Analysis: Youngor clothing after the penalty for weightlessness

Haze for nearly a month in Shanghai finally revealed a rare bright, night Nanjing East Road is still bustling, colored neon lights have long been forgotten to look up and see the clear night sky. 328 East Nanjing Road, "Youngor Square." "Miss, help me get a shirt, our chief color is a little dark." "Then with this color it, and can tie this tie." Speaking a local accent ordinary live clerk to the front Two men in suits and ties gestures. "Then help us pack these three shirts." Credit card, bagging, a business is done. At the other end of the hall, a couple of middle-aged men are gesturing to the spring market. Nanjing East Road Manhattan Plaza, Youngor flagship store. However, with the distance of 328, but a few hundred meters, this stationed in the flagship store in 2000, but far less eye-catching 328. Into the lobby on the first floor, if not upstairs Youngor brand, perhaps really think this is a very ordinary clothing store only, and the general store almost no different. Only two Shanghai middle-aged people in the empty hall are trying on a suit, and a few thirty or forty-year-old waiters are scattered in several corners. From time to time, the people passing the hall are only paying attention occasionally in the special area near the channel, This passage is the only way to the second floor of the hundred letter footwear industry. The clock at this time also refers to Sunday at 7:30. "This is the Younger's flagship store?" "Yes, the other is the East Road store.Oh, what are you doing?" Middle-aged woman clerks handling Shanghai dialect looked at some reporters with some vigilance. Sandwiched between Younger two shops at the junction, Landmark next door, Metersbonwe huge monopoly St Edna mall 1 to 5 layers all "income", one to four clothing stores, the fifth floor is Became a clothing exhibition hall for people to visit, from ancient to modern clothing evolution, ethnic costumes unique, like a catwalk, let your eye in the dim light to explore cultural highlights. Endless stream of people, all kinds of individuality and unassuming costumes, from time to time there are foreign young people mixed among them young people, so that this young group positioning the rookie popularity of the apparel industry is quite busy, but at the helm Metersbonwe Zhou Chengjian also became 2008 capital The new darling of the market. This is two completely different positioning of the clothing brand, Younger's high-end business, Metersbonwe's young Hyun family. Younger store hall, middle-aged business people either go directly to the code clothes leave, or try on a brief, credit card pay; Metersbonwe four-story hall, both pairs of young people constantly trying on One after another personality apparel, shoes and bags from clothes to match. The two heads have many similar but different places. Li Rucheng - a Shanghai educated youth clothing 30 years, Zhou Chengjian is from the village of small tailor to today's "big tailor"; one is the traditional Chinese clothing [3.86 -1.78%] sector big brother, one is today's Jiangsu and Zhejiang clothing Upstart; a success in the clothing has gained fame in the stock market, a well-known clothing in the apparel; one in 2007 became a Chinese capitalists, a man who became China's A-share in 2008. Only, Zhou Chengjian clothing label remains evident, and Li Rucheng body by huge financial assets and real estate clothing label has been somewhat complicated and fuzzy. "Li Shurong and his Younger are the epitome of the floating images of Chinese entrepreneurs in China in recent years from 2006 to 2008, with too many stories." One expert who studies corporate history laments. Well-known financial writer Wu Xiaobo has pointed out: "Any seemingly fairy tale is often untrustworthy, the more impeccable, often the more questionable.We have always believed that the development of things is poor, is There are cutting edge and defects. "Even Youngor Li Rucheng did not think of their own, 2006 ~ 2007 happiness will suddenly hit his head," do 30 years manufacturing also earn so much money, "has always been a low profile Li Rousheng can not help but happy for the sudden happiness, it is said that when a financial advisory body to see Li Rocheng in early 2007, but also surprised at this great change in Li. All this stems from Youngor's great success of more than 20 billion in the capital market. Youngor succeeded in the apparel industry and became famous in the capital market. Although Li Rucheng later admitted that most of these capital markets did indeed yield most unexpected results, on the one hand a lot of "care-oriented investments" made by the government, On the other hand, as an industrialist, he did not think of a huge short-term explosive force in the capital market. Many Youngor later "famous works" can be traced back to ten years ago, that is, the late 90s of last century. At that time, the wave of reform of state-owned enterprises was entering the second wave. Younger, the industrial card of Ningbo, was duty-bound to assume the corresponding leading corporate responsibility. Thus, Guangbo Group, a state-owned enterprise that was on the verge of bankruptcy, and YIC Technology [8.98 0.45%], They were handed over to Youngor. In 1997, Ningbo Commercial Bank restructuring, under the leadership of the municipal government, Younger as a shareholder of strength and participate. Investment in CITIC Bank [4.72 -1.67%] is even more fortuitous. After Younger went public in 1998, Li Rucheng, who was rich in money, was looking for new investment projects. Due to his interest in the securities industry, coupled with the growth of CITIC Securities [24.65 -1.04% ] A good shareholder background, so they go hand in hand. The Chinese market in transition is always a miracle and a constant source of surprises. Even the authorities in the depths of the transition will not think of the tumultuous changes of yesterday, today and tomorrow. After China's capital market has experienced a suffocating "crazy bear market," it has entered yet another "crazy" stage. A-share market soared from 1,000 points all the way. In 2007, the broader market crossed 6000 points. Countless Chinese investors instantly experienced the feeling of exuberance. Many people recalled the scenes of "two generations" sigh. The Younger ten years ago, unmotivated, this time has also revealed a stunning performance. January 2007, Guangbo shares [6.99 -2.37%] landing in Shenzhen SME board, in May rose to the first high of 16.85 yuan, Younger's holding cost of 1.52 yuan. July 19, 2007, Bank of Ningbo [9.60 -1.74%] went public and became the first commercial bank in China. Its share price rose more than 200% in less than 10 days, while Youngor's investment cost was only 1.01 yuan per share. CITIC Securities is more Youngor's masterpiece. When entering, Youngor's shareholding cost of 1.7 yuan, the total investment cost of 320 million yuan, however, in October 2007, CITIC Securities has risen to the staggering 116.55 yuan, closing at 105.93 yuan, Youngor's book earnings increased by 62.31 Times Even in today's market of more than 2,000 points (as of March 20), CITIC Securities closed at 23.14 yuan, Youngor booked a gain of 13.61 times. Thus, Youngor spent a grueling 2007, in this year's earnings, Youngor announced that its operating profit rose 259.87% over last year. Li Jucheng has a huge amount of magnified wealth to have enough opportunities to show their hands and feet, he also saw that if the investment can be done as an industry, then the proceeds will be hard to match the industry. As a result, Li Rucheng textile and garment business to Li Rugang, the real estate business to Jiang Qun, with his daughter Lee Han poor began to focus on equity investments, the always low-key head also shouted "holding a billion to find Project "rhetoric. 2007 is not only the crazy year of China's stock market, but also the crazy start of the real estate market, then the price if the stock market with real-time K line graph to some extent, but the "days" as the unit of measure of housing prices may be accurate. Needless to say, the coastal first-line metropolis is Chongqing, which is located in the southwest of China. At the end of 2006, house prices are still hovering at around RMB 3,000, but by the middle of 2007, Jiangbei District has reached more than 6,000 yuan. Seemingly prosperous, housing prices "every day" in the context of Younger also Ningbo, Suzhou, Hangzhou, successively crowned king. In early 2007, Youngor bought a piece of land on the 9th of Huachen North in Ningbo. The floor price surpassed the sale price of nearly 4,000 yuan, even higher than the prices of nearby existing flats. The land price per mu was nearly 7 million yuan. July 2007, Youngor has once again become a "king of the earth." In Hangzhou to start higher than the 800 million yuan price, floor price of 15,719 yuan / square meter price hit a high price of land auction in Hangzhou. February 2008, Youngor to 97,972.28 million price bidder Beijiao North Road, west of Ningbo block to floor price of 13,102 yuan / square meter to obtain the new "king of the land," the title of Ningbo. In equity investment, the largest handwriting was 3.588 billion yuan stake in Haitong Securities, the cost price of about 17 yuan per share. According to Younger 2008 Interim Financial Statements, investment income accounted for 54% of its total profit, textile and apparel 19%, real estate 27%. Youngor put on the capital market, the largest fattening coat, but the body's skeleton is still thin, although the equity investment and real estate for its injection of the fastest weight-loss factor, regrettable that fat is more fat instead of muscle. Unreasonable Capital "The financial investment market has too many uncertainties. In addition to the imperfect capital market in our country itself, the real estate market is affected by the policy too much, so the risk control is far from being as capable as Li Rucheng Then you are familiar. "A professor at Zhejiang University, who asked not to be named, told" Contemporary Managers. " Anything seen as a miracle can often be hard to sustain because he comes from a process that goes beyond the norm. In early 2008, BusinessWeek's publicly named name challenged Younger's departure from the main business and, with a slightly sarcastic tone, said: "Recently, everything else in the company has become marginal except for the stock investment business." Unfortunately, Youngor finally failed to carry such a huge amount of capital, when the stock market in China began another roller coaster in the second half of 2008, Youngor, a former capital giant, was also rapidly shrinking. He was once founded by Li Rucheng as the main textile and apparel. Equity investment and real estate investment partner troika, both wings at the same time broken. At the shareholders' meeting in January, Lee admitted publicly that Youngor made mistakes in his investment in 2008, of which more than 1 billion was lost in Haitong Securities. Perhaps the situation is far worse than what Li Rocheng said, and one can be glimpsed from the actions of Youngor. On December 3, 2008, Youngor issued a public notice announcing the engagement of Shanghai Kai Shi Investment Management Co., Ltd. to provide Younger with specialized investment advisory services. Kai Shi investment was established in October 2008, the legal representative is Li Rucheng, the management team from Chen Jiwu (the former Vice President Fu Wells Fund), Li Wenzhong (fund manager) and a number of industry insiders, and its actual person in charge is Li Rucheng's daughter, Li Han poor. When interviewed in Shanghai, "Contemporary Executives" learned that Kai Shi Investment's new office location also moved to Lujiazui a few months ago and will actually be responsible for the management of Tencent's billion-dollar equity investment project. A securitiesman pointed out to the "contemporary manager": "It is not ruled out that this related party transaction may shift the losses of the future equity investment business." However, its largest investment in Haitong Securities, , Has been 100 million shares into 200 million shares, the cost of ownership has become 17.89 yuan, as of March 20 Hai Tong Securities closing price of 12.73 yuan, Youngor this floating deficit has reached 1.02 billion yuan. Coupled with a lot of money stuck in the real estate market, it is understood that Younger won lots of lots are undeveloped state, the real estate market in the short term is difficult to see the rise in space, the financial pressure is probably not small, or Youngor will not be When the stock market is in a downturn, it constantly sells CITIC Securities, the best asset in hand, to withdraw its funds. Not long ago, Youngor announced the issuance of 2 billion corporate bonds. From the third quarter of 2008 earnings report, Younger's book currency assets of 1.6849 billion yuan, the beginning of the balance of 2.4928 billion yuan. And its short-term borrowings up to 74.373 billion yuan, early last year, this figure is only 59.0511 billion yuan. The asset-liability ratio also showed an upward trend. In 2007, its debt-to-asset ratio stood at 53.11%, up from 62.7% in the third quarter of 2008. Many people in the industry have said that these have proved Youngor's financial pressure.