How Can Chinese Shoe Enterprises Repay Debts Under The Premise Of Capital Chain Being Trapped?

　　 Hu Fulin, the "boss of runaway", began paying his debts in Wenzhou.

Since July 2011, an "earthquake" type of private debt crisis erupted in Wenzhou, triggering hundreds of business owners to "run away", hundreds of businesses to close down, and more than 10 people to commit suicide. Hu Fulin, the chairman of Wenzhou Xintai group, which has debts of 1 billion 200 million yuan, has aroused strong social repercussions. 20 days later, he was inspired by Premier Wen Jiabao's visit to Wenzhou and encouraged by the General Chamber of Commerce of Wenzhou, and plucked up courage to rebuild confidence and return to Wenzhou. Now, the revitalization of enterprises is facing a "dawn".

　　 Funds break "ten cans three covers"

Xintai Group Co., Ltd. is the leading leader in Wenzhou's spectacles industry. It has been ranked among the top five among the Chinese counterparts. The brand "dolphin" created by enterprises is the only well-known trademark in China's glasses industry.

China's eyeglasses industry is one of the top four in the world, but Japan and South Korea are basically in the traditional, labor-intensive, low value-added and large scale industries. In 2008, Xintai group, under the stimulation of the state's active fiscal policy and loose monetary policy, aimed at the transformation and upgrading of enterprises, ruled out the temptation of real estate exorbitant profits, called itself "lofty sentiments", and concentrated investment in the solar photovoltaic industry. 3 solar energy production bases were set up in Ouhai District, Pingyang county and Jinhua Pujiang County in Wenzhou, with a total investment of 650 million yuan, and the "photovoltaic" industry, which is called "high tech" and "Chaoyang", aims to put the "satellite" into account: the output value of 5 yuan is 10 billion yuan. Because of investing in solar energy, chain store eyewear brand and building 160 thousand square meters of shopping malls and factory dual-use rooms, they borrowed 600 million yuan from banks and folk, totaling 1 billion 200 million yuan.

Solar energy is a "burning money" industry. To his surprise, the European debt and the US debt crisis caused the international market and overcapacity. The European and American governments abolished subsidies for solar energy, and their profit margins plummeted from 70% to 10%.

In 2011, the national monetary policy tightened, and Hu Fulin's 1 billion 200 million yuan debt led to the danger of "three cans of ten cans" (the capital's capacity was only 3/10). Under the crisis, the profit margins of enterprises have been compressed, banks have changed their faces, they are no longer optimistic about solar energy, but they are also borrowing money and lending money. Private lending is also running frequently. Under these three "extrusion", the enterprise capital chain is broken, and Hu Fulin is forced to "run away".

Hu Fulin "ran", the network explosion heat, he was pushed onto the cusp, became the focus of public opinion.

This private debt crisis caused great attention of the State Council. In October 4, 2011, Premier Wen Jiabao went directly to Wenzhou to investigate and investigate, and put forward opinions on supporting the small and medium enterprises in terms of finance, finance and taxation.

Premier Wen's trip to Wenzhou and the encouragement of the main leaders of the Wenzhou General Chamber of Commerce have shocked Hu Fulin's heart and stirred the heartstrings of his return, so that he saw confidence and hope.

"I have been in business for more than 30 years, and I have worked hard to create this career. I just walked away and left it unworthy of my heart." Hu Fulin said. {page_break}

In October 10th, he finally plucked up the courage to return to Wenzhou from the United States. He said that with the support of the government and the General Chamber of Commerce of Wenzhou, efforts should be made to save themselves, transform crises into opportunities and revive enterprises.

　　 Reluctantly give up love, transformation and upgrading crisis

With the long way to go, Hu Fulin set up a "rescue market" team under the support of many parties to assess the situation and kill blood from industrial transformation and upgrading. The company originally operated three major industries: Dolphin brand export spectacles manufacturing, international spectacle brand chain operation, and solar crystalline silicon production. Faced with great difficulties, Hu Fulin has implemented the "rescue project" under the principle of maximizing the protection of the interests of creditors under the three lines.

In the form of "debt to equity swap" in the spectacle industry, we reorganize the team and set up a professional eyewear company as the core of the "dolphin" brand, increasing export volume and upgrading product grades and added value. After the restoration of production, sunglasses set a monthly output value of more than 1 thousand yuan.

After the Spring Festival this year, he began to return 5% of the debt to 400 glasses suppliers. Up to now, he has paid about 3000000 yuan. Chen Yongxi, the boss of Heng Tian mould company, thought that Hu Fulin owed about 500000 yuan, but he never thought he would repay the debt. "Hu Fulin is indeed a hard code. He is really a trustworthy man." Chen Yongxi said.

International glasses brand chain Management Constrained by insufficient funds, he lost his job to protect his car, reluctantly gave up his love, and gave up decisively to revitalize his assets and concentrate on limited funds to run the "dolphin" national brand.

Saving solar energy is the top priority of the battle. With the understanding and support of the vast majority of creditors, he also turned to "debt to equity swap". A creditor was owed $1 hundred million by Hu Fulin. In helplessness and hope, he was willing to join hands with Hu Fulin in tears and tears. On the other hand, "holding the group for the winter", the 6 upper, middle and lower reaches of the joint solar energy industry chain set up a "photoelectric company" to form a mutually beneficial alliance of mutual supply and mutual sale products.

In order to solve the problem of financing by multiple channels, Hu Fulin once again reluctantly gave up his love, and stripped the "photoelectric company" several high-tech core production lines, cut off this quality asset and cooperated with a domestic solar energy listed company, and created a new company to operate to achieve the main breakthrough and double win.

　　 "Excellent two into three", Xintai will be reborn.

Hu Fulin positioned the most fundamental and long-term "rescue project" of the enterprise in "excellent two into three", opened up third industries, and built a large shoe and shoe material market in Wenzhou.

A few years ago, Hu Fulin set up a large number of models of high-end shopping malls in the vicinity of Wenzhou's EMU station, which is popular in the future, with a large area of 120 mu. At the end of 2011, 140 thousand square meters were built, and more than 20 thousand square meters are being built.

Wenzhou is known as the "shoes capital of China". Its annual industrial output value is 83 billion yuan, which is the leader of 16 industries in the whole city. Wenzhou shoe industry chain and even the national shoe industry are matched with huge shoe leather. Raw and auxiliary materials Market. At the end of 2011, in order to promote the transformation and upgrading of the footwear industry in Wenzhou, the Wenzhou municipal government decided to move the original shoe market which was backward and low.

Hu Fulin seized this great opportunity and actively supported the municipal government and the shoe leather association to transform the 160 thousand square meter shopping mall built by Xintai into a large shoe and shoe material market in Wenzhou. "We are not simply moving the market, but introducing world-class ideas, technology, technology, management and talent, and upgrading it to the R & D, design, information, display and trading center of the shoe leather industry in China, leading the development of the global shoe leather material industry from Wenzhou, both at home and abroad." Hu Fulin said.

Having experienced a painful debt crisis, Hu Fulin has a deeper understanding of running a good industry and deepened his understanding of "sunny umbrella". He said, "now I want to understand," bailout "really needs money, but what I need more is not money, but policy I yearn for the strong support of the government and national policies and rely on my own efforts to get out of the crisis.