China Economic Net Beijing March 1 (Reporter Wei Jingting) On the evening of February 26, La Chapelle (603157.SH) announced that the company had terminated the public issuance of A shares convertible corporate bonds. La Chapelle said that the company's business development, market environment and other factors have changed. The company has fully communicated with intermediary institutions and other parties based on the actual situation. After careful research, it has decided to terminate the issuance of this convertible bond and plans to apply to the China Securities Regulatory Commission to withdraw the application documents for this convertible bond.
On September 22, 2018, La Chapelle released a plan to issue A-share convertible corporate bonds, and it is expected to raise 1.53 billion yuan through the issuance of convertible bonds. Used for retail network expansion construction projects, store upgrade and renovation projects, smart store construction projects and logistics center construction projects. In December, the funds raised by convertible bonds dropped from 1.53 billion to 1.17 billion.
La Chapelle's funds raised by this issuance of convertible bonds may be related to the dismal performance. Since La Chapelle's listing, the net profit attributable to shareholders of listed companies has declined continuously. The latest performance forecast shows that La Chapelle's net profit attributable to shareholders of listed companies in 2018 was about 40 million yuan, and the net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses loss was about 35 million yuan.
On October 9, 2014, La Chapelle (06116) was listed on the Hong Kong Stock Exchange with an issue price of HK$13.98 and raising HK$1.6 billion. However, since February 2016, La Chapelle's Hong Kong stock price has been in a long-term break. As of the closing on February 28, La Chapelle was at HK$4.90.
The Hong Kong stock market was cold, and La Chapelle returned to A to fight again, but the stock price performance was still unsatisfactory. On September 25, 2017, La Chapelle was listed on the Shanghai Stock Exchange with an issue price of 8.41 yuan and a total amount of funds raised was 461 million yuan. The sponsor was CITIC Securities . On October 16, 2017, La Chapelle's stock price hit a high price of 31.42 yuan during the session, and then began to continue to decline. On February 1 this year, La Chapelle hit a lowest price of 6.99 yuan since its listing. In the report, China.com quoted the view of investors as saying: "There is a kind of arbitrage called going home to cut leeks."
CITIC Securities listed on the A-share market through its sponsorship, and received an underwriting and sponsorship fee of 40.7358 million yuan. According to statistics from China Economic Net reporters, CITIC Securities sponsored 21 A-share IPOs in 2018, 13 were approved, 4 failed, with a pass rate of 62%, and a failure rate of 19%.
La Chapelle A-share listing for more than a year, and has successively launched two capital market financing plans. In addition to the above convertible bond plan, on January 16, 2019, La Chapelle issued an announcement to register and issue medium-term notes or ultra-short-term financing bonds of no more than RMB 400 million. The funds raised are intended to be used to supplement working capital and repay loans from financial institutions.
In addition, as of February 2, 2019, Xing Jiaxing, the actual controller of La Chapelle, and his joint actor, Shanghai Hexia, pledged a total of 164.5 million shares, accounting for 87.93% of their shares.
La Chapelle's performance has declined for three consecutive years. CITIC Securities' sponsored listing
htmlOn the evening of January 30, La Chapelle released an announcement on the expected reduction of annual performance in 2018. It is expected that the company's net profit attributable to shareholders of listed companies in 2018 will decrease by about 459 million yuan year-on-year, a year-on-year decrease of about 91.98%. It is estimated that the net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses in 2018 will decrease by about 415 million yuan year-on-year, down about 109.21% year-on-year.La Chapelle said that the main reasons for the expected decrease in performance were affected by the decline in terminal retail sales, the sales of women's clothing brands La Chapelle and Puella in 2018 fell by more than 10% year-on-year, and the investment income of investment companies decreased by about 90 million yuan year-on-year.
According to calculations, La Chapelle's net profit attributable to shareholders of listed companies in 2018 was about 40 million yuan, and the net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses was about -35 million yuan. In the second year of La Chapelle's listing, his performance finally changed drastically.
La Chapelle began to show a decline in performance before it went public. From 2014 to 2016, La Chapelle achieved operating income of 6.209 billion yuan, 7.439 billion yuan and 8.551 billion yuan, and achieved net profit attributable to shareholders of listed companies of 503 million yuan, 615 million yuan and 532 million yuan.
In 2017, La Chapelle's performance continued to grow negatively in the year of listing.In 2017, La Chapelle achieved operating income of 8.999 billion yuan, a year-on-year increase of 5.24%; achieved net profit attributable to shareholders of listed companies of 499 million yuan, a year-on-year decrease of 6.29%; and net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses of 380 million yuan, a year-on-year decrease of 19.53%.
Regarding the reason for the year-on-year decline in net profit in 2017, La Chapelle said that the company's counter revenue declined due to the transformation and adjustment of department store channels, and the annual losses of some brands in the company's cultivation period increased.
data shows that the total number of La Chapelle outlets increased from 7,893 at the end of 2015 to 9,674 at the end of June 2018. However, the expansion of outlets has led to high inventory in La Chapelle. From 2014 to September 30, 2018, La Chapelle's inventory balance was RMB 1.327 billion, RMB 1.759 billion, RMB 1.714 billion, RMB 2.345 billion and RMB 2.7 billion, respectively.
La Chapelle's main business net inflow is getting smaller and smaller. From 2014 to September 30, 2018, the net cash flow generated by La Chapelle's operating activities was RMB 855 million, RMB 1.081 billion, RMB 705 million, RMB 557 million, and -396 million.
On September 25, 2017, La Chapelle was listed on the Shanghai Stock Exchange, and the sponsor is CITIC Securities. The listing issue price of La Chapelle is 8.41 yuan per share, the number of issuances is 54.77 million shares, the total amount of funds raised is 461 million yuan, and the net amount of funds raised is 405 million yuan. Among them, the investment amount of 321 million yuan is used for the "retail network expansion construction project" and 84 million yuan is used for the "new retail information system project".
La Chapelle issuance expenses totaling RMB 55.3614 million (excluding value-added tax), of which the sponsor CITIC Securities received RMB 40.7358 million underwriting and sponsorship fees.
In addition, PwC Zhongtian Accounting Firm received audit and verification fees of 6.5534 million yuan, and Guohao Lawyer (Shanghai) Firm received attorney fees of 2.9623 million yuan.
On October 27, 2017, La Chapelle announced that it would use 329 million yuan of raised funds to replace the self-raised funds that had been invested in advance. On March 22, 2018, the 10th meeting of the third board of directors of La Chapelle and the 4th meeting of the third board of supervisors reviewed and passed the "Proposal on the Use of Part of the Idle Raised Funds to Replenish Working Capital", and agreed to use 60 million yuan of idle Raised Funds from the raised funds to temporarily replenish the company's working capital.
On August 29, 2018, the company disclosed a special report on the deposit and actual use of funds raised in the 2018 semi-annual period, showing that the fundraising project "Retail Network Expansion Construction Project" has used the fundraising project with a investment of 321 million yuan, with an investment progress of 100%; the "New Retail Information System Construction Project" has used the fundraising investment of 22.3755 million yuan, with an investment progress of 26.64%, and the project has not reached the scheduled usable state. As of June 30, 2018, the cumulative amount of funds raised was 344 million yuan.
La Chapelle has been raising funds frequently. The actual controller and the joint actor pledged nearly 90% of the shares
La Chapelle A-share listing for more than a year, and has launched two capital market financing plans, with a total of 1.57 billion yuan planned to raise funds.
On September 22, 2018, La Chapelle released a plan to issue A-share convertible corporate bonds. It is expected to raise 1.53 billion yuan through the issuance of convertible bonds. After deducting the issuance of issuance of issuance of the funds raised are intended to be used for retail network expansion construction projects, store upgrade and renovation projects, smart store construction projects and logistics center construction projects.
On December 5, 2018, La Chapelle held the 21st meeting of the third board of directors and reviewed and passed the "Proposal on Adjusting the Plan for Public Issuance of A-share Convertible Corporate Bonds", the amount of funds raised was reduced from no more than 1.53 billion yuan to no more than 1.17 billion yuan, the total investment in retail network expansion construction projects of the fundraising project was reduced from 661 million yuan to 406 million yuan, and the planned investment in the fundraising project was reduced from 520 million yuan to 330 million yuan; the total investment in the logistics center construction project was reduced from 463 million yuan to 286 million yuan, and the planned investment in the fundraising project was reduced from 440 million yuan to 270 million yuan.
On the evening of February 26, 2019, La Chapelle announced that it would terminate the public issuance of convertible corporate bonds for A-shares. La Chapelle said that since the company's convertible bond plan was announced, the company's board of directors, management and intermediary institutions have been actively promoting the various work of this convertible bond.However, due to changes in the company's business development, market environment and other factors during the period, the company based on the actual situation and fully communicated with intermediary institutions and other parties. After careful research, it decided to terminate the issuance of this convertible bond and intends to apply to the China Securities Regulatory Commission to withdraw the application documents for this convertible bond.
On January 16, 2019, La Chapelle issued the "Announcement on the Proposal of Registration and Issuance of Medium-term Notes or Ultra-Short-term Financing Balances". The company plans to register and issue medium-term notes or ultra-short-term Financing Balances with no more than RMB 400 million. The funds raised are intended to supplement the company's working capital, repay loans from financial institutions, use project supporting funds and other expenditures allowed under the medium-term note regulations.
On February 2, 2019, La Chapelle issued a supplementary pledge announcement for the actual controller and the joint actors. The announcement shows that after the supplementary pledge, Xing Jiaxing pledged a total of 132 million shares, accounting for 24.10% of the company's total share capital, accounting for 39.65% of the company's total A-share capital, accounting for 93.04% of the company's shares directly held by Xing Jiaxing; Shanghai Hexia pledged a total of 32.5 million shares, accounting for 5.93% of the company's total share capital, accounting for 9.76% of the company's total A-share capital, accounting for 71.90% of the company's 45.2 million shares held by Shanghai Hexia; Xing Jiaxing and Shanghai Hexia pledged a total of 165 million shares, accounting for 30.04% of the company's total A-share capital, accounting for 49.42% of the company's total A-share capital, accounting for 87.93% of the company's total 187 million shares.
In addition, six directors, supervisors and senior officials resigned one after another in a year. On December 12, 2017, Wang Yong, executive director and executive vice president, resigned; Wang Wenke, executive director and vice president of executive director, resigned. On December 18, 2017, non-executive director Cao Wenhai resigned; on June 22, 2018, Vice President Chen Bin resigned; on August 24, 2018, Board Secretary Fang Xianli resigned; on December 28, 2018, Chairman of the Supervisory Board Cheng Fangping resigned.
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