Riches And Birds: Employees' "Drain" Benefit Performance Decline

According to the world clothing shoes and hats net, in March 22nd,

(01819, HK) issued a notice on receipt of the investigation report of the China Securities Regulatory Commission, saying that because the company was suspected of information disclosure and illegal use of bond raising funds, the SFC decided to file a case investigation on the basis of relevant regulations.

On the same day, the resumption of the "14 riches and birds" bond fell again, dropping from 22.69 yuan to 13 yuan, or 42.71%.

In March this year, the price of "14 rich birds" suspended for a year and a half, on a few trading days, fell from $103.8 to a minimum of 8.5 yuan, or 90%.

The main reason for the collapse of the "14 rich birds" after the resumption of cards is that investors are worried about the risk of principal and interest payment.

In February 2018, fortune bird announced that there was a major uncertainty in the solvency of this bond.

In March 21st, a reporter interviewed at the headquarters of Fu Shi bird in Shishi, Fujian, saw that some of the workshops were in a state of shutdown.

Some workers told reporters that the company's production line staff significantly reduced, but did not appear in arrears of wages.

Employee turnover

In the afternoon of March 21st, reporters visited Fu's bird's dormitory.

This is lunch break. Almost all dormitory doors are closed.

Xiao Liu, a young fellow from Fuyang, Anhui, is playing on his cell phone in bed. The other three roommates are playing with mobile phones.

"I will go to work soon, and I will be in the dormitory for a while at noon."

Xiao Liu told reporters that the time at noon was very short and the workers would not go out.

The reporter saw in Xiao Liu's dormitory that this is a dormitory with only more than 10 square meters and four beds for the upper and lower berths.

There are TV and air conditioning in the room, and an independent bathroom. According to the design, 8 people can live, but there are only 4 people living in it now.

Xiao Liu pointed to a dormitory building opposite to him. He told reporters that there were few workers in the factory. The entire dormitory was vacant, and the staff concentrated in the row where Xiao Liu lived.

"Everyone living in a room is different. There are three or four and four or five."

Xiao Liu has been in the fortune making bird for a year now.

He is quite satisfied with his current working condition. "When we first came in, the salary was only more than 1000, second in second months, and now the salary is over three thousand."

Xiao Luo, a worker from Jiangxi who lives with Xiao Liu, is the second time this year he joined the lucky bird. The first time was around 2014.

According to him, there were many rich birds at that time, and basically the dormitories were full of people.

"Now people are very few, and the four workshops are not as good as many people in a workshop in the rush hour."

The peak mentioned by Ronaldinho is in 2013 and 2014. At that time, there were thousands of factory workers at the headquarters of fortune bird, and now hundreds of people, too. Ronaldinho said that four workshops may have two hundred or three hundred employees.

There are fewer and fewer employees in the rich birds. It is not that the factories are not working, but that the original workers are unable to keep them.

Xiao Liu said that all workers began to work overtime from April.

Xiao Liu's other roommate, Xiao Xu, was recruited after this year.

Xiao Xu said that the rich birds had been hired in many places after the year, but many people came to quit their jobs very soon. There were more than 20 Yunnan workers who came in with him at the same time. They quit after a long time.

The reporter walked into the factory workshop of the rich headquarters. In the four workshop, only the first workshop and the second workshop saw employees working on the spot, third workshops and fourth workshops had been shut down, and many machines were placed on the aisles outside the workshop.

Second employees in the workshop, Wang Yaohui, a staff member, told reporters that he had more than 10 workers in the Chong Pi group. Now he has gone seven or eight, leaving only three people.

He himself did not come in very long, but he was going to leave next month.

When she walked out of the gate of the rich bird's dormitory, the reporter saw a recruitment billboard of the rich bird, and the women's shoes department recruited 400 shoemaking operators for the society.

Reporters across the gate to see, there is a recruitment desk, there is only one recruitment staff, no one came to apply.

Referring to the complete annual report issued by the rich birds since its listing in 2013, the reporter can see that the number of rich birds has been on a downward trend. Up to June 30, 2014, the number of full-time employees in the company has been 5729. By the end of the year, the number of employees has been reduced to 5170, and by December 31, 2015, the company has employed 4401 full-time employees.

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Benefits and performance decline

Founded in the 90s of last century, it was mainly engaged in men and women.

Men's business casual wear and

And other related accessories development, production and sales.

If you can't get into people, you can't keep people, which is closely related to the current operation of rich birds.

Wang Yaohui, the worker, said that the reason why he chose to leave the lucky birds was because the factory's efficiency was not good enough, and now the wages he got was only more than 2000.

This wage level is not attractive today.

In Xiao Liu, who works in the Department, the work of different departments of the factory is different, the treatment is also different, and the treatment of the leather group is worse.

"I have just entered the Department for a year, and now I have a more than 3000 wage."

Many workers also say that the treatment of another shoemaking company in Shishi is better than that here, and many workers choose this one.

Worker Chen Chao (alias) worked for ten years.

When he talked about the rich birds in the past, he had a proud expression on his face.

When he first entered the rich birds, he got more than 2000 wages.

"At that time, the money was worth more than it is now. This wage level is high in the locality, and the ideal working place for many shoemaking workers is rich birds."

Indeed, the birds of fortune once had a glorious time.

In 2013, fortune bird landed in the Hong Kong stock market.

Before listing, fortune bird has experienced two digit growth.

In 2011 ~2013, the net profit of rich birds increased by 113.79%, 27.47% and 37.13% respectively.

But since 2014, the performance of rich birds has begun to show signs of decline.

The financial data of ~2016 in 2014 showed that the net profit of fortune birds in 2014 was 451 million 222 thousand yuan, up only 1.69% over the same period last year. Net profit in 2015 was 392 million 139 thousand yuan, down 13.09% from the same period last year, and net profit in 2016 decreased by about 59.16% to 162 million 732 thousand and 300 yuan.

Since its listing, fortune's business income is also on a downward trend. In 2014, the turnover of fortune birds was 2 billion 323 million yuan, and in 2015 it was 2 billion 32 million yuan. In 2016, it fell to 1 billion 492 million yuan again. In 2017, the results of the interim report showed that the operating income of the reporting period was only 412 million yuan.

In view of the declining performance, Fu Fu bird explained in the 2015 earnings report that the footwear industry is still in the bottom stage due to the macroeconomic boom and the development cycle of the footwear industry.

As an old shoe making enterprise, the rich bird has tried to pform itself into a diversified direction. For example, it has tried to step into the market of children's shoes and children's clothing as a breakthrough, and has set up an electronic business team to promote online business.

At present, these arrangements are not enough to reverse their declining trend.

In the first half of 2017, the performance of fortune birds declined again, and its revenue was about 412 million yuan, down 48.09% from the same period last year.

The government has sent someone to take over the business.

Shishi is the manufacturing base of Chinese shoes and garments. According to the figures of Shishi Statistical Bureau, in 2017, the shoes and clothing enterprises with annual sales of over 100 million yuan were close to 100.

The rich bird was once a local leader.

In the Shishi Fu Fu bird Industrial Park, the office building of the headquarters still drives to the car. There are many security guards at the security booth at the gate.

The orderly flow of people can not hide the crisis behind the rich birds. Reporters learned from multiple sources that the Shishi government has sent people to the rich birds to take over the business.

According to Guotai Junan's report, there are at least 4 billion 909 million yuan in assets. 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.

At present, the total debts of the birds are about 3 billion yuan, including 800 million yuan and 14 yuan of the principal value of the "14 riches and birds", and the corresponding principal interest is 1 billion 300 million yuan and the corresponding interest, the bank loan is about 500 million yuan, and the other operating liabilities are about 300 million yuan.

The "14 riches and birds" that collapsed in March, that is, the corporate bonds issued by rich birds in April 2015, with a total issue of 800 million yuan, with a term of 5 years.

With the option of raising the coupon interest rate and the investor's option to sell back at the end of third, the bonds will be sold back in April this year.

On the eve of the resumption of "14 riches and birds", the bond rating agency orient Jincheng International Credit Assessment Co., Ltd. disclosed in February 12, 2018 the "announcement of Orient Kim" about reducing the Limited by Share Ltd's main body and the "14 riches and birds" credit rating. It lowered the main credit rating of the birds to CC level and maintained the negative rating outlook. At the same time, it lowered the credit rating of "14 rich and precious birds" bonds to CC level.

The CC level means that "less protection can be achieved in bankruptcy or reorganization, and there is no guarantee of debt repayment".

In addition, the issuance of 1 billion 300 million yuan private equity bond "16 riches and 01" set up by the rich bird issued the option of raising the coupon interest rate and the investor's right to sell back option on August 12, 2018, or further aggravated its cash pressure.

In 2017, the case of two contract disputes on the sale of the rich bird seemed to indicate the current financial situation of the rich bird, which was in a very tense state.

In November 2017, Jinjiang Fuxing zipper Co., Ltd. in Fujian filed a lawsuit against the fortune bird, requesting to order the Fugu bird to pay 56790.34 yuan for Fuxing company. In December of the same year, Nanhai New South shoes industry Co., Ltd. filed a lawsuit against the birds of fortune, requesting the judgement of the birds and birds to pay 568116.4 yuan and interest on the goods in Foshan.

When the two cases were heard in court, the rich birds did not reply, and the court accepted the birds to pay the money to the plaintiff.

On March 21st, Guotai Junan, the trustee of the "14 rich birds", convened the first creditors meeting in 2018. The reporter wanted to enter the meeting, but was blocked by the company.

Subsequently, the reporter tried to interview the high birds, and was also blocked by the company's security personnel.

Since then, the reporter has repeatedly called the rich bird company's public telephone, but no one answered.

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