The Bird Of Fortune Went Bankrupt And Delisted, Warning The Chinese Clothing Industry.

Yesterday (November 22nd), the certificate Times reported:
After three years of suspension and efforts to save themselves, a generation of "shoe king" birds (01819) still can not escape the Hong Kong Stock Exchange's delisting.
In the evening of November 21st, a paper announcement by the fortune bird at the HKEx announced that the bird would eventually accept the "arrangement" of the HKEx for its cancellation of listing status.
According to the announcement, the HKEx announced that the listing status of birds of fortune will be abolished in accordance with article 6.01A of the listing rules from 9 a.m. on November 25th.
　　 Listing for 6 years suspension for 3 years
Declare bankruptcy!
Prior to that, in August 12th, fortune bird had disclosed that in August 9, 2019, the stock exchange sent a letter to the company, telling the company that the final listing date of the company's shares would be August 23, 2019, and the listing status of the shares would be cancelled at 9 a.m. August 26, 2019.
But the rich birds were unwilling to lose their listing status and immediately launched their own rescue. On the same day, the bird suggested that the company is seeking legal advice and may decide to cancel its listing status in accordance with chapter 2B of listing rules and submit it to the listing Review Committee for further and final review.
But before waiting to review the hearing date, the hope of the rich bird finally failed. In August 26th, the announcement of the birds of fortune and birds, announced by the Quanzhou intermediate people's Court (2018), one of the 05 breaking of Fujian 05, ruled that the governor of Fu Fu bird rejected the application for approval of the draft reorganization plan, and terminated the procedure of reorganizing birds and birds, declaring that the birds of fortune were bankrupt.
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 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.
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.
　 From the rise to the end, the birds spent 25 years.
In 1984, the east wind of reform and opening up grew stronger and stronger. Lin Lin, a poor family in Quanzhou, borrowed 40 thousand yuan, and took 19 cousins together to create a stone lion tourist souvenir factory. This is the predecessor of the bird of wealth.
After several years of insisting on a few years, the factory faced with the dilemma of bankruptcy. Its partners were four minutes and five scattered. Finally, only four brothers, such as Lin Ping, were left.
In 1989, 4 people reorganized the board of directors, registered the "rich bird" trademark, and began to turn to leather shoes production, and achieved good results.
In 1995, the Limited by Share Ltd was founded and became the sixth largest brand shoe manufacturer in China. During the period from 1998 to 2012, the products of rich birds were also awarded the title of "China real leather shoes king" many times.
In 2013, the fortune bird went to Hong Kong to go public. Its revenue was 2 billion 900 million yuan and net profit rose year by year. At its peak, it also hired former women's volleyball coach Chen Zhonghe and actor Lu Yi to endorse the brand.
However, I did not think that after that, the rich birds began to go downhill. From 2014 to 2016, the net profit of the lucky birds was 450 million yuan, 392 million yuan, and 163 million yuan, respectively.
Since then, rich birds have not disclosed their earnings. Although we can not see its real loss data, it can be seen from the overwhelming news of its closed shop and a number of debt cases that the bird is no longer wealthy.
　 So how did fortune's defeat start?
The fall of the bird of fortune begins with a misjudgement of the times. In 2013, fortune bird went on the market. At that time, the company did not realize the market changes. The rapid development of the electricity supplier had a severe impact on its traditional business mode.
While seeing the change of consumers' preferences and the enormous pressure brought by the electricity supplier to the traditional mode, Fu Fu bird did not go all out to embrace the new trend or new mode, or embrace the electricity supplier. Instead, it sang a negative tune with the trend of the times and ignored the electricity supplier.
Although it intervened in the electricity supplier in 2011, and in the 2014 earnings report, the sales volume of e-commerce reached 1 billion, but this is just a drop in the bucket. We compare Anta, Anta revenue 16 billion 700 million in 2017, electricity supplier accounted for 20%, which means that Anta's annual electricity supplier income 3 billion 300 million, is more than 30 times the riches and birds - this is truly embrace the times.
In the case of the main business downhill, rich birds seek to see new business growth points and put their eyes on the financial sector. Because the Board believes that in the financial sector, it is obvious that investment returns are high and quick.
So fortune began to invest in the microfinance P2P company in the financial field. However, the entry of the company was in the end of the world. The two mutual investment platforms that it invested has exploded, and the blind investment has brought the crisis of capital chain breaking to the rich birds. The ammunition has been tightened further, and its performance has accelerated to decline.
The "shoe king" bird is delisting, which is a wake-up call for the Chinese apparel industry.
The delisting of rich birds can almost be seen as the final outcome of most Chinese clothing groups, because most Chinese clothing enterprises have the shadow of rich birds.
Blind expansion, high debt, chaotic transformation, financial fraud, and letter violation.
From the current A share clothing sector, the blind expansion, high debt and chaotic transformation are quite common. As for financial problems, it is usually difficult to expose before the real debt default. But I believe that under the downward trend of the overall garment industry, the rich birds are definitely not the first clothing companies to withdraw from the market.
In fact, the situation of another bird, the bird of honor, is very similar to that of a bird of fortune. The company is in a loss at present and is more of a financial secretary. Last month, two former secretaries, former audit institutions and accountants were supervised by the company, and the former chief financial officer was criticized.
If it is very difficult to find a plate that is most worth investing in the Chinese stock market, it is necessary to demonstrate that liquor, household appliances, medicine and insurance. However, it is very easy to find a plate that is least worth investing in the Chinese stock market.
The times are changing, and the rich birds, which have been invincible in the face of peer competition, have fallen into a swampy land with slow transformation and over reliance on the old mode, so that they can not turn the tide of war. Just like the founder of Da Yun FA, he said, "defeated all the opponents, but lost to the times."
When avalanche comes, no snowflake can stand aloof. In this era of innovation and subversion, no one can be single. If you don't want to be defeated by the times, you can only embrace change and make yourself stronger.