Family Shoes Listed On The Market: From Cocoon To Self Binding To Breaking Cocoon Into Butterflies

In December 28th, when the dispute between the United States and the United States was settled, the Wong Kwong Yu family was defeated.

So home

Cocoon is bound to bind itself.

Professor Chandler of Harvard University believes that family companies are very popular in the early stage of economic industrialization. With the development of industrial economy and the evolution of enterprise organizations, family companies will gradually die out.

Family businesses generally exist in the process of de familial development, and they need to make concessions on equity or management rights.

From cronyism to Ren Wei Wei

Most of the small and medium-sized private shoe enterprises are family oriented, and entrepreneurial consciousness is inseparable from the word "pro". They think that fat water does not flow to foreigners, and they are left to outsiders to manage.

The concept of "non - ethnic group, whose heart is different" makes the professional manager human form empty.

At the beginning of this year, there were more than 150 news that Wenzhou shoe enterprises were ready to close down. Some people took the family system as the main reason for the collapse.

Yu Jinhua, chairman of Jill Da Da, said: "family culture has a strong exclusiveness." family members "are regarded as benefits recipients." family members "only have the idea of" Gan Gan ", but they do not have a strong sense of" common pain ". So long as the storm comes, they will not hesitate to climb another branch.

Family culture has become a hurdle for shoe companies to overcome when the storm is coming.

Excellent shoe companies such as PEAK are introducing some professional managers, "with the development of the enterprise, I am now more and more to do some authorization."

Xu Zhihua said.

From parent management to modern management

Many family businesses are usually the controlling families.

When a plan comes out, it should be reversed between the old family members. The professional manager is just a spectator.

According to the survey, 50% of the enterprises in Wenzhou have no separation of ownership and management rights.

Paternalistic decision making can easily lead to the randomness and non sustainability of investment in shoe enterprises. It is very difficult to establish a standardized corporate governance structure. The boss's willpower will restrict the vitality of the enterprise and end up digging his own grave.

Qian Jinbo, the chairman of the red dragonfly, is known as the most "modern management consciousness" entrepreneur. He has the widest access to professional managers. The managers of 98% of the red dragonflies are professionals from outside.

"Red Dragonfly listing is also the most effective incentive and supervision mechanism for managers. We have to go public."

However, "listing is just a process, a means, in the final analysis, my ultimate goal is to achieve the everlasting foundation."

From focused products to caring capital

"The growth rate of AOKANG shoe industry is 20%~30% every year, but the pressure is increasing. In the past, when people thought about private capital adequacy, and thought about making products, they wanted to go public. In 2001, the company had already completed the share reform, but it was very early and late."

After more than 10 years, listing became Wang Zhentao's most urgent thought.

As a competitor, BELLE listed and raised about 8000000000 yuan in Hongkong in 2007. With the massive acquisition and integration, its acceleration was far more than that of AOKANG without capital support.

The development of Wenzhou shoe enterprises from family workshops to partnerships, the blurring of the internal property rights of enterprises, the management and decision-making family, and so on, are far from the listing requirements, and there is still a long way to go in the adjustment of share reform and pparent pactions.

But Wang Zhentao, AOKANG's chief executive, reminded that "not listing now, not raising standards is waiting for death."

This is not alarmist talk. AOKANG is actively preparing for the listing. There are about 20 investment banks and securities companies such as Goldman Sachs and Macquarie.

Red Dragonfly hopes that A shares will issue 100 million shares at the end of this year.

The era of shoe integration has arrived. Only by making use of the capital operation of the listing society can enterprises grow and strengthen in order to survive in the market.

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Breaking cocoon can become a butterfly

A newly listed chief executive in Wenzhou said: "I find that many private enterprises have grown up in China during the past 30 years of reform and opening up. Most of them want to be bigger and stronger and have chosen to go public.

If we are always a family business, it's hard to say how far we can go in the end.

Specifically, there are three driving factors for the listing of shoe companies:

First, accumulate funds for development and improve capital structure.

Many shoe companies have listed the legend of riches through listing: Anta in 2007 financing Hongkong exceeded HK $3 billion 500 million, later XTEP, 361 degrees respectively financing 2 billion 230 million, HK $2 billion, plus Hongxing Erke and other enterprises in Singapore, at the end of 2009, Quanzhou shoe enterprises total financing amounted to more than ten billion.

"PEAK sports" listed 420 million shares, HK $3.7 per share, chairman Xu Jingnan holds more than 61% of the shares, the family assets of more than 5 billion Hong Kong dollars.

In addition to the rapid accumulation of wealth, family businesses have been developing capital.

In recent years, the footwear industry has become increasingly competitive. The expansion of terminal channels, advertising input and new product development and design will not be supported without huge financial support.

The 361 degree financial report shows that in the 2006 to 2008 fiscal year before listing, the main way of corporate financing is bank loans and shareholder loans, including bank loans increased by 140 million yuan, loans to shareholders 147 million yuan, and asset liability ratio remained at around 70%.

After listing, the asset liability ratio of 361 degrees dropped to 38%, and the capital structure was greatly improved.

With the expansion of enterprise scale, operating capital is increasing year by year, and capital demand is increasing day by day.

Although the operating income in fiscal 361 fiscal year increased 12 times than that in fiscal year 2006, net profit increased 56 times than that in fiscal year 2006, but the accumulation of internal surplus has been unable to meet the need of expansion. Listing is a shortcut to break through its capital bottleneck and achieve leaping development.

Second, break the family system and turn to modern management.

Through listing, improving the corporate governance structure and improving the modern management level is the urgent demand of many family shoe enterprises.

Before Ding Zhizhong came to power, Anta's important management positions were basically held by family members. With the development of enterprises, family decisions had been "ineffective".

Therefore, Ding Zhizhong urged the listing to change the governance structure, institutionalize and standardize, and clear the way of thinking in the strategic layout and brand positioning of enterprises.

It is usually the combination of ownership and management right to make family businesses run by shoe companies. This is very important for the development of shoe enterprises at the beginning.

But when the enterprise develops to a certain scale, especially when the power is pferred to the second generation, if the family change is invariable, the management idea is often difficult to get out of the circle of family interests, and the enterprise lacks the motive force for further development.

The important significance of the listing of family shoe enterprises is not only to change the management mode, but also to solve historical problems, such as the definition of equity, and at the same time, improve the comprehensive level of enterprises with the help of the international capital market standard system and pparent financial disclosure and operation mechanism.

Third, enhance corporate visibility and attract talents and businesses.

Listing and issuing stocks have strong brand communication effect.

The roadshow and prospectus before listing are a thorough display of corporate image; the success of listing is the recognition of the capital market for the growth, market potential and development prospects of the enterprise. It is an honor in itself. The rise and fall of the company's stock has forced investors to pay attention to the dynamics of the enterprise. The media's reports on the movements of the listed companies, and the investigation and comment of investment institutions and analysts have attracted the attention of investors, which has virtually uncovered the potential value of the enterprises.

Behind the scenes busy listing

The total market value of the 15 largest family holding companies in East Asia accounts for 82.26% of their gross domestic product, namely, Hongkong 82.26%, Indonesia 21.5%, Taiwan 17%, Korea 12.9%, Japan 2.1%.

43% of Europe's enterprises are family businesses, and American Microsoft, Kodak and Denis are among the best in family businesses.

Only a few of the listed footwear companies in China are not family businesses. PEAK's 61% stake is in the hands of the Hui family, and 361 degrees by Ding Jiantong's son-in-law and son three people hold 1 billion 95 million shares, accounting for 54.75% of the shares of the listed company.

The investment of XTEP international controlling shareholder group is controlled by Ding Shuibo and Ding Meiqing, with a ratio of 63.2% and 36.8%.

More and more family shoe companies are coming to the stock market through the capital market. More shoe companies are preparing to follow up.

Zheng Xiukang, chairman of Kangnai, gave the right to the two generation to plan for listing.

It is estimated that the second major shareholders of Tai Ya shoes listed next year will be Thailand international and Thailand investments. The two will hold 60 million shares of Thailand footwear industry. The former is fully held by Mr. and Mrs. Lin Xiangwei, and the latter is fully owned by Lin Xiangwei three brothers, with a shareholding ratio of 5:3:2.

In order to be busy at the front of the market, family shoes enterprises are inevitably wondering: is family shoe enterprises creating a "night riches" through listing? Is there any inevitability and rationality? Family shoe enterprises have existed widely, but can they continue to develop? Is the operation mechanism of Chinese family shoe enterprises reasonable? Is it reasonable to be "single dominant" after listing? This is a problem that family shoes enterprises can not evade.

Family business is an organic combination of two kinds of organizations: enterprise and family, which can reduce paction costs among members of family organizations, reduce the cost of enterprise management, and increase the income of pactions among family members.

We can not deny that the historical role of family shoe enterprises has laid a solid foundation for future take-off. We cannot deny the sense of responsibility and cohesion of family businesses, and create the brilliance of China's shoe industry today. We can not deny that family businesses attach importance to talent strategy. After all, a large number of professional managers benefit from it and even start businesses.

But when the times shift, will family shoe companies continue to write brightly? {page_break}

Family shoes listed on the whole as a whole

How about family businesses? This is still a difficult question to answer.

But it is certain that the listing of family businesses should be better overall.

In September this year, a survey of Chinese family businesses in the Chinese version of Forbes showed that the listed family businesses outperformed other listed companies.

From the perspective of growth, the weighted growth rate of listed family businesses has reached 17.24% over the past 3 years (2007-2009), while the number of listed state-owned enterprises is 7.04%, and the total number of listed private enterprises is only 8.64%.

From the perspective of profitability, the weighted average net profit margin of listed families reached 12.53% over the past 3 years, while that of listed state-owned enterprises was only 2.85%, while that of listed non family private enterprises was only 5.69%.

It can be concluded that listed family businesses are better than other listed non family businesses.

This is consistent with foreign related research and reports, which is consistent with the operation of family businesses in Europe and the United States. Therefore, the listing of family businesses is one of the effective and successful business models.

PEAK general manager Xu Zhihua said, "our family, besides PEAK, has not invested in other industries.

Everyone's energy is on top of the company.

He said he only had two or three days off a month, and his father Xu Jingnan was "busy with the company for 365 days a year".

PEAK believes that the implementation of capital family adaptation is more suitable for the Chinese market and helps enterprises to grow rapidly, and this structure is also valued by some investors.

In 2007, PEAK introduced the Sequoia China to start shareholding reform to help PEAK replenish its capital, expand its expansion and complete its listing.

The family of Xu still holds absolute control. Xu Zhihua said that Sequoia stocks just like PEAK's capital family structure. This kind of equity allocation is easier to quickly judge, make quick decisions, seize the fleeting opportunity, and is more suitable for the rapidly changing Chinese market.

This model not only exists in the PEAK family, but is believed to be copied and developed by more family shoe companies.