The performance of the risk of face-changing risks sen ma clothing suspect shop over dependence

Up to 670 million shares of total equity, incredibly on the SME; ZARA, H&m, Uniqlo and other international giants, but still do not affect the organization of its future optimistic, in nearly 7,000 stores, the real direct shop less than 300, but this over-reliance on the franchisee model is still respected ... This is the forest horse costumes.　　March 11, in Japan, a large earthquake occurred, a-share collapsed on the same day, it also listed in Shenzhen stock market, and the price of 67 yuan to make a lot of investment for the "tremor", it has become the first high stock of SME.　　Just, the first day of the market break, the opening of 61.18 yuan, more than 67 yuan in the issue price down 8.69%, the end of the plate at 62.11 yuan, down 7.3%, the whole days to change hand rate of 21.68%, become the Chinese clothing plate in the recent debut break of the listed companies.　　In the horse clothing listing many of the strange behind, for China's stock market also how much should be touched.　　Suspicious of the small and medium-sized board listing prospectus shows that the total stock of horse clothing is up to 670 million shares, or not SMEs is indeed questionable. Relevant information also shows that Sen ma costumes "Sen Ma" brand for China's second largest leisure apparel brand, has been well-known trademarks in China, China's famous brand and national exemption products and other honors; "Balla" Brand is China's largest children's clothing brand, is also the first batch of Chinese brand name list of children's wear brand　　At present, the horse clothing total has nearly 7,000 stores. Professor Dongdengwen, director of the Institute of Finance and Securities, Wuhan University of Science and Technology, is quite DOJ.　　Professor Dong said that the market capitalisation of the company is too big, a traditional retail industry operating clothing, the total capital of up to 670 million shares, unexpectedly will dress up as investors eyes of the "small and medium-sized Enterprises", ran to the SME board, it is obvious that the final is to see the super high premium of the board. Sen-Ma Costumes issued 70 million shares, the issue price per share of 67 yuan, the corresponding price-to-earnings ratio of nearly 45 times times. The 2011-year price-to-earnings ratio of the Seven wolves and the Annunciation is 25 times times and 23 times times respectively.　　If the other point of view, if Sen horse costumes really to it should go to the SSE listed, then, investors can accept the price is about 20 yuan to 30 yuan. In addition, let investors feel Strange is, Sen ma costumes 670 million shares of total equity, this time only issued 56 million shares of the circulation of shares, another 14 million shares are non-tradable shares.　　This is clearly related to the current issue of new shares in China's relevant provisions do not match. According to the industry, according to the relevant provisions of China's securities law, the total share capital of more than 400 million companies, the public issue of shares in the proportion of not less than 10% of the total share capital under 400 million shares of the company, the proportion shall not be less than 25%.　　Such a "hard rule" is for the motherboard, SME board and Gem Company. Fierce competition in the same industry for the first time to land a A-share market, Sen Horse Apparel listed that encounter break, then the stock price continued to slump. As of press, SEN Horse Apparel stock price is still hovering around 61 yuan. Although the agency's heat for the unitIt still does not decrease, but it is still difficult to change the investor's Ussen horse apparel after the listing of the performance of the fear. Indeed, from the disclosure of the performance of the listed companies, a group of companies listed on the anniversary of the face. Chinese business newspaper reporter found that in these performance declines behind, "raw material price rise" and "market competition is intense" and so on are a common "culprit". And this, Sen horse clothing seems to be no exception.　　Even more serious. According to an analyst who declined to be named, from the current industry competition pattern, the situation of Sen-Ma costumes is not ideal. In casual clothing, Sen horse with the United States, Jeanswest, and so on in the target group, prices and other aspects of the positioning of the basic overlap, plus zara, H&m, UNIQLO, ESPRIT, Jack&jones,　　LEVI ' s and other international casual wear brands are entering the Chinese market, as well as a large number of domestic apparel brand manufacturers have introduced casual apparel products, resulting in casual apparel in the one or two-line city competition into the white-hot stage.　　And in the children's clothing market in high-end brands, international children's wear brand has occupied a considerable market share, domestic children's clothing brands are mainly in the middle and low-end market competition, resulting in a single brand market share is not high.　　The analyst pointed out that the company is facing the cotton and other apparel industry raw material costs rising risk, and the rapid expansion of the store has brought a certain management cost risk. Sen horse Clothing also admits that with the emergence of other domestic brands and international brands have entered the domestic market, the company's brand apparel is facing a more intense market competition, will have a certain impact on the stability of the profitability of the company. However, it should be noted that during the reporting period, the gross margin of the horse clothing and the level of efficiency are continuously increasing