Is Fortune 4 Billion Losing Its Fortune?

A generation of shoe king "rich birds" is playing the delisting countdown.

In August 12th, fortune bird announced that it received the letter from the stock exchange, telling the company that the final listing date of the stock was August 23, 2019, and the listing status was only retained until August 26, 2019.

Since its listing in 2013, fortune bird has been suspended for nearly 3 years. In July 31st of this year, the bird also announced that it was undergoing bankruptcy reorganization, and the resumption plan would be arranged according to the progress of bankruptcy reorganization.

During the suspension period, the fortune bird fell from nearly 3 billion of its turnover to 400 million in the middle of 2017, and net profit from profit to loss. Now the debt figure is more than 4 billion yuan.

Why is a generation of shoe king so far?

40 thousand yuan to make a world.

Behind the rich birds is still a self-made inspirational story. Founder Lin Ping was born in an extremely poor family in Fujian in 1957. He dropped out of school at the age of 10, worked as a farm worker, worked as a cashier, and chose a factory director.

In 1984, Lin Ping took out 40 thousand yuan and set up a souvenir factory in Shishi with 19 cousins to produce sandals and slippers at a unit price of several yuan.

Five years later, shareholders left only four brothers headed by Lin Ping. They have firmly positioned the production of footwear products and registered the "rich bird" trademark.

In the first year after the adjustment, the company sold 100 thousand pairs of leather shoes.

At that time, the workshop of Fu Fu bird was transformed from a broken tile kiln. The daily production capacity was 100 pairs of shoes. Even so, Lin Heping still took the export orders of a large single - more than 10000 pairs of shoes, so as to ensure the quality of the products.

Let Lin learn a lesson: competition is fast. Whether R & D, style or talent training, the development of enterprises should also be fast.

In 1997, on the basis of men's shoes, the rich birds launched women's shoes again. Lin Ping found that there was a market gap between cheap brand shoes and high-end foreign famous shoes, so she cut into the high-end shoes market and quickly opened up the situation.

At its peak, rich birds have nearly 10000 employees and over 3000 stores. They also invited Chinese National Women's volleyball coach Chen Zhonghe and star Lu Yi as brand spokesmen. The name "bird of wealth" has become a household word for a time.

In December 2013, rich birds flew into the Hong Kong stock exchange. At that time, the birds and birds could be described as "fame and wealth": while their achievements were flourishing, they also won many names such as "China's real leather shoes king" and "the most competitive brand in the market".

P2P "play with fire"

The decline of rich birds is just beginning to appear after listing.

From 2011 to 2014, the revenue of rich birds was 2 billion 37 million yuan, 2 billion 383 million yuan, 2 billion 919 million yuan and 2 billion 944 million yuan respectively, and the net profit was 310 million yuan, 378 million yuan, 519 million yuan and 558 million yuan respectively. From 2014, the growth rate of earnings began to slow down significantly. Net profit in 2015 was less than 400 million yuan. By 2017, the loss was 10 million 890 thousand yuan.

In addition, from 2014 to 2016, the assets and liabilities of rich birds increased from 29.56% to 56.78%. Listed in less than three years, in 2016, fortune bird shares were suspended due to complex financial problems.

What happened to the fortune bird after the listing?

At that time, the market environment was going down, and the footwear market was under attack. And after the listing, it expanded rapidly, and at the same time, mineral company, P2P companies, small loan companies and many other enterprises emerged.

For example, in 2015, fortune bird invested 10 million yuan to invest in the P2P platform win win society. Shares in the same year were Ding Dong wallet. The former was suspended in 2017, and the latter was unable to pay back in July of this year.

In order to alleviate the pressure of huge funds, the rich birds issued three bonds: 14 rich birds 800 million yuan, 15SCP001 rich birds 400 million yuan, 16 riches 01 01 yuan.

Among them, "14 riches and birds" fell 91.57% after the resumption of trading in March last year, and the value of 100 yuan face value dropped to 8.56 yuan, and even created the record of the lowest price of corporate debt in China's capital market. At present, the other two stocks also show substantial breach.

How much did the rich birds owe?

According to the announcement issued by Guotai Junan last year, as of February 28, 2018, the total amount of loans made by fortune birds was at least 4 billion 229 million yuan, while the issuer had at least 4 billion 909 million yuan.

This money, in accordance with the operation of the rich birds today, is simply unable to repay. Last year, a number of media reports reported that half of the factories were shut down and more than three hundred million yuan were left unsold.

Stocks become waste paper?

At present, the rich bird's stock price report still shows HK $3.88 / share before the suspension, with a total market value of HK $5 billion 189 million. If the listing position is cancelled soon, the stock of investors will become "waste paper".

After half a lifetime of ups and downs, the founder of rich birds hoped that their children could inherit their families. But now the birds of fortune have passed to the next generation when they are "hot potatoes". The children of the founders are afraid to avoid it. When Lin Guoqiang, the founder of fortune bird, died in 2017, his children gave up inheritance. However, it seemed inevitable that he would be jointly liable for the 290 million yuan guarantee amount.

In addition, the rich birds were also "broken shoes".

According to the China Securities Daily, a debt repayment plan circulated online in May shows that investors can get 1.63 yuan of shopping vouchers and 1.11 yuan of cash for their debts of 100 yuan. The 10 thousand yuan bond can be exchanged for 111 yuan and a pair of 163 yuan leather shoes.

It is rather sad that a generation of shoe kings March here. However, the fate of birds is not surprising.

Affected by the cyclical influence of the industry, the downturn in the footwear industry has not yet dissipated, and the traditional footwear brands are frequently shocked. For example, BELLE delisted in 2017; Daphne closed 1000 stores a year, and the market value evaporated 99%; on Saturday, 2017, a huge loss of 352 million yuan, which is 7 years before its profit.

Among them, in the face of new market changes, such as the rise of all kinds of online new brands, the traditional old brands have such disadvantages as single product, outdated design and high inventory. Facing the new consumption environment, they are caught off guard and do not actively innovate, so they can only be abandoned by the times.