crashnitrokart3d| After 13 years of queuing, China Qiao Sports withdraws A-share IPO application
Kang Yin, a reporter from the Securities Times
The evening of May seventeenthCrashnitrokart3dThe Shanghai Stock Exchange announced that the Shanghai Stock Exchange terminated the examination of its offering and listing because Zhongqiao Sports Co., Ltd. (referred to as "Zhongqiao Sports") and its sponsors withdrew their application for listing. The company submitted IPO filings to the CSRC in 2010 and passed the review committee the following year, but failed to get approval.
After the full registration system was launched, Qiao Sports resumed listing in March 2023, sprinting to IPO on the main board of the Shanghai stock market, with a plan to raise 10%.Crashnitrokart3d6.4 billion yuan. But a year later, Zhong Qiao Sports finally withdrew its IPO. It is reported that Zhong Qiao sports products are mainly sports clothing series, divided into footwear, clothing and accessories three categories, the products mainly meet the needs of target consumer groups for professional sports and life and leisure. From 2020 to the first half of 2022, Zhong Qiao's sports business income was 49.Crashnitrokart3dThe net profit was 738 million yuan, 695 million yuan and 363 million yuan respectively. The company's main business income is composed of sports shoes, sports clothing and sports accessories, of which sports shoes and sports clothing sales account for more than 90% of the total.
At present, Zhong Qiao Sports mainly adopts the mode of dealer sales, which accounts for more than 80% of the total sales income of each period. As of June 30, 2022, Zhongqiao Sports offline distribution network consists of 4 sales regions, 34 small sales regions, 54 offline distributors and 6 sales subsidiaries to carry out business in the aforementioned sales areas under their respective responsibilities. As of June 30, 2022, there were 6269 Jordan stores. In terms of sales volume and unit price, Zhongqiao Sports sold 20.88 million pieces of clothing and 17.1 million pairs of shoes in the first half of 2022, with unit prices of 58.9 yuan and 103.73 yuan respectively.
Trademark disputes have lasted for many years. Zhong Qiao Sports, formerly known as Jordan Sports Co., Ltd., because of the traffic of former NBA star Michael Jordan, in 2012, Michael Jordan sued Jordan Sports for infringing on his name right and asked to cancel many of his trademarks.Crashnitrokart3dThere was a protracted lawsuit.
Looking back, Jordan Sports registered the trademark "Danqiao" in 1991 and changed its name to Jordan Sports in 2000. In February 2012, Michael Jordan sued Jordan Sports for "the registration of the disputed trademark harms his name right" and applied to the court for the revocation of the disputed trademark. However, the Trademark Review and Adjudication Board of the State Administration for Industry and Commerce rejected Michael Jordan's trademark revocation application twice in March and October, making it clear once again that "Jordan" is not the name of Michael Jordan, and that Jordan Sports registered the use of the "Jordan" trademark without infringing upon its name right.
In order to keep the "Jordan" and "QIAODAN" trademark, Jordan Sports has been staging a "tug of war" for many years. Finally, at the end of 2020, the Shanghai No. 2 Intermediate people's Court ruled that Jordan Sports suspended the "Jordan" trade name and trademarks related to "Jordan" in its corporate name. In January 2021, China Joe Sports and Michael Jordan appealed the verdict again. However, in March last year, the Shanghai higher people's Court issued a final judgment, ordering the appeal to be rejected and the original verdict upheld. Since then, Jordan Sports weakened the "Jordan" Chinese character logo, and later changed its name to Zhong Qiao Sports. The IPO of Zhong Qiao Sports is extremely tortuous because it is caught in a legal lawsuit. Zhongqiao Sports is a well-known queuing "nail household" in the IPO market. The company submitted IPO filings to the CSRC in 2010, which was reviewed and approved by the CSRC at its meeting in November 2011, but it has not been approved for listing.
In March 2023, IPO, the main board of Qiao Sports Shanghai Stock Exchange, was accepted. This IPO, Zhong Qiao Sports plans to raise 1.064 billion yuan, which will be used for shoe production base expansion project, R & D and design center construction project, national strategic direct store construction project, and information construction project respectively. In July 2023, Zhong Qiao Sports was examined and questioned, but the reply to the inquiry was not disclosed until the withdrawal of IPO more than a year later.