Jinsheng Group, which has been preparing for listing since the beginning of 2007, has yet to fulfill its "first listed home furnishing chain". Not only that, Jinsheng, a large-scale expansion of its company, is also adjusting at the moment. status. On January 6, a senior executive of Jinsheng Group told the Daily Economic News that Jinsheng has already withdrawn from two projects in Beijing, and projects in Suzhou and Other places have also been suspended. The source believes that “due to blind expansion, Jinsheng The cash flow has been tight.†The head of the board office of Jinsheng Group said in an interview on January 7 that due to the company’s strategic adjustment, some projects were “suspended†and some projects were “stoppedâ€. The three-year-old listing is also underway. “There is already a timetable.†Jinsheng Homes has experienced a setback in the north, and many projects have been adjusted. The project has been adjusted in Nanjing. Jinsheng Group, which originated in Nanjing, has been in Shanghai and Jiangsu for the first time. Established a home chain store in the triangle area. Since 2008, Jinsheng Home, a subsidiary of the group, has announced its entry into the Beijing home market. According to Jinsheng’s external publicity, Jinsheng Home has successively signed two home business projects in Beijing’s Aobei business district. The Olympic Village store specializes in high-end furniture products and is expected to open in October 2008. Chaolai Store is located in Chaoyang District, Beijing. The camp, with a business area of ​​100,000 square meters, specializes in building materials and furniture, is expected to open at the end of 2008. However, due to the financial crisis, the opening hours of the above two projects in Beijing have become “out of dateâ€. According to industry insiders, Jinsheng has withdrawn from Beijing due to weak investment in the previous period. "The Beijing project we are still advancing, but the speed of development is not as fast as we expected." Jin Sheng said in an interview with reporters on January 7. According to the above-mentioned resignation executives of Jinsheng Group, Jinsheng’s projects in the Yangtze River Delta have been suspended. Due to the failure to start the business as scheduled, the funds invested by Jinsheng in the early stage have not been recovered. “The capital turnover has become a problem.†Preparation for multi-year listing “no timeâ€? Wang Hua, chairman of Jinsheng Group, mentioned several timetables for listing in a number of public occasions – “before the Olympicsâ€, “end of 2008†and “first half of 2009â€. In fact, since June 2004, Jinsheng Group has been operating to form a joint stock company. At the end of the year, the company was approved by the Nanjing Municipal Commission for Reform and Reform; in 2007, the listed private placement and introduction of strategic partners had been completed and submitted to the Hong Kong Stock Exchange. At that time, Jinsheng Group and the sponsors were confident that after submitting the application The two months were successfully listed. In an interview with the Daily Economic News, senior executives of Jinshengyi Branch said, “In the long run, expansion is for the company's development; in the short term, expansion is to provide the necessary listing conditions.†Since 2007, Jinsheng is in the East China and Central China regions. According to Jinsheng's plan, the number of stores opened in 2008 was 10-15, which is equivalent to the total number of stores opened in the previous 12 years. In order to reduce the cost of opening a store, Jinsheng changed the past model of buying land-building plaza-investment-operating, in exchange for the faster development speed by leasing commercial property and peer-to-peer mergers and acquisitions. Prior to the financing of equity, the senior executives of Jinsheng Group had publicly stated that Jinsheng plans to raise RMB 5 billion after listing in Hong Kong. In the absence of successful financing from the capital market, in order to achieve expansion in various places, Jinsheng Home had to achieve financing through external forces. In November 2009, Xinan shares [45.57-0.39%] (600596, SH) announced that it has cooperated with Hangzhou Industrial and Commercial Trust Co., Ltd. to invest 50 million yuan to issue a half-year loan to Nanjing Jinsheng International Home Market Management Co., Ltd. . At the same time, Jinsheng Home was pledged by Hangzhou Gongxin for its 33% stake in Nanjing Jinsheng Decoration Market Management Co., Ltd. (as of June 30, 2009), which was used to guarantee Jinsheng Home in Performance of obligations under the Loan Contract. In addition, Wang Hua, the actual controller of Jinsheng Home, and his spouse provide joint and several liability guarantee for Jinsheng Home's performance under the “Loan Contractâ€. Prior to this, in January 2008, Beida Jade Bird (08095, HK) announced that its wholly-owned subsidiary, Cayman Development, agreed to provide Jinsheng Hong Kong with up to US$18 million (approximately RMB 131 million) in financing for a period of four months. The annual interest rate is 30%. The financing was secured by a 36% stake in Jinsheng Hong Kong. The announcement shows that the above financing is mainly used by Jinsheng Hong Kong to pay and inject the unpaid capital of the registered capital of Nanjing Jianning Jinsheng Market Management Company. According to the "Daily Economic News" observation, starting from December 2009, Jinsheng Home began to recruit financing experts in Wuhan, and Jinsheng's second store in the local area also opened in early last year. News observation home chain industry is mired in the world's largest home furnishing retailer Depot (view map) has been shutting down poorly-operated stores since the first half of 2009; and B&Q, the largest home retailer in Europe (see map), also last year's "strong man's broken wrist" , closed more than 20 stores, and adjusted more than ten stores. In this context, domestic home retail giant Red Star Macalline (view map), Jinsheng home is still "staking a horse", their unanimous goal is to go public, and the driving force for their expansion is "low cost, high speed ". It is worth mentioning that under the limited capital conditions, Red Star Macalline and Jinsheng Home have chosen to expand in the way of “two landlordsâ€. When other small and medium-sized home stores have reduced their rents to “catch up†suppliers, The annual rents of the two giants continue to rise, some suppliers are forced to withdraw, and the new investment projects are facing embarrassing situations. In addition, under the financial crisis, online home building materials supermarkets that value consumers' "practical" psychology began to occupy the "position" of hypermarkets: Qumei Furniture (view map) for online direct sales; Shanghai Group Buying Network established for 5 years Announced that the platform transaction volume in 2009 exceeded 3 billion yuan; with the advantage of "the price of similar products is only 40% of the big stores", Youke House announced its launch... What will be the home chain industry that has been regarded as "profiteering" by the outside world? We will wait and see.
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