After the home industry IPO review

? ? On July 4th, in the "Information on the Suspension and Termination of Initial Public Offering of Companies" Information published by the China Securities Regulatory Commission, 589 companies were suspended from review, including Red Star Macalline, Gujia Household, Imperial Sanitary Ware, and Fusenmei 14 pan-home furnishing enterprises including home furnishing and Op lighting. Recently, 14 building materials and home furnishing companies have been busy with one thing: actively updating financial information.

? ? According to the information issued by the China Securities Regulatory Commission, the reason for the 14 household furnishing companies to suspend the review is “the incomplete application documents, etc., which led to the inability to continue the review process”.

? ? Yu Lei, a senior researcher in the home furnishing industry, told China Real Estate News that these companies can resume normal audits after the financial reports are completed. "The first quarter of 2014 has ended, and of course companies need to publish quarterly reports."

? ? In fact, it is of course important to explore the reasons for the suspension of censorship of home furnishing companies. However, throughout the home furnishing materials industry, in the context of the booming real estate market, many home furnishing companies are still rushing to the IPO. This phenomenon is more interesting.

? ? None of the 14 companies "passed the meeting"

? ? "Because the pre-disclosure prospectus submitted only contains financial data for 2013 and is only valid until June this year." The relevant person in charge of Red Star Macalline told the media that Red Star Macalline is currently actively updating the application materials.

? ? The 14 home furnishing companies that have been suspended from review this time include not only home furnishing giants like Red Star Macalline, but also manufacturing companies such as Gujia Home Furnishing and Holocaust Home Furnishing, as well as home-related manufacturing. Companies, such as Op Lighting, Imperial Sanitary Ware, etc.

? ? The reasons for the suspension of these 14 home furnishing companies are “the incomplete application documents, etc., the review process cannot continue”, because most companies ’financial information was only updated to the end of 2013, but by June 30, these annual reports had passed Expiration date. According to the reporter of China Real Estate News, the financial data mentioned in the prospectus of 14 home furnishing companies are all 2013 annual financial reports.

? ? To resume normal audits, the most urgent task is to "update financial data."

? ? Yu Lei said that companies that have suspended audits can resume normal audit status as long as they make up the annual report. After the financial data of the 2013 annual report of the enterprise expires, the enterprise under review can choose to report the data from January to March or the data from January to June, and now basically prepare the materials from January to June. August and September are expected to be the peak period for the suspension of auditing companies to submit their semi-annual reports.

? ? However, even if the semi-annual report is completed, if these companies fail to pass the review meeting and successfully go public on September 30, they will also face suspension due to outdated financial data.

? ? "I'm actually more worried that even if the normal review is resumed after completing the interim report, but the three-month review period has not been completed, the annual report will be supplemented, and the financial information will be supplemented endlessly in the future." Investment bankers said.

? ? Compared with the effort to update the financial data, what makes the company more stressed is the huge financial expenses of the intermediaries. The issuance costs of the intermediaries can usually account for 10% to 15% of the funds raised by the enterprise. It may also involve some hidden costs. This is not a small fee.

IPO

? ? Breakthrough after being trapped

? ? In addition to the fact that 14 home furnishing companies were discontinued for review and attracted industry attention, under the rapid change in the real estate market, the collective IPO phenomenon of home furnishing companies in the first half of 2014 also attracted industry attention.

? ? In early June, at the first China Building Materials and Home Furnishing Industry Development Conference, Li Bingren, chairman of China Construction (601668, Stock) Decoration Association, told reporters from China Real Estate News that as of March 2014, there were 72 listed companies in the building materials and home furnishing industry in China, involving building materials. There are 14 sub-industries in the household industry, such as wood-based panels, furniture, floors, plumbing pipes, electrical lighting, kitchen and toilet, paint, ceramics, ceilings, doors and windows, home accessories, curtain walls, waterproofing, and decoration.

? ? In addition, as of the end of April this year, according to the “Working Process for the Initial Public Issuance of Stock Issues and the Status of Declared Companies” issued by the China Securities Regulatory Commission, 23 pan-family companies have planned to apply for listing, including the suspension of the review. 14 companies.

? ? Qin Zhanxue, executive vice president of China Building Materials Circulation Association, told China Real Estate News that the association is also actively promoting the listing of building materials and home furnishing companies. At this stage, the rational return of the real estate market has led to a sluggish and anxious state of the entire building materials and home furnishing market. The industry is facing a reshuffle, and companies need funds. Whoever takes this step first will be equal to the lead.

? ? In fact, with the prosperity of the domestic real estate market, the building materials and home furnishing industry has also passed the golden growth period of 10 years, and the home furnishing industry has not yet experienced the integration stage. The current sluggish market will accelerate the reshuffle of the home industry.

? ? Industry observers said that the development trend of the home furnishing industry is similar to the development trajectory of home appliance companies. The total market value of the home furnishing industry is not less than that of home appliances. Very little. "There is a lot of room for future integration in the home industry."

? ? Yu Lei predicted that the oligarchs in the home furnishing industry are slowly forming, and market leaders are beginning to emerge. The pattern of the home appliance industry will also appear in the home furnishing industry. "The growth of excellent companies does not come from new markets, but the re-division of the existing layout.

? ? The fact that household companies are getting together can also reflect this trend. To be bigger and stronger, home furnishing companies need a lot of financial support. After the listing, they can undoubtedly provide sufficient funding sources for enterprise expansion. Judging from the published prospectus of domestic enterprises to plan IPO, regardless of the production enterprises or home furnishing stores, in the purpose of fund raising, “expansion project”, “construction of marketing network” and “promotion of production capacity” have become common directions.

Building materials

? ? Full industry chain integration

? ? Faced with the capital surge in the home furnishing industry, if the listing tests the courage of home furnishing companies, the layout will test the wisdom of the companies.

? ? The development law and trend of architecture determine the future product route of all parts and accessories. Home furnishing companies should pay particular attention to the future product trends of developers.

? ? Nie Meisheng, the founding chairman of the All-China Real Estate Chamber of Commerce, recently revealed that in addition to studying the content of the policy level, the Chamber of Commerce will also implement the three studies of old-age real estate, overseas investment, and e-commerce platform. Trust investment funds) and residential industrialization. "The most important thing in the industrialization of housing is the support of building modularization and partialization."

? ? "With the promotion of the National Housing Ministry's quality policy, overall home furnishing is an irresistible development trend." Li Bingren said that many domestic and foreign standardized component suppliers will form strategic partners to jointly research and develop application products to adapt to the residential parts industry Requirements, more companies will transform from pure raw material suppliers to overall, system solution providers.

? ? This trend is also optimistic about other industries. In recent years, home appliance companies such as Haier and Midea have also begun to integrate resources into the building materials and home furnishing industry, and set up integrated home furnishing systems. Smart homes have become a new direction for the development of decorative building materials and products.

? ? However, it was also pointed out that there are many management departments involved in the building materials and home furnishing industry at this stage, and it is difficult to coordinate, revise and connect standards in different fields, and the integration of the home furnishing industry still lacks a systematic top-level design.

? ? "Vanke has begun to consider cutting-edge technologies such as 3D printing." Nie Meisheng said that this kind of thinking is necessary. Developers have experience in the entire industry chain, but there is no thinking of extending the entire industry chain.

? ? In fact, not only the developers, but also the building materials and home furnishing industry also need the thinking of the integration of the entire industry chain. "The building materials and home furnishing industry is not short of production capacity, what is lacking is integration, and we look forward to leading companies in the subdivided fields to extend the industrial chain after plugging in the wings of capital and occupy the high end of the industrial value chain." Insiders said.

? ? Qin Zhanxue suggested that enterprises can try to use information technology to realize the interconnection of production enterprises and decoration enterprises, and comprehensively realize the transformation and upgrading of the industry. "Foreign countries also recognize this kind of information method."

Industry chain

Editor in charge: GO Jiaju CC

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