The Delisting Of The Fortune Birds Has Settled In The Hong Kong Stock Exchange: The Listing Status Was Cancelled In November 25Th.

A generation of "shoe king" rich bird's listing road has finally come to an end. According to the 21 announcement of the HKEx, according to article 6.01A of the listing rules, the listing status of rich birds is abolished.

According to the HKEx announcement, as early as August 9, 2019, the listing committee had decided to cancel the listing of fortune birds in the Hong Kong stock exchange. In August 20th, Fu Fu bird sought to review the ruling of the listing committee.

The listing Review Committee maintained the decision of the listing committee in November 18, 2019 to cancel the listing position of the company. Accordingly, the HKEx will cancel the listing of fortune birds from 9 a.m. on November 25, 2019.

Source: HKEx's official website

　　 Listing for 6 years suspension for 3 years

Statistics show that the rich bird was founded in 1995, mainly engaged in research and development, production and sale of men's leather shoes, men's business casual wear and leather accessories. During the period of -2012 1998, the birds of fortune had been awarded the title of "the first China shoes king" and "China real leather shoes king".

In December 20, 2013, the fortune bird went to Hong Kong to enter the stock market. However, the performance of the company did not last long, and the development of the company soon turned into a turning point.

In 2014, the net profit of rich birds reached its highest point since listing. Since then, the company's performance has plummeted. From 2014 to 2017, the revenue of rich birds declined from 2 billion 323 million yuan to 408 million yuan, and net profit also turned to a deficit, from profit 451 million yuan to loss 10 million 887 thousand and 300 yuan.

There are no blessings. With the decline in performance, the debt of the birds is also increasing. In 2014 -2016, the assets and liabilities ratio of rich birds rose sharply, reaching 29.56%, 45.18% and 56.78% respectively. By 2016, the retail stores of rich birds had also been slashed, and the spectacular scenes of 3000 stores were no longer there.

Although rich birds tried to get rid of their performance difficulties through diversified transformation in 2015, they invested in P2P platform, win win society, financial platform, Ding Dong wallet, and so on, but this did not bring about a turning point for the debt pressure of rich birds.

In September 1, 2016, the birds announced that the suspension was due to additional time needed to complete the compilation of some information for the interim results. However, this stop stopped for three years.

　　 Huge debts have collapsed, and the company has gone bankrupt.

The road to finance that began one year before the suspension is probably one of the straw that has crushed the rich birds.

In April 2017, the win win society had no news after issuing the last repayment announcement, and Ding Dong wallet was also investigated by the Xiamen police on suspicion of illegally absorbing public deposits in August 22, 2019. Financial commentator Wan zhe once pointed out on the CCTV financial column: "one of the biggest mistakes in the experience of rich birds is to take the asset bubble as an opportunity and plunge into it. When the bubble recedes, it will be found that there is nothing in it. When it is invested in P2P enterprises, it may feel that the income is relatively high, but in fact it is very blind."

In 2017, Lin Guoqiang, one of the founders of the bird of fortune, died. What is surprising is that in December of that year, the children announced in court that they would not give up all their property. This behavior triggered many speculation about the financial and operating conditions of the birds. Since then, the debt crisis of rich birds has begun to loom.

In November 2017, Fujian Jinjiang Fuxing zipper Co., Ltd. sued the rich birds for payment of 56 thousand and 700 yuan. In December of the same year, Nanhai New South shoes industry Co., Ltd. filed a lawsuit against the birds of fortune, demanding that they pay 568 thousand and 100 yuan and interest on the payment of goods in November 2017.

Since then, the plight of birds of fortune has been revealed.

In February 2018, Guotai Junan, a trustee of creditor's rights, announced that there was a large amount of illegal external guaranty and capital borrowing and lending matters for the fortune bird and its subsidiaries. As of February 28, 2018, the total amount of loans made by fortune birds was at least 4 billion 229 million yuan, and the issuer had at least 4 billion 909 million yuan in assets, which could not be recovered. As of December 31, 2017, the demand deposits and liquidity of issuers could be less than 100 million yuan.

According to the new China Jingwei client, it has reported that in the face of high debts, Fu Fu bird has provided two redraft plans to creditors, but they have not been approved.

In August 26, 2019, the bird of fortune announced that it received the announcement of the intermediate people's Court of Quanzhou, Fujian and the civil court of the Quanzhou intermediate people's court in August 24, 2019. It ruled that the Limited by Share Ltd administrator of the fortune bird company dismissed the application for approval of the draft reorganization plan and terminated the Limited by Share Ltd's reorganization process, declaring the bankruptcy of fortune bird Limited by Share Ltd.

Less than a week before the bankruptcy notice, fortune bird was still struggling to avoid delisting, seeking a review of the Hong Kong Stock Exchange's delisting decision. However, the HKEx still maintained its previous decision to cancel the listing of fortune birds. The Hong Kong Stock Exchange said it had asked the birds to publish their notices and explain their cancellation of listing. The HKEx suggested that if the shareholders of rich birds had any doubts about the effect of the cancellation, they should seek appropriate professional advice.