Del Hui's Shortcut To Overseas Listing

Here world clothing shoes The Xiaobian of the hat net introduced to everybody is del Hui to stop the domestic IPO "remarry" overseas listing.

At the beginning of July, the name of del Hui appeared in the list of A shares' first stop censorship enterprises and became the 1/129. As one of the representative sports shoes and clothing enterprises in Quanzhou, del Hui in the industry gradually showed the warmer season to stop IPO, no regrets.

According to the relevant person in charge of del Hui company, it is the company's own application to the securities and Futures Commission to terminate the examination. The main reason is that it takes too long and is currently seeking overseas listing. In fact, del Hui is not the first to eat crabs. Many companies that abstain from IPO's long-standing battle have chosen to withdraw their orders and find another way out.

　　 The road of listing began two years ago.

Del Hui says domestic IPO takes too long.

As early as April 2012, del Hui set foot on the road of listing. In 2013, del Hui formally submitted an initial listing application to the SFC. In July this year, the "del Hui", which had been preparing for listing for many years, was put on the list of termination review to stop the domestic capital market.

It is reported that termination review and suspension review are two completely different concepts. Once censorship is terminated, the company loses the opportunity to list in the domestic market in the short term. In a recent media interview, the relevant director of Limited by Share Ltd said that in June, the company submitted a "termination review" application to the SFC. The main reason is that the domestic IPO queue is too long, and the waiting time of the company is too long. At present, del Hui is seeking overseas listing, but it is not convenient for any country to disclose it.

In Quanzhou's enterprises, there is a precedent for adjusting the direction to seek overseas listing. Before that, the Quanzhou company's two odd A IPO slots, and at the beginning of this year, Hongkong listed as the first new stock in the new year.

IPO the cost of protracted war is high.

All expenses must be paid.

Rough calculation, del Hui in IPO It took more than two years. Over the past two years, enterprises have to pay for restructuring fees, listing guidance fees, underwriting fees, accounting fees, lawyers' fees, assessment fees, audit fees, Internet distribution fees, and other printing expenses and travel expenses. The sum of all these expenses will be a great expense. A senior executive of a listed company in Zhejiang said, "cost considerations are the biggest reason why companies choose to leave. If we wait any longer, the annual increase in the tax cost will be overwhelming. According to the statistics of flush flush, since 2009 to 2012, the average cost of issuing enterprises has increased by 3.59%, 4.46%, 5.96% and 6.87% respectively, and has been increasing year by year. In the future, it will continue to grow at a rate of 1% per year.

In addition, there are still many "no say" fees that can not be accounted for on the way to IPO. The most important expenditure in these fees is the cost of financial and public relations, that is, the relationship between the enterprises and the media. In addition to the cost of several securities newspapers, they can be deducted from the underwriting fees, and others, such as advertising or cash payment, will eventually have to be paid by the boss himself. A lawyer engaged in IPO business in Beijing thinks that the cost of financial and public relations from IPO to general listed companies ranges from 4 million yuan to about 10000000 yuan. In particular, those "long drawn out" wars of attrition are not enough for business owners. Some bosses haven't yet been listed, and are about to go bankrupt.

Before 2009, there were not many IPO queuing companies. list After 4 years to 6 years and 3 years' guidance period, we can queue up for one or two years in general. But after 2009, along with the sharp increase in the number of IPO queues, the SFC's auditing is more stringent. The listing of enterprises usually takes 8 to 10 years. The industry has once played such an analogy: "just like a beautiful woman who can't marry" can't stand the test of years. "Many beauties" have to fight for other "marriage market", even if they need to pay a heavy "dowry" in the short term. Under such a protracted war of high cost and long duration, "remarriage" overseas market has become a shortcut for enterprises to go public.