The old godmother is really not listed in order to cheat money
most entrepreneurs, bitter for several years, only one goal, the company will be listed. But the old godmother founder Tao Huabi, guarding the huge industry, determined not listed. She once said, "the old godmother determined not listed, it is a family’s money." The following article analyzes why she says so, and has nothing to do with morality.
old godmother said "I determined not listed, it is a house of money", this to
completely from the emotional bias that listed = quanqian". This is not true:
1, old godmother if bigger and stronger is listed
I do not deny that Tao can withstand the temptation of capital appreciation is a moral behavior in the eyes of the public, but this is not a causal relationship with the listing. Why old godmother can not listed because of the characteristics of the resulting company. First of all, it is a light asset company, the production line of the initial investment is not high, there is not much technical content.
is the second product special, first it is consumer goods, higher profit margins, but it is not a large amount of consumer goods, eat a meal will drink two cans of herbal tea or cola, but not the normal time to eat a pot of old godmother, so its market position is actually growing in a the inside of the corner powers are ignored, the dominant position on the consumer’s reputation and habits (of course and better quality control, so it has a great relationship) gross profit does not require as large expenditures on advertising costs like Wuliangye and Moutai. Moutai’s net interest rate is already high, but if you look at the gross profit margin, the cost can be almost negligible.
if the powers to enter this market, need to pay a high price, in accordance with the Tao total nature, mergers and acquisitions is certainly not acceptable, so hard to do a new brand out of it, because the old godmother pricing has been relatively low, in the space of market segment limited, beyond the sauce products of digestion the speed is very slow, it is money and old godmother to hit and die, how much money can be put down in the old godmother is unknown. It is better to use the money to do a greater amount of oil and wine vinegar sauce. So the old godmother facing the threat of competition is not so fierce real.
finally because of the reasons for all cash settlement, excellent cash flow. So the old godmother to the existing business, can not see the urgent financing needs. So, not listed as old godmother can live well. As long as there is no diversification, the Chinese continue to love spicy food, to maintain quality, then this enterprise can do very long. But it doesn’t really have anything to do with moral integrity.
2 listed misappropriating
in a narrow sense, the listing of the issuance of 25% equity financing, the SFC pass strictly under high earnings release have disappeared, this process has already listed the "circle" is not how much money, you can see new > recently