The "Shoe King" Bird Is In Deep Financial Crisis And Is Facing Overdue And Overdue Debts.

In November 2019 and December, the company's first and first non-public debt financing instruments in 2016 expired. The company was in deep trouble and failed to complete the payment as scheduled.

Recently, the "bird of honor" announced that the company held property, land, subsidiary and equity company equity and equity investment fund, because the debt default has been filed by creditors before the property preservation, basically in a state of freezing, resulting in some of the company's bank loans expired after failing to re run the loan business from the bank.

At the same time, due to liquidity constraints, the company failed to pay interest on bank loans on time, and the total loan principal of the company in each bank was 1 billion 410 million yuan. Up to now, the principal sum of overdue loans and bonds faced by the precious birds has totaled 2 billion 557 million yuan, accounting for 65.07% of the total audited assets of the company in the previous year.

Public information shows that the Limited by Share Ltd was founded in 1987 and is located in the world-renowned "shoe capital" - Jinjiang Chen Dai. It is a comprehensive enterprise that integrates research, production and marketing of sports shoes, clothing and supporting products. It is a brand of Chinese national sports, and has won the honorary title of famous trademarks, licensed products and AAA grade enterprises in China.

Gradually falling into debt pressure, the "A share movement brand first share" - Limited by Share Ltd (hereinafter referred to as "the precious bird") is also facing an insurmountable hole.

The company is actively negotiating with the relevant creditors to resolve the dispute, and strive to reach agreement with creditors on the debt solution as soon as possible,

If the company fails to properly solve the above overdue loans, the company may be faced with litigation, arbitration, assets freeze, auction and other matters due to overdue debts, which will further lead to a decline in the company's financing ability, which will have a certain impact on the normal production and operation of the company and the business development, and will ultimately have an adverse impact on the company's performance.

According to earnings data, in 2019, the business income of the precious birds reached 1 billion 581 million yuan, down 43.77% compared with the same period last year. Net profit loss attributable to shareholders of listed companies was 1 billion 18 million yuan, and audited annual net profit in 2018 and 2019 were negative.

According to the company, the company will adjust its business structure in 2019 according to the sales status of its brands. The direction of adjustment is mainly to close down some inefficient stores and open Nike and Adi brand stores. -2020

At the same time, we should adjust the composition of distributors and expand distribution channels. After stable business restructuring, direct business (direct + joint venture) revenue is expected to account for about 50% of the main business revenue.

According to information, in March 2020, the company received the "civil ruling" delivered by the people's Court of Jinjiang, Fujian Province, and the 27.682% stake in Quanzhou Quanxiang investment center held by the company was frozen by law.

In June 2020, the company received the "civil ruling" delivered by the intermediate people's Court of Xiamen, and the shares held by some of its subsidiaries were frozen by law.