Can The Broken Winged Noble Bird Take Off Again

On the verge of delisting, * ST has a chance of life.

A few days ago, the dust of the company's restructuring was settled. Taifu Jingu, a northeast enterprise, and four natural persons invested a total of 700 million yuan to participate in the restructuring. Among them, Taifu Jingu, which operates the agricultural website, spent 417 million yuan to acquire 320 million shares of the company, with a shareholding ratio of 20.36%.

With the participation of investors, the winged noble bird has the opportunity to take off again.

　　 Mysterious visitors from Northeast China

Lin Tianfu, the former richest man in Quanzhou, failed to build * ST noble (603555. SH) into an all-round sports industry group, but he dragged the enterprise to the verge of delisting. Due to the inability to pay off the due debts and the obvious lack of solvency, the company was applied for reorganization by creditors in August last year.

On the evening of June 2, * ST announced the restructuring progress: Taifu Jingu invested 417 million yuan to acquire 320 million shares of the company, with a shareholding ratio of 20.36%, and the average cost of transfer was 1.304 yuan / share.

In addition, Gao Rui, Zhang Lili, Yin Lili and Zou Weizhong, as other restructuring investors, held 4.14%, 4.14%, 4.14% and 1.58% respectively with 87.64 million yuan, 84.76 million yuan, 84.76 million yuan and 32.4226 million yuan, respectively.

It is reported that the investors of the above restructuring have paid all the investment of RMB 704 million before May 12.

Affected by the reorganization plan, the proportion of shares held by the noble bird group controlled by Lin Tianfu and Lin Sien, a person acting in concert, passively diluted from 66.20% and 0.10% to 26.48% and 0.04%. Up to now, these shares are in judicial freeze and waiting for freeze.

On March 16, this year, the manager of noble bird recruited and selected investors for restructuring, which did not arouse the interest of all kinds of capitals. Only Taifu Jingu was eager to try.

Taifu Golden Valley is mainly engaged in the operation of the supply chain service platform of grain trade circulation industry. Its business scope is totally incompatible with the noble bird. Moreover, the operation situation of Taifu Golden Valley is not optimistic.

According to the short form report on changes in property rights, by the end of 2020, the total assets of Taifu Jingu reached 407300 yuan, with a net value of ￥ - 440300 yuan, and the asset liability ratio was as high as 208.10%.

In order to participate in the reorganization of * ST noble, Taifu Golden Valley changed the industrial and commercial information several times before the noble bird manager publicly recruited and selected the restructuring investors.

Qixinbao shows that on March 5 this year, the person in charge of the company was changed from Wang Hongjun to Li Zhihua; The business scope is based on the original "software development, wholesale, retail and Internet sales of prepackaged food and bulk food, grain purchase", and add "wholesale and retail of agricultural machinery and equipment, steel and building materials, agricultural science and technology research services, agricultural technology extension services, grain purchase, sales, warehousing, car rental" and other businesses;

At the same time, the company also increased its registered capital from 20 million yuan to 520 million yuan, and added two key personnel, Li Zhihua and Wang Hongtao.

The actual controller of Taifu Golden Valley is Li Zhihua, who serves as a shareholder in 11 enterprises and actually controls 10 enterprises, involving many industries such as road transportation, investment guarantee, automobile sales, hotel and micro loan.

Zebra consumption carding found that the core enterprise controlled by Li Zhihua is the development of Hemei Taifu agriculture, with a registered capital of 500 million yuan, mainly engaged in grain trade, warehousing and processing and other businesses.

Although Taifu Golden Valley's own situation is not good, it does not affect the enthusiasm of participating in the company's restructuring. On March 29, the manager of noble bird officially delivered the confirmation notice on reorganization of investor qualification to Taifu Jingu; On April 1, Taifu Jingu signed the "restructuring investment agreement" with guirenniao manager and guirenniao, participating in the restructuring as the restructuring investor of guirenniao.

　　 Life hangs on a thread

* ST is forced to restructure, which is Lin Tianfu's last straw.

Although the proportion of its own shares will be greatly diluted, it can still maintain the holding position, and then clarify the business and debt, so as to get the opportunity to make a comeback.

Today, the market once blamed Lin Tianfu for being greedy after the company went public.

In 2014, after the company went public, the share price went up all the way. The next year, 53 year old Lin Tianfu made it to the 2015 Hurun 100 rich list with a fortune of 19 billion yuan, becoming Quanzhou's richest man.

With the expansion of personal value, Lin Tianfu is no longer satisfied with the production and sales of sports shoes and clothing products, advocating the transformation from traditional sports shoes and clothing to sports industry collectivization.

Under the guidance of the grand blueprint, the company obtains funds and invests in many fields by raising funds and issuing bonds. Now it seems that the actual effect of intensive foreign investment is not ideal, whether it is investment in Hupu, the establishment of Kangpaisi, the start of industrial fund competition, or the authorization of foreign brand and1 in China market.

According to the data, from 2014 to 2017, the company's revenue scale increased from 1.920 billion yuan to 3.252 billion yuan, while the net profit attributable to the parent company fell from 312 million yuan to 157 million yuan, and the net interest rate decreased from 16.27% to 5.77% in the same period.

In 2018, when Lin Tianfu decided to lead the enterprise back to the main business, the financial market environment had changed greatly, and the company's operating conditions were deteriorating.

From 2018 to 2020, the company's operating revenue is 2.812 billion yuan, 1.581 billion yuan and 1.188 billion yuan respectively, and the net attributable to the parent company is - 686 million yuan, - 1.096 billion yuan and - 382 million yuan respectively. In the first quarter of 2021, the company continued to lose 59.16 million yuan.

The disadvantageous situation in operation has always been difficult to contain, and the company's debt scale has expanded rapidly.

The short-term loan scale of the company increased from 699 million yuan in 2018 to 1255 million yuan in 2020, while the monetary capital decreased from 148 million yuan to 18 million yuan in the same period. As of the end of March this year, the company's total liabilities amounted to 3.526 billion yuan, with an asset liability ratio of 100.92%.