On June 22, the China Securities Regulatory Commission website announced a summary of CITIC Securities’ counseling work on Zhejiang Shengtai Garment Group Co., Ltd. (hereinafter referred to as Shengtai Group). CITIC Securities believes that all aspects of Shengtai Group’s operations are basically standardized, there are no substantive issues affecting issuance and listing, and it meets the basic conditions for issuance and listing.
In February 2019, Shengtai Group appointed CITIC Securities to guide its initial public offering of RMB ordinary shares and listing. . The tutoring period starts in February 2019 and ends in June 2020.
Image source: ICphoto
small The editor found in Tianyan that on May 25, 2007, Shengtai Group was reorganized with a joint investment of 500 million yuan from Ningbo Shengtai Textile Co., Ltd., Youngor Clothing Holdings Co., Ltd., Japan’s Itochu Excellent Fiber (Asia) Co., Ltd. and others. Currently, Ningbo Shengtai Textile and Apparel Group is its controlling shareholder.
Since its establishment, Shengtai Group has been mainly engaged in cotton spinning, fabrics, garments, import and export trade, transnational production and operations, etc. Mainly serving multinational companies in the textile and apparel industry of domestic and foreign mid- to high-end brands.
In fact, the predecessor of Shengtai Group was Ningbo Youngor Rizhong Textile Printing Co., Ltd. The company officially went into production in 2003 and is mainly engaged in the production of high-end yarn-dyed and knitted fabrics. Before 2007, the company established a cotton spinning base in Xinjiang and a yarn-dyed fabric production base in Shengzhou, Zhejiang through investment and expansion.
According to the official website of Shengtai Group, in 2011, the reorganized Shengtai Group invested US$85 million to acquire Hong Kong’s largest clothing manufacturer, Xinma Garment Group, from Youngor. While covering the entire industrial chain, it has also acquired overseas production bases and management teams in Singapore and Malaysia.
Between 2013 and 2014, Shengtai Group successively opened a cotton spinning mill and a textile factory with an annual output of 45 million meters of high-end yarn-dyed fabrics and 40 million tons of high-end knitted fabrics in Vietnam. Deepen the group’s supply chain layout in Southeast Asia.
In the past five years, Shengtai Group has further expanded its overseas supply chain layout while completing the shareholding reform. Currently, Shengtai Group has opened garment production bases in four overseas countries, including Vietnam, Sri Lanka, Cambodia and Ethiopia. Domestically, Shengtai Group has opened boutique garment factories in Hunan, Anhui and Chongqing.
Currently, Shengtai Group has offices in Shanghai and Hong Kong, China, as well as New York, Dallas and Seattle in the United States. According to existing public information, as of the end of 2016, Shengtai Group’s global fixed assets had reached RMB 22,000, with 30,000 employees worldwide, and sales revenue of approximately RMB 6 billion.
It is worth noting that Shengtai Group’s second largest shareholder, Japan’s Itochu Corporation (hereinafter referred to as Itochu), is an old comprehensive trading company in Japan that has long been listed by Fortune magazine and was selected as one of the world’s top 500 companies. In 2019, the company ranked 65th on the Fortune Global 500 list.
ITOCHU has been engaged in the linen business since 1858. Over its more than 100 years of history, its business scope has expanded from textile fibers to machinery, metals, energy, chemicals, etc. Import and export trade work in the field.
According to Tianyancha information, Itochu entered the Chinese market as early as 1993, and through its Chinese subsidiary Itochu (China) Group Co., Ltd. Investment, covering trade, textiles, logistics, etc. Other Chinese companies in the textile and apparel field invested by Itochu include Shandong Ruyi Technology Co., Ltd., Shanshan Group, etc. </p
