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JNBY Design Limited 江南布衣有限公司 PDF

460 Pages·2016·3.43 MB·English
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Preview JNBY Design Limited 江南布衣有限公司

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Post Hearing Information Pack, make no representation as to its accuracy or completeness and expressly disclaim any liabilitywhatsoeverforanylosshowsoeverarisingfromorinrelianceuponthewholeoranypartofthecontentsofthisPost Hearing Information Pack. Post Hearing Information Pack of JNBY Design Limited 江南布衣有限公司 (Incorporated in the Cayman Islands with limited liability) WARNING The publication of this Post Hearing Information Pack (“PHIP”) is required by The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) and the Securities and Futures Commission solely for the purpose of providing information to the public in Hong Kong. This PHIP is in draft form. The information contained in it is incomplete and is subject to change which can be material. By viewing this document, you acknowledge, accept and agree with JNBY Design Limited (the “Company”), its sponsor, advisers and members of the underwriting syndicate that: (a) this document is only for the purpose of providing information about the Company to the public in Hong Kong and not for any other purposes. No investment decision should be based on the information contained in this document; (b) the publication of this document or any supplemental, revised or replacement pages on the Stock Exchange’s website does not give rise to any obligation of the Company, its sponsor, advisers or members of the underwriting syndicate to proceed with an offering in Hong Kong or any other jurisdiction. There is no assurance that the Company will proceed with any offering; (c) the contents of this document or supplemental, revised or replacement pages may or may not be replicated in full or in part in the actual final listing document; (d) thisPHIPisnotthefinallistingdocumentandmaybeupdatedorrevisedbytheCompanyfromtimetotime in accordance with the Listing Rules; (e) thisdocumentdoesnotconstituteaprospectus,offeringcircular,notice,circular,brochureoradvertisement offering to sell any securities to the public in any jurisdiction, nor is it an invitation to the public to make offers to subscribe for or purchase any securities, nor is it calculated to invite offers by the public to subscribe for or purchase any securities; (f) this document must not be regarded as an inducement to subscribe for or purchase any securities, and no such inducement is intended; (g) neither the Company nor any of its affiliates, sponsor, advisers or members of its underwriting syndicate is offering, or is soliciting offers to buy, any securities in any jurisdiction through the publication of this document; (h) no application for the securities mentioned in this document should be made by any person nor would such application be accepted; (i) theCompanyhasnotandwillnotregisterthesecuritiesreferredtointhisdocumentundertheUnitedStates Securities Act of 1933, as amended, or any state securities laws of the United States; (j) as there may be legal restrictions on the distribution of this document or dissemination of any information containedinthisdocument,youagreetoinformyourselfaboutandobserveanysuchrestrictionsapplicable to you; and (k) the application to which this document relates has not been approved for listing and the Stock Exchange and the Securities and Futures Commission may accept, return or reject the application for the subject public offering and/or listing. If an offer or an invitation is made to the public in Hong Kong in due course, prospective investors are reminded to make their investment decisions solely based on the Company’s prospectus registered with the Registrar of Companies in Hong Kong, copies of which will be distributed to the public during the offer period. THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT IMPORTANT If you are in any doubt about any of the contents of this document, you should obtain independent professional advice. JNBY Design Limited 江南布衣有限公司 (Incorporated in the Cayman Islands with limited liability) [REDACTED] Number of [REDACTED] under the : [REDACTED] Shares (comprising [REDACTED] [REDACTED] new Shares and [REDACTED] and subject to the [REDACTED]) Number of [REDACTED] : [REDACTED] Shares (subject to adjustment) Number of [REDACTED] : [REDACTED] Shares (comprising [REDACTED] new Shares and [REDACTED] and subject to adjustment and the [REDACTED]) Maximum [REDACTED] : HK$[REDACTED] per [REDACTED], plus brokerage of 1.0%, SFC transaction levy of 0.0027% and Stock Exchange trading fee of 0.005% (payable in full on application in Hong Kong dollars and subject to refund) Nominal value : HK$0.01 per Share Stock code : [REDACTED] Sole Sponsor [REDACTED] [REDACTED] [REDACTED] HongKongExchangesandClearingLimited,TheStockExchangeofHongKongLimitedandHongKongSecuritiesClearingCompanyLimitedtake no responsibility for the contents of this document, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoeverforanylosshowsoeverarisingfromorinrelianceuponthewholeoranypartofthecontentsofthisdocument. Acopyofthisdocument,havingattachedtheretothedocumentsspecifiedinthesectionheaded“DocumentsDeliveredtotheRegistrarofCompanies andAvailable for Inspection” inAppendixV, has been registered by the Registrar of Companies in Hong Kong as required by Section 342C of the Companies(WindingUpandMiscellaneousProvisions)Ordinance(Chapter32oftheLawsofHongKong).TheSecuritiesandFuturesCommission ofHongKongandtheRegistrarofCompaniesinHongKongtakenoresponsibilityforthecontentsofthisdocumentoranyoftheotherdocuments referredtoabove. The[REDACTED]isexpectedtobedeterminedbyagreementbetweenthe[REDACTED](onbehalfoftheHongKongUnderwriters)andourCompany on or about [REDACTED] and, in any event, not later than [REDACTED]. The [REDACTED] will be not more than HK$[REDACTED] per [REDACTED]andiscurrentlyexpectedtobenotlessthanHK$[REDACTED]per[REDACTED],unlessotherwiseannounced.Investorsapplyingfor the[REDACTED]mustpay,onapplication,themaximum[REDACTED]ofHK$[REDACTED]per[REDACTED],togetherwithbrokerageof1.0%, SFCtransactionlevyof0.0027%andStockExchangetradingfeeof0.005%,subjecttorefundifthe[REDACTED]islessthanHK$[REDACTED]per [REDACTED]. The[REDACTED](onbehalfoftheHongKongUnderwriters),withtheconsentofourCompany,mayreducetheindicative[REDACTED]rangestated inthisdocumentand/orreducethenumberof[REDACTED]beingofferedpursuanttothe[REDACTED]atanytimeonorpriortothemorningofthe lastdayforlodgingapplicationsunderthe[REDACTED].Insuchacase,noticesofthereductionoftheindicative[REDACTED]rangeand/orthe numberof[REDACTED]willbepublishedintheSouthChinaMorningPost(inEnglish)andtheHongKongEconomicTimes(inChinese)notlater thanthemorningofthelastdayforlodgingapplicationsunderthe[REDACTED].Furtherdetailsaresetoutinthesectionheaded“Structureofthe [REDACTED]”and“HowtoApplyfor[REDACTED]”inthisdocument.If,foranyreason,the[REDACTED]isnotagreedbetweenourCompanyand the [REDACTED] (on behalf of the Hong Kong Underwriters) on or before [REDACTED] (Hong Kong time), the [REDACTED] (including the [REDACTED]) will not proceed and will lapse. Please also see the section headed “Underwriting — UnderwritingArrangements and Expenses — [REDACTED]—[REDACTED]”inthisdocument. The[REDACTED]havenotbeenandwillnotberegisteredundertheU.S.SecuritiesActoranystatesecuritieslawintheUnitedStatesandmaynot be offered, sold, pledged or transferred within the United States.The [REDACTED] may be offered, sold or delivered outside the United States in offshoretransactionsinaccordancewithRegulationS. [REDACTED] THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT EXPECTED TIMETABLE [REDACTED] — i — THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT EXPECTED TIMETABLE [REDACTED] — ii — THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT EXPECTED TIMETABLE [REDACTED] — iii — THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT CONTENTS IMPORTANT NOTICE TO INVESTORS This document is issued by JNBY Design Limited solely in connection with the [REDACTED] and the [REDACTED] and does not constitute an offer to sell or a solicitation of an offer to buy any security other than the [REDACTED] offered by this document pursuant to the [REDACTED]. This document may not be used for the purpose of, and does not constitute, an offer or invitation in any other jurisdiction or in any other circumstances. No action has been taken to permit a [REDACTED] of the [REDACTED] in any jurisdiction other than Hong Kong and no action has been taken to permit the distribution of this document in any jurisdiction other than Hong Kong. The distribution of this document and the offering of the [REDACTED] in other jurisdictions are subject to restrictions and may not be made except as permitted under the applicable securities laws of such jurisdictions pursuant to registration with or authorization by the relevant securities regulatory authorities or an exemption therefrom. You should rely only on the information contained in this document and the [REDACTED] to make your investment decision. We have not authorized anyone to provide you with information that is different from what is contained in this document. Any information or representation not made in this document must not be relied on by you as having been authorized by us, the Sole Sponsor, [REDACTED], [REDACTED] and [REDACTED], the Underwriters, any of our or their respective directors or any other person or party involved in the [REDACTED]. Page Expected Timetable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . i Contents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . iv Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Glossary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 Forward-looking Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 Waivers from Strict Compliance with the Listing Rules . . . . . . . . . . . . . . . . . . . . . . . . . . . 64 Information about this Prospectus and the Global Offering . . . . . . . . . . . . . . . . . . . . . . . . 66 Directors and Parties Involved in the Global Offering . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70 Corporate Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73 Industry Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 Regulatory Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85 — iv — THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT CONTENTS Page Our History and Development. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95 Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117 Relationship with Our Controlling Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 177 Connected Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 183 Share Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 192 Cornerstone Investor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 195 Substantial Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 198 Directors and Senior Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 Financial Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 213 Future Plans and Use of Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 278 Underwriting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 281 Structure of the Global Offering . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 294 How to Apply for Hong Kong Offer Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 305 Appendix I — Accountant’s Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-1 Appendix II — Unaudited Pro Forma Financial Information . . . . . . . . . . . . . . . . . . II-1 Appendix III — Summary of the Constitution of Our Company and Cayman Companies Law . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . III-1 Appendix IV — Statutory and General Information . . . . . . . . . . . . . . . . . . . . . . . . . IV-1 Appendix V — Documents Delivered to the Registrar of Companies and Available for Inspection . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . V-1 — v — THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT SUMMARY This summary aims to give you an overview of the information contained in this document. As it is a summary, it does not contain all the information that may be important to you and is qualified in its entirety by and should be read in conjunction with the full text of this document. You should read the whole document before you decide to invest in the [REDACTED]. There are risks associated with any investment. Some of the particular risks in investing in the [REDACTED] are set forth in “Risk Factors”. You should read that section carefully before you decide to invest in the [REDACTED]. OVERVIEW We are a leading designer brand fashion house based in China. According to CIC, we had the largest market share of 9.6% in the PRC designer brand fashion industry and had a market share of 0.2% in the PRC apparel industry, each as measured by total retail sales in 2015. We design, promote and sell contemporary apparel, footwear and accessories for women, men, children and teenagers. According to CIC, the PRC designer brand fashion industry is a fast growing market segment in the apparel industry primarily due to consumers’ increasingly sophisticated taste in fashion and growing desire to pursue greater individuality and uniqueness in clothing. The total retail sales of the PRC designer brand fashion industry have grown by a CAGR of 26.2% from 2011 to 2015, and are expected to grow by a CAGR of 26.7% from 2016 to 2020, according to the same source. Our Brands and Products Our brand portfolio currently comprises five brands — (i) JNBY, (ii) CROQUIS, (iii) jnby by JNBY, (iv) less and (v) Pomme de terre, each targeting a distinct customer segment and having a uniquely defined design identity based on our Group’s universal brand philosophy — “Just Naturally Be Yourself”, which seeks to convey our belief in embracing independent thinking, independent expression, distinctive trends and allowing consumers to derive greater joy from their attire. Our products target middle- and upper-income customers. The table below sets forth a breakdown of our revenue by brand, each expressed as an absolute amount and as a percentage of our total revenue, for the years indicated. Fiscal 2014 Fiscal 2015 Fiscal 2016 RMB’000 (%) RMB’000 (%) RMB’000 (%) Revenue Women ............................... 1,104,058 79.8 1,200,762 74.4 1,320,295 69.3 JNBY ............................... 1,029,632 74.4 1,110,500 68.8 1,197,610 62.9 less ................................. 74,426 5.4 90,262 5.6 122,685 6.4 Men ................................... 237,781 17.2 298,058 18.5 379,595 20.0 CROQUIS ........................ 237,781 17.2 298,058 18.5 379,595 20.0 Children ............................ 41,596 3.0 114,273 7.1 202,752 10.7 jnby by JNBY .................. 41,596 3.0 114,273 7.1 202,752 10.7 Pomme de terre (1) ........... — — — — — — Total revenue ..................... 1,383,435 100.0 1,613,093 100.0 1,902,642 100.0 Note: (1) We introduced Pomme de terre in March 2016, opened the first Pomme de terre store in July 2016, and did not record any revenue under this brand during the Track Record Period. — 1 — THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT SUMMARY The following table sets forth a breakdown of the gross profit and gross profit margin of each of our five different brands for the years indicated. Fiscal 2014 Fiscal 2015 Fiscal 2016 Gross Profit Gross Profit Gross Profit Gross Profit Margin Gross Profit Margin Gross Profit Margin RMB’000 (%) RMB’000 (%) RMB’000 (%) JNBY ................................... 579,373 56.3 665,309 59.9 727,430 60.7 CROQUIS............................ 156,599 65.9 201,847 67.7 259,396 68.3 jnby by JNBY....................... 22,814 54.8 68,697 60.1 124,647 61.5 less...................................... 44,190 59.4 54,698 60.6 78,986 64.4 Pomme de terre.................... — — — — — — Total.................................... 802,976 58.0 990,551 61.4 1,190,459 62.6 — 2 — THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT SUMMARY Our Business Model We operate a highly integrated business model, which enables us to seamlessly and efficiently connect each critical stage of our business operations. Our business model is illustrated in the following diagram. 9-12 months Product Fashion trend development before planning and Supporting launch of departments: design each - Statistics and data collection analysis Seasonal theme development - R&D (material R&D / material selection / product design) Feedback - Supply chain - Marketing Sample apparel production (note 1) / Pricing strategy development 4-6 months Sample apparel before Trade fair and launch of ordering Trade fair each (fashion show / seasonal fashion theme collection; introduction) Order placement Order placement by distributors / order placement by company 2-5 months before Quality launch of Supply chain inspection Raw material each management Quality selection collection control Raw material procurement Onsite quality Production inspection OEM outsourcing management (includes procurement for certain Information raw material) management system Quality Inventory inspection return / quality control Warehousing, logistics and delivery for Real-time returned inventory inventory monitoring/ In-season products Online and Sales and offline distribution Off-season products information feedback/ (cipnOhltaametnfronancire-mtli v) e Tohpsiretreodrtar-aeptiesla d r ty oprSeeretalatfie-l d Omsntoolbirniele e / s(Ontooutrteel e2s)t Aoprldaddceeirtsmi o ennatl Launch (note 3) stores Membership End customers management Process carried Note 1: Sample apparel production carried out by Hangzhou JNBY out by the Group Note 2: Outlets are mainly self-operated with some being distributor-operated Note 3: Includes distributor-operated stores and stores operated by overseas customers Process carried out by other parties — 3 —

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The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Post Hearing Information Pack, joined Alibaba Group and served as senior vice president of the B2B Division from November 2006 to January 2007, and president of
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