Can You Foresee The Future Of Birds Of Fortune?

According to the world clothing shoes and hats net, March 1st and 2nd, "14

"Bond resumption" fell nearly 90% on the two day, leaving only 15 yuan at the close, becoming the cheapest public company debt in the two cities.

The drop is expected.

Recently, various information shows that as a issuer, the Limited by Share Ltd of the riches and birds (1819.HK) should be extremely nervous. Investors are deeply concerned about whether the bond interest and interest can be repaid.

In fact, not only investors, even the legal heirs of the important shareholders of rich birds are denied inheritance because of their doubts about the company's huge debts and operating conditions.

In mid 2017, Lin Guoqiang, the executive chairman of the company, died because of 290 million yuan of personal debt, and his children sought to give up their property inheritance voluntarily.

"The financial situation and operating conditions of the birds and birds group are all very bad," said one source. "The most important reason is that the company failed to grasp the direction in 2016 and 2017."

Upgrading and upgrading of channels have not kept up, and have fallen into the P2P platform. It is very difficult to rise again. "

Rich bird group is a major shareholder of Fu's bird.

When asked about the future of rich birds, an industry analyst sighed with regret. "Some brands may be the process of disappearing slowly..."

In March 1st, the company's "14 lucky birds", which had been suspended for nearly a year and a half, welcomed the first trading day after the resumption of trading.

As expected, the "14 riches and birds" fluctuated sharply, and the market price dropped more than 80% on the first day of resumption.

Wind data show that on the same day, "14 birds and birds" had a total turnover of 4 pens, and 1 pactions in the morning were 20 yuan and 3 pactions in the afternoon. The paction price was 18 yuan, 17 yuan and 17.50 yuan respectively.

In March 2nd, "14 riches and birds" bonds continued to fall, with 0 hands traded in the morning.

But in the afternoon, the price fell 15.03 yuan, followed by 15 and 14.50 prices.

The biggest drop was 17.14%.

Near the end, it again traded at 15 yuan and closed at this price.

Before the resumption, the final trading date of "14 riches and birds" was August 26, 2016, closing price was 103.80 yuan, according to the price, its bond declines had been close to 90%.

At the same time, the price of 15 yuan has become the cheapest one of the two publicly traded corporate bonds currently traded.

Before the Spring Festival, the "14 riches and birds" bonds issued by rich birds were told that there was a huge risk.

From April 22, 2015 to April 24, 2015, fortune bird issued 800 million yuan in 2014 corporate bonds ("14 rich birds").

The interest rate of the bond is fixed for the first 3 years of the term of the bond, and is 6.30%; the coupon rate of the bond is calculated on the basis of the annual interest bearing interest on a single interest, excluding the compound interest, and the bond is an unsecured bond.

In February 9, 2018, the semi annual report of "Fu Guo bird Limited by Share Ltd bond (2017 Revision)" and the relevant information provided by the issuer to Guotai Junan showed that the investors of this bond had huge risks.

Because there is a large amount of illegal external guarantee and capital lending, and most of the pledge deposits have been deducted by banks. Land, equipment and inventory have been used to guarantee mortgage to varying degrees.

Up to now, the fortune bird company has at least 4 billion 909 million yuan, and the assets may not be recovered, including 165 million yuan in currency capital, 200 million yuan in accounts receivable, 200 million yuan in inventory, 4 billion 229 million yuan in other receivables, and 115 million yuan in fixed assets.

The bond is attached to the issuer's option to raise the coupon interest rate and the investor's option to sell back at the end of third, and the refunds date is April 23, 2018.

According to the relevant data, the total debts of the fortune bird company reached nearly 3 billion yuan in the middle of 2017. As of December 31, 2017, the demand deposits and working capital were less than 100 million yuan.

If the issuer can not recover and liquidate the relevant assets before the sale date, there will be significant uncertainties in the redemption of the refunds.

As early as January of this year, Rating firm Dongfang Jincheng lowered the main credit rating of fortune bird company to BB, the rating outlook was negative, and reduced the "14 fortune birds" credit rating to BB.

In mid 2017, the death of Lin Guoqiang, executive director of fortune bird, and the news of his children's refusal to inherit led to speculation about the financial situation and operation of rich birds.

After all, the brand has seen great potential.

Fortune bird is a typical family business, the largest in China.

Industrial base Shishi was founded in 1991, and in 1995 began to produce men's clothing, leather shoes, 1997 will expand the production line to women's shoes.

Business involves footwear, clothing, leather goods and other industries, and OEM processing or design OEM for COVANI, CONNI and many other foreign footwear brands to provide supply.

Before and after 2012, the lucky birds entered the most brilliant stage. First, they became the third largest brands of domestic business casual shoes manufacturers and the sixth largest brand shoe products manufacturers. Then, at the end of 2013, they caught up with the last train to IPO, and became the first well-known domestic private enterprise brand after the cancellation of "456" (400 million net assets, 50 million US dollar financing and 60 million yuan net profit) overseas listing threshold.

However, since the end of 2013, after the landing of the Hong Kong stock exchange, it has been difficult for the birds to submit their pcripts.

After the second year of listing (2014), the performance of rich birds fell.

According to the financial report, the net profit of lucky birds in 2014 --2016 was 450 million yuan, 390 million yuan and 160 million yuan respectively.

In the first half of 2017, the net profit of fortune bird turned to 10 million 880 thousand yuan, down 107.7% compared with the same period last year.

In recent years, the debt rate of rich birds has also increased year by year.

In 2014 -2016, the assets and liabilities of rich birds were 29.56%, 45.18% and 56.78% respectively.

During the above period, the financial costs of the birds were 23 million 901 thousand yuan, 63 million 18 thousand yuan, 73 million 592 thousand and 600 yuan, and 207.9% respectively in three years.

The above industry analysts said: "the performance of the birds after the listing has shown a downward trend, but in the past few years the whole industry has been in the cold winter, and its performance is not satisfactory."

Beginning in 2012, China's textile and garment industry has entered a trough.

In particular, the high inventory problem has broken the capital chain of some enterprises.

The holding ratio of public funds to the textile and garment sector can better reflect the expectations of the investors in the two tier market institutions. According to the position of the past ten years, 2013 -2014 is the low period of the public offering of textile and garment industry, corresponding to the overall bear market and the low level of the industry fundamentals of the two market.

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But the birds of fortune have lost key two years in the slide.

"2018 is the year when the textile and garment industry gets warmer."

The industry analysts said, "however, the birds may not be able to follow the industry again. It has lost two crucial years, that is, 2016 and 2017."

He said, "we have a feeling that in 2016 and 2017, especially in 2017, it is more obvious that these brands that originally located in the lower tier cities were very bad in 2017 if they did not make brand upgrading or channel upgrading."

A good example of A shares is 603555.SH. In fact, the sports brand in 2017 is still very good, but the performance of the birds is declining.

"Most of these companies are franchising channels. The same is true for birds." in fact, there is a lever in it. Once the terminal retail is down, the overall performance of the company will drop very fast.

The analyst explained.

"The energy of birds and birds has not been in the main business for a long time. They should have gone to P2P.

Lin Guoqiang had been secured by the financial loan contract of fortune bird group for 290 million yuan debt dispute, which may also be related.

Browse the relevant information, open the "P2P" platform with the "bird in the palm" platform, two win win clubs and Ding Dong wallet.

In October 2015, fortune bird became a major shareholder in Ding Dong's wallet.

At that time, P2P platform and listed companies "marriage", also counted on the thigh.

The main business of Ding Dong wallet is Shenzhen Zhong Rong Capital Investment Co., Ltd. (hereinafter referred to as "China financial capital"), which was established in August 20, 2013 with a registered capital of 50 million yuan.

According to Qixin Bao's data query, Fu Fu bird indirectly owns 80% stake in the fusion capital through its subsidiary company.

The product line of Ding Dong wallet covers listed companies supply chain finance, consumer finance, auto finance, information management products, overseas funds, etc., which mainly deals with short-term products with a yield of 8-12%.

However, the two sides held hands less than a year ago, and by September 1, 2016, the birds and birds stopped trading at the Hongkong stock exchange.

The reason for the suspension is explained according to the announcement of the bird of fortune, "failing to announce interim results on the stock exchange website" as required.

Why did the company not announce the interim results as required? The reason is that the subsidiaries of the company have provided guarantees to the interested parties and related parties.

The announcement also said that the guarantee was expected to be lifted by the end of September 2016.

However, I did not expect this suspension, until today, there is no resumption.

What is even more curious is that before becoming a shareholder in the Ding Dong wallet, rich birds used tens of millions of dollars to invest in another mutual gold platform called "win win society".

Relevant information shows that the top management team of the win win society is the top management team of Ding Dong wallet. However, the win win society has stopped issuing the bid in October 25, 2016, and its original non-standard financing function has been undertaken by the new platform Ding Dong wallet.

What is the story of this is unknown.

However, it is a "Gong Dou drama" before the public in front of investors.

In early October 2016, Chen Weisheng resigned as secretary and authorized representative of Limited by Share Ltd.

In November 22, 2016, the birds issued a notice that the board received a written request from 5 shareholders to request the board of directors to convene the general meeting of shareholders and to present a proposal to recall Chen Huamin and long Xiao Ning as an independent non-executive director at the meeting. He dismissed the motion of KPMG accounting office as a company auditor for consideration and approval by shareholders.

In June 2017, the birds announced that they had received the resignation letter jointly issued by Chen Minhua and Xiao Ning in June 14th, and the two resigned from June 14th as independent non-executive director of fortune bird.

Among the reasons for the 6 resignations announced by Long Xiaoning and Chen Huamin, there were differences between the company and the company regarding the disclosure of financial and announcements, including the fact that the birds did not reply to the Hongkong Stock Exchange on factual data; the reasons for the delayed publication of the financial statements and resumption were disagreed with the company's financial information and its mid term performance in 2016.

An investment bank insider who knows about the situation said: "actually, Lin Guoqiang, executive director of the death, has many undisclosed security issues, which are all pledged by personal deposit receipt. Later, these certificates of deposit are basically pferred to compensation.

But the specific whereabouts of personal debt is not clear.

In the wrong direction, the bird may face the problem of "disappear".

Despite the more positive news, the textile and garment industry in 2018 showed signs of steady recovery and structural recovery.

Taking into account the fact that the profits of the industry no longer deteriorate, the valuation pressure has been greatly slowed down, the overall institutional configuration is low, and the market concern is not high, the textile and garment sector has reached the stage of strengthening allocation, and the opportunities for individual stocks from bottom to top will gradually increase.

In the early February, Tencent's stake in Hai Lan's home also meant that the "new retail" war between Tencent and Ali led to the textile and garment industry.

Industry analysts believe: "Tencent's move is complete, Ali is likely to act.

Traditional textile and garment brands will benefit from the competition between them. "

However, for the birds of fortune, they may have missed the opportunity.

More interesting reports, please pay attention to the world clothing shoes and hats net.