Fortune Bird Will Cancel Its Listing Status In August 23Rd.

After the failure of the resumption scheme, the former "shoe king" bird will plan to cancel its listing status.

In August 12th, fortune bird announced that in August 9, 2019, the stock exchange sent a letter to the company to inform the company that the final listing date of the company's shares would be August 23, 2019, and that the listing status of the shares would be cancelled at nine a.m. August 26, 2019. The company is now seeking legal advice and may make further and final review on the cancellation of listing status according to chapter 2B of the listing rules.

Prior to that, the bird has issued a notice saying that due to the suspension of trading shares, and outstanding debts, affecting business operations, the company is in bankruptcy reorganization, according to the progress of the reorganization of bankruptcy reorganization plan.

Statistics show that the rich bird was founded in the 90s of last century, started with casual shoes, and later developed into the manufacture and sale of footwear and business casual men's wear products. In 2012, with more than 2000 brand stores, fortune bird created an annual revenue of 2 billion yuan.

In 2013, fortune bird landed in Hongkong market, but this is also the last peak. After the listing, by the overall environment at that time, the performance of rich birds continued to decline. The net profit in 2014 -2016 was 450 million yuan, 390 million yuan and 160 million yuan respectively. During this period, rich birds tried to transform themselves, but after the failure of diversified investment, the financial chain continued to deteriorate, and the performance in 2016 and 2017 failed to be disclosed on schedule.

Public information shows that in 2018, there existed a large amount of illegal external guaranty matters and funds borrowing and lending activities of fortune birds and their subsidiaries, at least 4 billion 229 million yuan, and the relevant amount could not be recovered. In March 2018, the lucky bird was pointed out by the securities and Futures Commission that it was suspected of information disclosure and illegal use of bond raising funds. In October, it received the administrative supervision of Fujian regulatory authority and was ordered to rectify regulatory measures.

The crisis caused by the debt default of rich birds. According to the announcement published in December 5, 2018 on the recruitment of reorganized party by fortune Bird Company Limited, the total amount of claims declared by the 342 main bodies was about 4 billion 668 million yuan after the management review. After examination, the administrator has made preliminary examination of the claims of the 261 declared total amount of about 2 billion 995 million yuan, and the total amount of claims confirmed is about 2 billion 5 million yuan.

Rich birds tried to "pay their debts by shoes", but the debt repayment rate was very low. In May 9, 2019, the Limited by Share Ltd manager of fortune bird issued the notice on meeting of the second creditors' meetings and briefings through the information network of the national bankruptcy reorganization case of the Supreme People's court. According to the draft plan for bankruptcy and reorganization of the birds of fortune, according to the relevant sources, under the simulated conditions, the average debt repayment rate of the birds is only 2.5%. The 2.5% rate of payment is not all paid by monetary fund, but most of them are repaid by shopping vouchers.

As a creditor of rich birds, a large number of financial institutions such as Celestica fund, Shen Wan Hongyuan and so on are undoubtedly the victims of this debt repayment. The creditor information shows that there are more than 200 creditors. Among them, there are large amounts of Tianhong fund, Shen Wan Hongyuan, Chuang Jin and Shun fund, and first venture securities and China financial fund.

According to the insiders, the rate of bankruptcy and reorganization of rich birds is so low that it has been abolished. Among them, most of the guarantor who violating the warranty is Fu Fu bird company parent company limited and several trading companies.