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“One Generation Shoes” Belle was privatized by Gao Yu Capital, and the capital market was commended.

On October 10, Belle International’s sports business sector “Fighting International” was officially listed on the Hong Kong Stock Exchange. The first day closed at HK $ 9.25 / share, rising 8.82%, the total market value of 48.757 billion.

Gao Yu Dinghui Function, Welling International Landing HKE

Fighting International is listed on the Hong Kong Exchange


On October 10, there were two new stocks listed on the Hong Kong Stock Exchange and have a market watch: First, the 360 ​​Lu Master, the second is to fight international.

According to the data reported by Franist Shari, 2018, the international sales market share of China’s sports shoes reached 15.9%, the second lead 4.3%, is China’s largest sports shoes retailer. According to the prospectus of the prospectus, after 20 years of development, the mainstay has built the largest sports shoes in China, and the network has more than 268 cities in China, including 8372 straight shops and 1957. Store operated by a downstream retailer.

Currently, the international division is the largest retail partner and customers in China, respectively; with Nike cooperation starts in 1999, 2004, the international sports brand giant Adidas began to cooperate with another sports brand giant Adidas in 2004. The intention of intensive sports, the cost of 11 international sports, trends, outdoor brands: Nike, Adidas, Puma, Converse, Timberland, Vans, The North Face, ASICS, Onitsuka Tiger, ReeBok, Skecher, etc.

Since the 1990s, the intersection began to participate in sports products. In 2000, the trial of the new channels, continuously enriched the brand portfolio, 2010, expanded to outdoor and sports fashion categories, and gradually explored the business model of multi-brand collection store in sports supplies, have created Topsports Sports City, TOPSports Multi-store, TOPSNEAKER trend collection shop; 2018, the FOSS brand has also been acquired.

List of directions

According to the prospectus, in 2016, in 2017, the three annual revenues of 2018 were 21.69 billion yuan, 26.55 billion yuan, 32.564 billion yuan; profits were 1.317 million yuan, 1.436 billion yuan, 1.299 billion yuan.

In April 2017, Belle International received the approval of the acquisition person based on high-level capital and Dinghui investment, and completed Hong Kong stock privatization with the amount of HK $ 45.3 billion per share. At that time, the privatization reasons given by Belle International was to consolidate its long-term leadership in China’s women’s shoes market, avoid short-term interference and pressure from the stock market.

From an equity structure, Belle International is owned by Muse Holdings by wholly-owned subsidiaries Muse B and Muse M. Muse Holdings, is divided by wise, Hillhouse HHBH (high-grade capital) and SCBL hold 46.36%, 44.8%, and 9.16% equity. Among them, the entrepreneurial entrepreneurship is held directly or indirectly from the advanced management members of Belle International; while SCBL is controlled by Dinghui investment. In short, the bang international is a series of restructuring and split by Belle International.

If in 2005, 2006 Dinghui Investment Investment Beli International, Dinghui Investment and Belle International’s cooperation adheres to the whole 15 years and never gives up.

Among them, the private equity unit Dinghui has jointly acquired Baroque Group in 2013, three years later, Baroque Group is listed in the Tokyo Exchange. In May 2017, Dinghui joined for high-rise to acquire and privatizes Belle International.

Among the listings of the International Directors, Executive Directors and CEOs in Wu, 52 years old, responsible for the Group’s overall strategic planning and business management. The 67-year-old Belle International founded partner Sheng Pepper, served as the International Chairman and Affairs Directors; the nephews of Sheng Pepper were held, 46 years old this year, Non-executive director.

Strong international executive layer is on the listing ceremony

Belle (Belle) footwear brand was founded by Dun Yao, Hong Kong. In November 1991, when Deng Yao established Shenzhen Baili Shoes, the Ningbo people, who grew up in Shanghai, gave up the position of the university teachers, and served as Belle. manager. Sheng Pepper is 18 years old than the founder of the founder, in 2011, Deng Yao was admitted to the hospital because of stroke, Sheng Pieryi was hanging on the full power.

In 2017, Belle privatizes retreats, Deng Yao, Sheng Pipi, selling some shares in the best cooperative unit, and is now free.

Graduated from the CEO of Shandong University of Architecture, in Wu, in the field of shoes and clothing, in the field of shoes, I have served as President of Belle International Sports Division.

Bai Pepper, flour, Yu Wu, etc. Beli-class people can continue to serve as the high-management layer of the international, from some extent, the investment institution is high, and Dinghui’s affirmation of its ability and level.

It is worth noting that Dinghui said in the relevant press release: “In the past 15 years, I thank the Belle International team to always maintain the innovation and professionalism, self-evolution growth consciousness, and have achieved the operational efficiency and consumer service experience of its leading industry.”

President of Dinghui, founded partner

Dinghui Insurance was established in 2002, one of China’s largest alternative asset management agency, his predecessor is the direct investment department of China International Finance Co., Ltd., which originated in private equity investment.

Dinghui’s investment president, the founding partner Jiao Zhen once said: “

Investing is a painful ship, happiness is just one stop. The first finding money is very important, and the second partner is also difficult.


“In private raw circle, Jiao Zhen is” Duan Zi “, a lot of golden sentences; for example, he said: Now everyone is more impetuous, all actors are singing, and the A round is me to sing, you buy tickets, B round The two sing him to buy a ticket, buy each other, the audience is not coming, and I don’t know the future, and it is possible to suddenly a gust of the audience.

Among the list of non-executive directors, Zhou Ji, who was appointed for non-executive directors, was 47 years old and is a partner of high-level capital. Non-Executive Directors Weng Yunjing, currently the Gao Rong Capital Assistant Legal, she is 36 years old.

What is the international value worth 48.7 billion?


Compared with 218% of the 360 ​​Lu Master, the international day has increased by only 8.82% on the day, and the maximum increase in the market is only 11.76%. The performance of the stock price indicates that there are still some future performances of the market investors. Worry and restless.

On July 25, 2017 (Cayman Islands Time), Belle International announced that the privatization proposal was officially entitled, and the Hong Kong Joint Exchange was revoked on the listing status. Time, Belle International CEO said: “The company’s privatization proposal has received more than 98% of shareholders, I am deeply pleased, and I sincerely thank the shareholders’ support for years of support. With high-rise capital and Dinghui investment Advantageous resources, combined with the new generation of management, I sincerely hope that the Group can implement the necessary business transformation and achieve long-term, sustainable growth. “


At the same time, Zhang Lei, the Gao Rong Capital, and CEO, said: “We will see the support and affirmation of the privatization program. We are convinced that the high-end team will help Belle International in the challenging retail market environment. Implementing the transformation leading to scientific and technological innovation, thereby retreats long-term market competitiveness. “

Dinghui investment representative also shows his attitude: “For many years, Dinghui and Belle international storms, very happy company’s privatization proposal is recognized by shareholders and passed smoothly. We look forward to working with high-rise capital and Belle International Implement the company’s future business transformation. “

Original Belle International CEO, now the International Chairman

Objectively speaking, the privatization is an aspect, and the transformation is an aspect, and it is more important to have a difficult situation in the world. Before returning, Belle International Performance is a new low in nine years; Belle International CEO Sheng Pepper said:

The last “transcript” of Belle, the uncomfortable thing is very uncomfortable.

The founder of Belle Group, “Shoes King” Deng Yao, from the 1950s, as an apprentice, playing in the footwear industry for decades; and Deng Yao fights the two palms of the two palms of the world, from A teacher to CEO is also quite not easy. I have always wanted to lead Belle’s transformation, but it is a second year ago, Belle “selling” privatization ending, Sheng Bai Poi Gao said: “

People are not gods, they are likely to make mistakes, the key is how to correct it after mistaken.

Back to the end, let’s talk about the international!

In the moment, there are 8,372 direct storage shops, which is the most widely covered sports shoes and suits. If you use more straightforward words: Belle International’s sports business sector subsidiary is in fact, is one of the most influential “middlemen” in sports brand market.

As the “middle business”, there is a fatal weak point, that is, you must see the face of Nike, Adidas, etc. International well-known sports brands. Of course, a coin will have two sides, the biggest “soft”, and the biggest “highlight”.

Cai Peijun, Executive Director Baocheng Group (right)

Another angle of assessing the internationality of the international, that is, who is still looking at it, who is chasing the soldiers.

From the 2018 data released from the consultation company Frost & Sullivan, in China’s domestic sports shoes retail market, the market share of the international market share is 15.9%, the roaster of dragons, but, followed, that is, the second place is treasure Sheng International, the market share is only 4.3 percentage points.

In the global footwear, the status of the global footwear industry – Baocheng International Group, and the status of Guohai in the communication electronics industry in Honghai, and even more prominent. Baocheng is 5 years old. I haven’t gone from the campus yet.

In every 5 pairs of shoes around the world, there is a pair of global famous sports brands from “Global Exploratory Shoes”, which is the world-famous sports brand, including Adidas, Nike, Converse.

Listed company “Bao Sheng International”, founded in 1992, only one of the business segments under Baocheng’s Yuyuan Industry (Group) in the early years; now, it is a largest sports and apparel product retailer and agents one.


At present, Cai Qi Rui, Cai Peijun’s father and female, the Baocheng foundry model, became a lot of industries to rush to study the role, Lian Honghai Guo Taiming, Heng’an Xijie, Anta boss Ding Shizhong and others, all came to work.

Bao Cheng Group founder Cai Qi Rui (left 2)

Bao Cheng Group founder Cai Qi Rui’s father Cai Yuyuan, the ancestral home of Fujian, in the early years of Taiwan Luang town, relying on the talents made from the tracha.

The so-called “release” is “founder”, find some families hand-woven sandbags, and then sell it to all over the place, the small workshop started in 1961, Taiwan is still in the agricultural society. In the future, the “Yuyuan Industry” founded by the Cai’s family is known as the “Yunyuan Industry” of Dongguan’s first largest factory is named by the name of the family generation founder Cai Yuyuan.

At present, the “vertical layout” model of Cai Qi Fu family is pioneering space in the upper and downstream of the footwear, which has high integrated ability, which greatly reduces the uncertainty of the market.


Baicheng Group’s factory is distributed in mainland China, Indonesia, Vietnam, China, etc.


In addition, the Cai’s family is a vertical integration of the industrial chain, in fact, it is to optimize the technological innovation and quality to the port of the industrial chain, thereby forming an industry barrier to obtain more profits.

Bao Sheng International with the intersection of the international business, listed in the Hong Kong Exchange in 2008. In addition to the capital market in Taiwan, Yunyuan Group is listed in Hong Kong in 1992 and is one of the Hong Kong market performance. In 2000, Yunyuan Group has become the world’s first sports shoes producer.

In other words, the second Baosheng, which is currently temporarily temporary, there is a lot of unique competitive advantages, and even the possibility.

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