New Power light source reform sprint WOWO chain want to switch to venture board
KeywordsGem light source share reform
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The small company's IPO path text | Our correspondent He Chunmei "give you a few billion, as long as you take a small share of the company on the line." "Such a big pie, for the SMEs in the financing dilemma, it is difficult to not be tempted." Capital attracts more than one side. The introduction of institutional investors is not only a channel, a trend, but also a shortcut to the listed companies who are eager to gain more space for development by listing. From the listed companies to the listed companies, the amplification effect of the capital market also makes those institutional investors who invest from the first tier profitable. Generally speaking, PE investment to listed companies, P/E is 6-8 times, once the investment target successfully listed, its P/e can reach 30-50 times, if the gem, the SME board listing may reach 80-100 times. However, in order to achieve a double win, facing the hands of a lot of capital of private equity and venture investment, to the listed companies need to have what kind of conditions? In order to go public, the listed companies need to pay how hard efforts? This issue of excellence visits two prospective listed companies. How to talk about capital story in overheated industry--New power light source preparation reform Zhang Ming has a "feng Shui turn" feeling. As the chairman of Sichuan Xin Li Light Source Co., Ltd. (hereinafter called Sony), he has recently been receiving the investment agencies that have come to visit. "These institutions are prepared, I don't know, they've been looking at the new force." So far, the new power source has introduced 6 institutional investors, including overseas investment agencies. The situation before 2006 is just the opposite of what it is now. At that time, the new force light source main products Rare earth light-emitting materials and LED lighting technology is not as hot as now, Zhang Ming around looking for investment, no investment organization nodded. Now, LED industry is ushering in the acceleration of its development, can even say, LED lighting is a fried "overheated" industry. Almost all the domestic lighting companies are beginning to involve LED lighting products. Today, Zhang Ming, a Journalist of excellence, already knows how to tell a story to PE: "We are ready to share the shares." "Rushing to the target of listing, Zhang Ming in and hundreds of institutions have had contact, a very obvious feeling is that the growth and standardization of enterprises are those" gold Lord "are the most concerned about the problem. "Talent" reporter to visit the day of the new force, just met two guests with the new force, a Shenzhen CITIC investment from the vice-president and a lawyer from Beijing, the two people to the purpose of this trip and new power planning listing. "We choose to serve a listed company, mainly to see whether it has sustainable development capabilities, a healthy financial situation and a senior management team." "The investment bank vice president told the" talent "reporter. Despite the lure of capital, competitors have sprung up, but Zhang Ming believes that, unlike many companies entering the industry, the new force has been saving the "long-distance" ability, "LED can provide us with 40-60 years of industry opportunities, for the new force, this is an industry opportunity, not a speculative opportunity. "Technological advantage, but also a big capital of new power." To make Zhang Ming proud, seven of the 35-meter-high World Expo pillar is provided by the new force. This is the new strength and the Netherlands Philips, Germany Osram Company competitive results, but also the only qualified Chinese enterprises. "I think it will take another two or three years to enter the explosive phase of development. "Zhang Ming hopes to enter the capital market before the industry breaks out and gain faster development opportunities with capital forces." But it is not easy to achieve the goal of listing. ' The timing is critical, ' said the vice-president for the investment bank, which is listed as a public company. It is necessary to consider the state of the capital market, and to meet the tastes and psychology of investors, but also satisfy the requirements of the regulatory department. Zhang Ming hopes that the new force can be listed on the gem or the SME board, "the majority of the world's fast growing companies are taking the path of capitalization." "However, the reality that Zhang Ming has to admit is that the timetable for the new power listing is clearly difficult to determine." Generally in the "year" as the unit, "faster than 1.5 to two years, a slow three years or even longer time is possible." "The retail enterprises should be listed to deal with the shuffle--wowo Nasdaq's Sichuan WOWO convenient chain Management Limited (hereinafter called WOWO), which has made a high-profile run for Nasdaq, is not rushing to plan for a domestic gem now. As supermarkets and other retail trade, supplemented, quickly create their own brand of WOWO, only in 5 years, the development of nearly 300 shops, its development speed also attracted the favor of foreign investors. In November 2008, the "Investment Exchange mission", led by the U.S. Arc Fund, visited Wowo, one months later, with a memo that promised to inject 10 million dollars into Wowo and plan to lead the Nasdaq in a year. However, the days are not willing, for various reasons, WOWO's Nasdaq dream eventually dystocia. The folding of the Nasdaq, but let WOWO attracted more domestic and foreign p e attention. and its founder Tang Yaohua for Wowo introduced new handsome, opportunistic in a a A-share gem comeback. Tang Yaohua told the "talent" reporter, the domestic VCS are very concerned about convenience stores such a strong business, while valuing Wowo's financial structure and management team. Therefore, Tang Yaohua in addition to digging from Taiwan to General manager Chen Kixiang, but also hired two other senior executives responsible for the enterprise team training. Tang Yaohua told the "talent" reporter, Hope Wowo in addition to consolidating the Chengdu Business Circle, but also to expand outside, "WOWO is the only 24-hour convenience store in the southwest, if our development is stable, will soon go to Chongqing market expansion, then Kunming, Wuhan and other neighboring provinces of the key cities." "Greater expansion also means greater capital pressure, and Tang Yaohua must start the GEM listing plan as soon as possible." However, there is a barrier in front of Wowo, that is, in accordance with domestic listing requirements must be three years of profit, and has been in the expanded state ofWOWO,2010 is only just beginning to make a profit. Return to the gem, although for Wowo is another way of development, but the same as Wowo line waiting for listed companies abound, not want to go public on the list. By contrast, the current domestic approval system is more stringent than the U.S. recommendation system. In OTCBB, as long as there are more than 3 brokers recommended, you can be listed. But in the domestic, also needs the gradual Shong, carries on the examination and approval, the procedure is more complex, the request is also relatively high. In general, convenience stores are profitable for 7 years, and Wowo has been profitable in the 4th year. But the market has changed--7-11 and other international brand convenience store market intervention, as well as the rise of local peers, so that Wowo face unprecedented competitive pressure. WOWO General manager Chen Kixiang told the "talent" reporter, the retail industry's killer is "site", WOWO's biggest advantage is that it has occupied the "Golden port" of Chengdu, and it has formed a consumer inertia for Chengdu. But there are those in the industry who question as a result of the tenancy agreement, the WOWO of these shops signed the lease period is roughly 3-5 years, if the WOWO expansion speed is too fast, or the profitability and financing capacity problems, or strong foreign capital brand to advance, it may be the risk of systemic lease change. The convenience store industry's entry threshold is low, the cash flow is good, has been favored by the capital in the last two years, the new brand also emerges endlessly. At the same time, red flag chain, reciprocal supermarkets, such as Chengdu's traditional medium-sized, small supermarkets in the market space is crowding out, but also explore similar to the convenience store service functions, or even to facilitate the transformation of the store. For Wowo, as soon as possible to enhance profitability and scale strength, and then through the capital market to obtain adequate capital reserves, to achieve the liberalization of some leasing properties, is the inevitable choice to deal with the industry reshuffle.
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