Jordan Became The First Sports Apparel Listed Company In A Shares.

< p > Jordan sports is the first movement of A shares, less than a target= "_blank" href= "//www.sjfzxm.com/" > dress < /a > listed companies.

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< p > the focus of public concern lies in the controversy between Jordan and Jordan, a sports company to be listed.

Regulators should publish the latest proceedings of Jordan sports in time to avoid market speculation.

Timely and accurate information disclosure is a requirement of registration system. This requirement not only requires listed companies and intermediaries, but also covers the SFC itself.

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< p > < strong > 1, company profile < /strong > < /p >

< p > Jordan sports Limited by Share Ltd was founded in 2000. It is mainly engaged in the design, research, development, production and sale of Jordan brand campaign, namely a target= "_blank" href= "//www.sjfzxm.com/" > shoes < /a > sports a target= "_blank", "_blank", "clothing" and "sports accessories". It is the leading sporting goods brand enterprise in China, the top 100 enterprises in Fujian and the top thirty enterprises in Fujian province.

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< p > the company achieved annual sales revenue of nearly 4 billion yuan, net profit of over 600 million yuan, more than 6000 brand stores in the country, and 8 employees.

The company has been committed to the construction and expansion of sales channels for a long time. It has implemented strict and standardized dealer management system, standardized store operation mode and scientific network layout, so as to realize the optimization and upgrading of brand marketing system.

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< p > at present, Jordan sports has established a large scale marketing network in China, and the brand monopoly shop has covered 31 provinces, municipalities directly under the central government and autonomous regions.

The company closely focuses on the product positioning and value trend of Jordan brand, integrates the spirit of struggle and Transcendence in sports competition into the company's business culture and product promotion, strengthens the combination of sports industry through various ways, and strengthens the brand image of professional sports.

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< p > < strong > two, brand dispute > /strong > /p >

< p > as the hot spot and brand gathering place of China's shoes and clothes, the brand city of Quanzhou has sprung up some brand creation and rising models, such as "Anta mode", "nine herd King mode", "Jordan mode", "three Shu mode" and so on.

Anta, XTEP and other enterprises have accumulated certain funds and technology in the early stage of foreign trade production. Through the way of "star + CCTV", the brand has been established, such as the model of Li and 360 degrees.

With the western trousers as the home product of nine herding king, since 90s, we have expanded the channel through the way of direct marketing (mainly shopping malls), and made the brand through the shop display all over the country.

In 2002, the advertising film of "nine trousers" expert was launched on CCTV, but in 2000, the brand's western trousers had been in the leading position, and it had basically completed the layout of the national primary market in 1998.

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< p > "Jordan mode", sporting goods brand Jordan has a natural association with the world basketball star Michael Jordan (MichaelJordan). Once born, it is a well-known brand. With the support of franchisee's management and management, it occupies a place in China's sports goods pattern.

In November 2011, Jordan sports received the approval. Shortly afterwards, Michael Jordan sued the Chinese court for alleged infringement of Jordan's sports. Jordan sports has not been listed so far, so that the vast majority of consumers in China know that there is no 10 Fen relationship between the original two.

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< p > in the 2013 ranking of sportswear brands released by the Chinese enterprise brand research center, Jordan ranked tenth in the list of famous people, while the fifth ranked sport failed.

The industry slump, Jordan sports and Jordan litigation dispute between the market is considered Jordan sports many times "fail" the culprit.

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< p > Jordan sports formally sued American basketball star Michael Jordan (MichaelJordan) at the end of March, demanding that he cease to infringe Jordan's right to fame in sports and compensate for the economic loss of $8 million.

According to Jordan sports, according to Chinese law, the object of the right of name to constitute legal protection must be the name of the citizen's decision or use, while the Chinese "Jordan" is not the name of Michael Jordan, but the Chinese plation of the common surname "Jordan" in English and American, and does not constitute the object of the right of name in Chinese law.

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< p > Zhang Malin, a lawyer at Southeast University law school, said that the reason for Jordan's sports is valid in law. At the same time, Michael Jordan is not a registered trademark, nor is it protected by trademark rights.

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< p > Nike has challenged and disputes the trademarks of "Qiaodan" and "Jordan" of Jordan sports 10 times to the SAIC Trademark Bureau and the Trademark Review and Adjudication Board since 2002, but these ideas have never been supported.

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< p > Li Guangdou once wrote that because many consumers linked their names and patterns with Michael Jordan, it saved much publicity for Jordan sports.

But Jordan sports has also been worried that such a directional brand name will cause it a lot of trouble.

In recent years, because of the tight funding chain, Jordan sports had to choose to stand on the cusp.

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< p > now, the "Jordan" brand is going to stay or not? Jordan sports is facing a dilemma.

Regardless of the outcome of this lawsuit, Jordan sports will face a huge crisis.

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< p > now is the two way before Jordan's sports: one is "turning" and the other is carrying.

The so-called "turn" is renaming the hero, breaking the arm, giving up "Jordan" and creating another brand. This requires huge capital and time cost, but it may not be a feasible road.

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< p > Li Guangdou takes the example of 360 degree (01361.HK). In 2003, the Buick sports shoes at that time had occupied the top three position of the domestic sports shoes market, and got the title of "national inspection free products".

Unexpectedly, because of the "Buick" car brand crash with the United States, under the pressure of Buick automobile and industry and Commerce Bureau, it had to change the brand name to 360 degrees.

360 degrees once claimed that only 50 million yuan had been invested in repackaging new brands, and that the 50 million yuan had only changed the signboards. It is difficult to calculate the input of consumers.

After years of painstaking efforts, the 31st degree has also gradually restored its position in the consumer's mind and successfully listed in Hongkong.

Although the road was bumpy, it also made the "Buick" get rid of the suspicion of giving birth to children.

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< p > now, "Jordan" is also faced with the same situation as Buick.

Moreover, consumers' personal worship of flying Jordan is far superior to that of Buick fans, which will make the road of losing Jordan's sports more difficult in the future. "Jordan"

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< p > "carrying" is ignoring the doubts of flying people, doing business and following the lawsuit, and persisting in IPO. However, Jordan's sports can get rid of the shadow of Shanzhai and whether consumers can accept it may be a more severe test.

Jordan sports can consider cultivating a new brand, carrying out double brand operation, putting eggs in different baskets and dispersing risks.

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< p > Yao Huanqing, associate professor of Law School of Renmin University of China, said Jordan sports is obviously selling his products with the names of famous athletes under the circumstances of knowing, which is a typical "free riding" behavior.

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< p > Zhao occupation also pointed out that Chinese enterprises need to be very cautious when forging their own brands in the early stage. The registration of trademarks by using other people's names or well-known product names is only a short-term behavior.

In the short term, we can expand our brand's publicity and reduce costs by using other people's popularity. But in the long run, no independent brand will bring risks to enterprises, and even bring huge losses to enterprises.

Jordan sports listing process is affected by a typical example, and even the enterprise may lose the existing trademark because of litigation and need to re create the brand, this pformation cost is very big.

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< p > < strong > three, industry status < /strong > < /p >

< p > sportswear is the last jigsaw puzzle for the A brand apparel industry in China. After the reopening of IPO, A shares will cover nine categories, including children's wear, outdoor, home textiles, women's wear, business casual, men's wear, casual wear, sportswear, footwear and so on.

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Lining, the industry leader, has "cut the grain". As the industry's fifth year, Jordan's sports days may not be better.

Although Jordan sports in 2012 and 2013's earnings report has not been announced, but in 2012, the industry leader Lining has lost nearly 2 billion yuan, the overall downturn of the industry environment, I am afraid Jordan sports is also difficult to escape the winter sports apparel industry.

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< p > financial results show that in 2012, Lining, the industry leader, lost not only 1 billion 955 million yuan, but also a 24.5% decrease in business income and a 36.9% drop in gross profit.

Inventory turnover also increased from 72 days in the previous year to 90 days, and inventory reached 920 million yuan.

In addition, Lining also closed the shop 1821, accounting for about 22.06% of the total.

Even in the first half of 2013, Lining's operating income was still reduced by 24.6% compared with the same period, and no improvement was found. The net profit was 44 million yuan from the same period of 2012 to a loss of 184 million yuan.

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< p > the company mainly runs Jordan sports brand, its main products include sportswear, sports shoes, accessories and so on.

In the 2008-2010 year, the company's business revenue increased from 1 billion 160 million yuan to 2 billion 930 million yuan, and net profit increased from 130 million yuan to 520 million yuan, the average annual compound growth was 59% and 99% respectively.

From the limited data released by the company, the number of brand retail terminals increased from 4156 to 5374 in 2008-2010 years, with an average annual compound growth of 14%.

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< p > brand positioning in the 14-29 year old, fashionable sports consumer group.

By the middle of 2011, the number of Jordan's brand shops was 5743, ranked sixth in the listed domestic sports brands, and ranked sixth in sales revenue.

From the perspective of the company's development path and scale, the company is directly competitive with Lining, Anta and XTEP.

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< p > the company has no big difference in its growth path and business mode with Anta, Lining and other brands, and faces competition directly.

In recent years, the channel of brand has reached a certain scale. From Anta, Lining and other brands, there is a limited space in the late stage, and also face challenges in the pformation of business mode.

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< p > domestic a href= "//www.sjfzxm.com/news/index_c.asp" > Sports Industry < /a > growth rate slowed down obviously, and overlay the impact of the consumer environment downturn. It is expected that industrial adjustment will take time.

Since 2012, shutting down non-profit stores, supporting terminal channels to inventory and reconstructing business models are the main theme of sports goods industry. It is still difficult to infer the company's integrity. Whether or not we can overcome the adjustment difficulties of the sports industry remains to be seen.

In addition, domestic consumer brand awareness is becoming more and more strong. Disputes over trademark litigation and so on have a negative impact on the brand image of the company.

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< p > < strong > four, IPO data < /strong > /p >

< p > Jordan sports intends to issue 112 million 500 thousand shares, accounting for 20% of the total share capital issued after the issue. The total share capital will be 562 million 500 thousand shares issued after the issue, and the fund will be raised for 1 billion 64 million 238 thousand and 200 yuan and will be listed on the Shanghai Stock Exchange.

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< p > < strong > five, market positioning < /strong > < /p >

< p > Jordan sports comparable company: < /p >

< p > noble bird, 31st degree, XTEP international, PEAK sports, Anta sports, China trend.

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< p > 13PE 15.66 7.89 9.91 13.63 18.19 34.52 < /p >

< p > total market capitalization (100 million yuan) 82.71 40.94 75.53 41.75 301.45 80.28 < /p >

< p > > a href= "//www.sjfzxm.com/news/index_c.asp" > Jordan < /a > Sports intends to issue 112 million 500 thousand shares, after issuance, the total share capital is 562 million 500 thousand shares, the circulating capital and total capital stock are relatively large, which is the largest fund in the second round of IPO and the largest share capital issue.

The fund will be raised at 1 billion 64 million 238 thousand and 200 yuan and the price raised by more than 9 yuan will be listed on the Shanghai Stock Exchange.

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< p > the sporting goods industry is generally in a healthy climate and the company's performance is estimated to be affected by the industry.

As the first sports apparel listed company of A-share, the listed companies in the same industry all have low valuations in Hong Kong stocks, and their share prices are in a doldrums.

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< p > the best reference is the noble bird. If the 13 annual report meets expectations, Jordan sports market positioning is about 15 yuan.

Because of the large share capital, industry factors and limited growth, it is difficult to get hype and new stock premium.

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