Noble Bird Reborn: Left Hand Sells Shoes, Right Hand Sells Grain

The left hand sells shoes and the right hand overturns the grain trade. This undead bird is trying to open up a source of income, and it is more vital to turn around the losses in time.

At this time, the company's actual controller Lin Tianfu pushed his son Lin Siping to the front desk. Although 34 year old Lin Siping has a financial background, she has not had a long experience in the company. How will she lead the noble bird to rebuild her glory?

The left hand sells shoes and the right hand sells grain

On the verge of delisting, * ST dignitaries (603555. SH) have come back to life.

After more than half a year of restructuring, the Quanzhou intermediate people's court ruled that the company's restructuring plan was completed. With the company's introduction of restructuring investors to provide 704 million yuan of financial support, * the limit of the company's creditors has been legalized, the company's debt crisis has been resolved, and the company's asset liability structure has been improved.

After the reorganization, the company's equity changed greatly. According to the announcement disclosed by the company on July 3, due to the restructuring plan, the shareholding ratio of guirenniao group was passively diluted from 66.20% to 26.48%, and the restructuring investors Heilongjiang Taifu Jingu, Zhang Lili, Yin Lili, Gaorui and Zou Weizhong held 20.36%, 4.14%, 4.14%, 4.14% and 1.58% respectively.

At the same time, the company enhances the ability of sustainable operation through diversified business layout.

In the announcement disclosed on July 3, the company said it would invest 50 million yuan with its own capital to set up a wholly-owned subsidiary, Shanghai Michaeli Trading (tentative name).

Zebra consumption noted that in addition to the wholesale of sporting goods and equipment, clothing and clothing retail, the scope of business of Shanghai Michaelis trade also increased grain purchase and food business.

The company said that it will initially carry out the grain trade business layout relying on the resources, business and management capabilities of investors in the grain trade industry.

According to public information, Taifu Jingu, the second shareholder of the company, is mainly engaged in the operation of the supply chain service platform of grain trade circulation industry. The scope of business is quite different from that of noble birds. The new business of grain trade may promote the operation and development of the company and have a positive impact.

At that time, the company will form two major businesses, selling shoes with the left hand and selling grain with the right hand.

3.5 billion in debt

Restructuring investors with large sums of money into the market temporarily gives the noble bird a chance to breathe, but the continuous loss of performance in the past three years, I am afraid, can not be fundamentally solved in the short term.

In 2018, the company ushered in a huge loss of * * since its listing. In that year, the company realized operating revenue of 2.812 billion yuan and net return to parent company of RMB 685.9 million yuan, down 13.52% and 536.01% respectively on a year-on-year basis.

Once the loss gate is opened, it will never stop.

From 2019 to 2020, the company's operating revenue will be 1.581 billion yuan and 1.188 billion yuan respectively, and the net attributable to the parent company will be - 1.096 billion yuan and - 382.2 million yuan respectively. In the above three years, the total loss was 2.164.1 billion yuan.

From once "the light of domestic products", to the mire of performance, the noble bird lost on the road of diversification. Especially in the "all-round sports" strategy, he has invested in Hupu sports, Kangpaisi, and acquired and1. The huge acquisition and investment failed to give the company performance bonus, on the contrary, it dragged the company into the abyss.

At the same time, the scale of the company's retail terminals is also decreasing year by year. By the end of 2020, the number of retail terminals of the company was 1396, 3630 less than that of 5026 in the first year of listing. In the first quarter of 2021, the number of retail terminals increased slightly to 1422.

In the first quarter of this year, the company's performance remained unchanged, with operating revenue of 211 million yuan and net net return to the parent company of ￥ 59.1571 million yuan.

This has a direct impact on the company's liquidity. As of the first quarter of this year, the company's monetary capital was 22.68 million yuan, the non current liabilities due within one year were 1.302 billion yuan, the total liabilities were 3.526 billion yuan, and the asset liability ratio was 100.92%.

The second generation of Lin family put out the fire

As the company's actual controller Lin Tianfu retired behind the scenes, his son Lin Siping was pushed to the front desk. On July 2, Lin Siping was elected chairman of the company and was employed as general manager.

After all, it's time for Laozi to clean up the mess left by his 34 year old son. Zebra consumption noted that before this, Lin Tianfu had been planning a layout for his son's succession.

Lin Siping, born in 1987, after obtaining a bachelor's degree in finance from the University of Kansas, USA, joined UBS Securities Investment Banking Department as an analyst for two years in 2012. She did not return to the company until 2017 and was appointed as the company's director and deputy general manager. At that time, Lin Siping was also a director of Hupu sports, which was invested by noble birds.

The company had high hopes for the listing of Hupu sports, which failed twice in a row. Under the financial crisis, the noble bird had to sell its shares in Hupu sports.

Son took over the handsome seal, Lin Tianfu in the company's personnel layout of the humeral stock minister.

In the new board of directors of the company, three are members of the Lin family. In addition to Lin Siping, there are Lin Qinghui, the younger brother of Lin Tianfu, and Lin Sien, the nephew of Lin Tianfu. Lin Qinghui and Lin Sien are both non independent directors of the company, and they also serve as the deputy general manager of the company. According to the 2020 annual report, both of them are directors and deputy general managers of the company in the past five years.

Lin si'en and the noble bird group controlled by Lin Tianfu are acting in concert. Affected by the restructuring plan, their shareholding ratio of the company has been passively diluted from 0.10% to 0.04%.