The Tmall Shop Is Still Operating.

On the evening of August 26th, the birds announced that the reorganization plan was rejected by the court and declared bankrupt. On the same day, the listing position of the company in Hongkong was officially abolished, and the real leather shoe king fell down. It is thought-provoking that until today, the sales channels of rich birds have not stopped. The flagship store of Tmall is still thanking the customers for "not giving up, not abandoning".

　　 A moment of sight

"Gold securities" reporter noted that public information shows that in 1991, the "bird of fortune" was formally established, and from 1998 to 2012, the company's leather shoes products were awarded many "Chinese genuine leather shoes king", "China well-known trademark" and "the most competitive brand of the market" and many other awards and awards. The company has nearly 10000 employees and 3000 stores nationwide, with a market value of HK $10 billion. According to the industry report, based on the retail revenue in 2012, the company is the third largest brand of Chinese business casual footwear manufacturer and the six largest brand shoe product manufacturer in China. Especially, in December 2013, birds of fortune were listed on the main board of Hongkong.

This is not difficult to understand. Yesterday, the news of birds and birds went bankrupt, and many netizens recalled their childhood memories with emotion. There is a legal analysis that the bird of fortune is bankrupt, though it is a pity, but it is not without reason. It is reported that the listed companies of Fu Kong bird are bankrupt in the mainland of China. The mainland court adjusts the shares of investors (H shares). The Hongkong stock exchange does not recognize it and can not execute it, so it can only adjust domestic stocks. However, the domestic shares of rich birds are relatively scattered and very cumbersome to adjust. Therefore, there has been a strange phenomenon of unadjusted investment rights and general creditors' discounts. Finally, the reorganization plan ended in failure. "At present, courts are increasingly using the power of the eighty-seventh strong reorganization plan of bankruptcy law. Many investors and creditors have unrealistic hopes for public companies in bankruptcy, and it is inevitable that they will suffer losses.

　　 Death of random investment

There are early signs that the birds of fortune have failed. The gold securities reporter noted that before this year, the rich and famous businesses had been suspended for nearly 3 years. During the period, turnover and profits continued to fall: from nearly 3 billion of turnover to less than 5 hundred million in 2017, net profit decreased by over 50% to 195 million yuan in 2016, and from the first half of 2017 to surplus, but there was no update after that.

What is even more startling is that the price of corporate bonds has been "avalanche". In March 1st last year, fortune birds fell by 83.14%, down 14.29% again the next day, and 12.53% and 34.76% respectively in March 5th and 6th. On just four trading days, the 100 yuan face value product dropped from 8.56 yuan per unit to 8.56 yuan, while the cumulative decline of 91.75%, at the same time, created the lowest corporate bond product record in China's capital market history at one fell swoop.

Last year, a report by DDT might reveal the reason for the fall of the birds of fortune: the 2015 income of the birds of fortune has reached a negative growth, and has continued to decline in 2016. As the company's attention to the main industry has declined, it has turned to enter the P2P industry. It is necessary to increase the external guarantee cost to obtain guarantee income, resulting in a significant expansion of the company's interest bearing debt during this period. In recent years, the company's financial indicators are lagging behind in the industry, and more and more security compensation in the early stage of the company, and its own cash flow is not enough to pay the passive dependence on external financing.

Public information shows that between 2015 and 2017, fortune bird has rapidly developed 10 investment enterprises. Due to lack of experience and huge investment, the company's capital chain is broken. In order to replenish the company's funds, fortune birds began issuing three bonds totaling about 2 billion 500 million yuan in 2 years. Up to now, two bonds have been substantially defaulted, the total debt is 3 billion 82 million yuan, and creditors are 349.

　　 Sales have not stopped

"If the rich and precious birds are not seriously deviated from the development track, nor will they end up in such a miserable situation, although the company has declared bankruptcy, the main business of the company is quite strong, and there are still a number of old customers around." Insiders of the "gold securities" reporter are very sad.

"Golden securities" reporter noted that yesterday, Tmall bird flagship store issued a special announcement, announced that thank all customers 35 years of wind and rain, "do not give up, do not abandon" the support and trust of the rich birds. At present, in the normal operation of the brand online business, all orders are sold according to the rules of the state three package and platform 7 days no reason to return goods. The flagship store currently has 364 thousand fans, and the highest price of a men's leather shoes is 199 yuan, and 283 sales in that month. In addition, some of the birds are still in normal operation.

However, yesterday, the "gold securities" reporter called the company's after sales hotline, and no one answered. In fact, last year, the media visited the factory of the birds and found half of the plants shut down. It is understood that "cancel the listing status" means that the birds will enter the delisting process, for investors, the stock may be "worthless". When the bird declared bankruptcy, it would go bankrupt and liquidation in accordance with the legal procedures.