the company was founded in March 11, 2004, by the nine international sole proprietorship, the legal representative for Lin Intelligent, registered capital of HK $60 million, the nature of the enterprise is wholly foreign-owned enterprises.　　In July 2008, the Nine Shepherd King International held nine of the King's limited 100% of the ownership of the transfer to nine pastoral investment, the company is still wholly foreign-owned enterprises, the registered capital of HK $60 million. December 2009, the company introduced Shun-Mao investment, wisdom Investment, platinum sharp investment and intellectual cubic investment to increase capital expansion. The company said that the new shareholders by the Lin-smart entrepreneurship has a greater help Lin Smart Chen's in-laws Chen Jindun, Chen Ga poverty, Chen Ga and Chen Mi respectively control of Shun Mao investment, wisdom Investment, platinum sharp investment and intelligence cube Investment, the company registered capital changed to HK $80 million.　　February 22, 2010, Nine Shepherd King Limited overall change to foreign investment AG. The actual control of the king of the Nine is Lin Smart, through the controlling shareholder of the nine-Shepherd investment indirect control company 337.5 million shares, accounting for the company before the issuance of 74.5148% of the total share capital, is expected to control the company after the release of more than 50% of the shares. And Shun-Mao investment held 6.6567% stake, Lin Smart wife Brother Chen Shield holding the company 80%, Chen Jindun son Chen Zhongli accounted for 20%; Wisdom Investment also holds 6.6567% equity, Lin Smart Wife's brother Chen Ga poor accounted for wisdom investment registered capital 40%, Chen Ga poor son Chen Paiquan accounted for 60% Platinum Sharp Investment also holds nine 6.6567% equity ownership of the King, Lin Smart wife's brother Chen Ga holding 70%, Chen Ga wife Chen Guilan accounted for 30% of the registered capital, Wisdom cubic investment held nine shepherd King 4.8683% Equity, Lin Clever wife's sister VanessaChopsticks Holding 95%, the company's original supervision Yang Yanfeng accounted for 5%. In personnel arrangements, Chen Jindun for nine vice chairman of the King, Chen Ga for the director, General Manager, Chen Ga Poor and Lin Smart Brother Lin Sub-director, deputy general Manager, Lin Intelligent brother-in-law Zhang Jingchun as director, deputy general Manager, finance director.　　Lin Clever also let his father Lin Yu Bear Deputy general manager. According to the prospectus, Lin Smart son-in-law Hong Yuheng Holdings Xiamen LUN Textile Technology Co., Ltd. 98.18% Equity, Hong Yuheng's father Hong Ushen holding Shishi LUN Textile Trading Co., Ltd. 60% Equity, LUN Textile and Bo Lun textile are nine King's fabric suppliers, there are related transactions.　　Unfortunately, the company has not promised to eliminate the associated transactions in the future. In addition, Chen Ga wife brother Chen Zhiseng holding Anhui Nine special Dragon Garments Co., Ltd. 50% stake in Hefei Nine special Dragon Tailor Fashion Co., Ltd. 80% stake, Zhang Jingchun Sister's husband Wu Youlie holding Ningbo jiangdong Crown Trading Co., Ltd. 90%, Yang Yanfeng brother Yang Ice holding Taizhou Hailing District Jia Long Trading Co., Ltd. 80 Equity。 These 4 companies are nine of the King's franchisee.　　Although the company is committed to "the above-mentioned related party sales pricing is the implementation of the company's unified pricing strategy, with the company to give other same level franchisee discount rate is the same", but let investors doubt that the company will always have a certain tilt. Kamaiya Modern edition as labor-intensive enterprises, as of December 31, 2010, nine shepherd king total staff of 7117 people, but the family sitting with tens of billions of wealth, provided to the staff of the pay and benefits are rather harsh.　　According to the prospectus, the company paid the urban basic medical insurance 4675 people, accounting for more than 65.69%, 2008-2010 three years of "salary payable", only 27.423 million yuan, 32.2126 million yuan, 47.869 million yuan. The declaration of the prospectus shows that during the reporting period, the company's social insurance costs for some of the existing employees are not paid, "The main reason is: The company staff structure, production line of peasant workers and marketing terminal shopping guide staff accounted for a considerable proportion of these staff mobility, to pay the significance and importance of social insurance is not enough knowledge, There is a backlash against the payment of social insurance costs. "As at December 31, 2010, the company paid Housing Provident Fund for 2,740 employees." The main reason why the company does not pay the housing fund for other employees is that "these employees are mostly migrant workers or local employees, and after detailed understanding of the contents of the current Housing Provident Fund system, we think that the existing system has many restrictions on the payment, use and extraction of Housing Provident Fund." will not be able to play a substantive role in the future change of housing conditions in the domicile or other work, and the company has provided free accommodation for the staff in need, and therefore voluntarily requested not to pay the Housing Provident Fund. The company has not paid the housing fund for the employees, considering that it respects the true will and the actual interests of the employees. "The sponsor's surprise stake in the relationship between the family and Labor, the Nine Shepherd King also to the sponsorship of the small benefit of the organizationLet Watanabe.　　Compared to other listed companies in the surprise shares, Lin-Smart to direct investment institutions to give less than 1% of the equity. March 23, 2010, the company introduced the gold stone investment to increase capital, stone investment at the price of 8.5362 yuan per share of the new 2.93 million shares, the subscription total price of about 25.01 million yuan, the shareholding ratio of 0.6468%.　　Jinshi Investment for CITIC Securities, a wholly-owned direct investment institutions, CITIC Securities for the nine of the sponsor of the King. If according to the issue price 28 yuan, jinshi investment a year's return up to 3 times times! This clearly let Citic Securities in the underwriting fee, the more than 35 fights. Although the ownership of Lin-Smart family is rather "stingy", some investors believe that Citic Securities to lose the neutrality of this petty, in fact, is not worth the candle.