Red Star Capital Bureau reported on May 18 that the Shanghai Stock Exchange announced that due to the withdrawal of Zhongqiao Sports' application for issuance and listing, the Shanghai Stock Exchange decided to terminate the review of Zhongqiao Sports' initial public offering of shares and listing on the main board of the Shanghai Stock Exchange.
As early as November 2011, Zhongqiao Sports, which was still called "Jordan Sports" at that time, was approved by the Issuance Examination Committee of the China Securities Regulatory Commission, but then fell into a trademark infringement storm.
After the launch of the full registration system, in March 2023, Zhongqiao Sports will restart its listing and sprint to the IPO on the main board of the Shanghai Stock Exchange, planning to raise 1.064 billion yuan. Recently, Zhongqiao Sports took the initiative to withdraw its listing application materials.
Regarding the voluntary withdrawal of the IPO application, Zhongqiao Sports said in an external statement, "The company has been operating steadily and performing well for a long time, and the board of directors of the company has decided to withdraw the IPO application after considering the adjustment of business decisions and strategic planning." The withdrawal of the application will not have an impact on the company's operation and long-term development, and the company will continue to pay attention to the dynamics of the capital market. The company will always maintain steady operation, continue to increase product research and development and market investment, and is committed to providing consumers with more and better products. ”
According to public information, Zhongqiao Sports is mainly engaged in the design, production and sales of sports shoes, sportswear and sports accessories.
Over the years, the dispute between Jordan Sports and NBA star Michael Jordan has become an obstacle on the way to the listing of Jordan Sports. In 2012, Michael Jordan accused Qiaodan Sports of infringing his name rights and asked the Trademark Review and Adjudication Board to revoke 79 registered trademarks.
On December 30, 2020, the Shanghai No. 2 Intermediate People's Court ruled that Jordan Sports Company publicly apologized to Michael Jordan in newspapers and online, and clarified the relationship between the two; Qiaodan Sports Company should cease using the trade name "Jordan" in its business name.
According to the national enterprise credit information publicity system, Qiaodan Sports Co., Ltd. changed its name on January 12, 2021, and the company changed its name to Zhongqiao Sports Co., Ltd.
In recent years, Zhongqiao Sports' net profit has declined, and the gross profit margin has continued to decrease. According to the prospectus, from 2019 to 2021 and the first half of 2022, Zhongqiao Sports' operating income was about 5.591 billion yuan, 4.928 billion yuan, 5.931 billion yuan and 3.099 billion yuan respectively, and after the operating income in 2020 fell by 11.85%, it rebounded by 20.36% in 2021.
During the same period, the gross profit margin of Zhongqiao Sports' main business was 31.99%, 29.83%, 28.23% and 27.51% respectively, of which the gross profit margin of clothing was relatively high, exceeding 30%; The net profit attributable to the owners of the parent company was 832 million yuan, 738 million yuan, 695 million yuan and 363 million yuan respectively, which also showed a downward trend year by year.
Edited by Yu Dongmei
(Download Red Star News, there are prizes for reporting!) ）