The operating company of Exceed (NASDAQ:EDS) was founded in 2001 in Fujian. The company sells shoes and sportswear under the brand name nationwide in China. The company focuses on 2nd and 3rd tier cities where there is less competition from the more expensive or international brands. Research issued a report on this website (it can be viewed here) accusing the company of being a fraud. We address their claims herein. Photographic evidence shows that stores are being operated near or next door to stores of competitors which would indicate the distributors are at least making enough money pay similar rents.The biggest argument put forth to claim fraud is that the company has not paid any dividends or performed any share buybacks. In our analysis,
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Low Price Free Shipping Air Jordan 6 Infrared 2014, 2011 when they expire. According to the latest 20 F: outsource the production of a portion of our footwear and all of our apparel and accessories to contract manufacturers. Later in the 20 F we see that 55% of footwear volume was outsourced. On page 23,
Save Up To 70% Off Discount Air Jordan 5 Black Grape, we see that outsourcing for footwear is used when internal production capacity is at full utilization.Exceed products are then sold to third party distributors who in turn operate Xidelong branded retail stores. At the end of 2010,
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Cheap Price Fabulous Quality Promise Air Jordan 3 Retro Black Flip, a fair is held where Exceed displays new products for the upcoming season and distributors place orders with the company based on what kind of demand they expect. This is typical for China; Dongxiang (HK ticker: 3818 HK),
Womens Authentic Shoes Air Jordan 13 Birmingham Barons, Xtep (HK ticker: 1368 HK),
Buy Real Mens Shoes Air Jordan 10 Powder Blue 2014, and 361 Degrees (HK ticker: 1361 HK) all report selling in the exact same manner.The focus on expansion and the distributor model all lead to significant receivable days. Distributors are often times entrepreneurs who are well connected in their area. Because the brands all want to develop a large scale sales network quickly,
Find The Latest Style Of Air Jordan 9 Fontay Montana, they offer pretty lax credit terms to these distributors. As the probability of collecting a bad debt via a ruling against a powerful local in China is slim to none,
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Buy Online Stylish, but also leads to a desire to keep a creditworthy distributor happy. The table below shows the days of receivables for several Chinese sportswear brands and the relationship to sales growth:Days of ReceivablesSales GrowthEXCEED CO LTD34%97CHINA DONGXIANG GROUP CO7%LI NING CO LTD13%So,
Free Shipping Worldwide Air Jordan 1 Black Toe 2013, the more credit you extend,
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Cheap Price For 2014.Fast Shopping Military Blue 4s, when engaging in what management calls a grab as these brands try to establish themselves,
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Brand New For Sale Air Jordan 13 Birmingham Barons, as a burned distributor just goes belly up when he cannot get rid of excess inventories.Organizational Structure and HistoryExceed once tried to list on the HK stock exchange in 2008 as under the ticker HK in an IPO led by Goldman Sachs. Goldman Sachs had previously invested in the company via an issuance of convertible preferred shares.

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