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Is the capital chain all in a hurry? What's wrong with "shoe king"?
From: Dongguan Xie Ying Textile Co., Ltd. Post date: 2018-05-10


Now, the rich bird's capital chain has been all in a hurry? Since 2014, fortune birds have to borrow funds in the form of guarantees, mortgages and so on.



Today (March 9th), in the morning, the rich birds announced in Hong Kong exchange that the full subsidiary company (Fujian) shoe Garment Co., Ltd. had a guarantee performance in February 22, 2018 and February 27, 2018 respectively. The bank certificate and the interest of the deposit certificate were transferred to the guarantor's loan and the interest of the loan. The total amount is 157 million 900 thousand yuan.

In addition, the company provides a guarantee for the dealer Xiamen Tai Tian trade and Trade Co., Ltd. in February 27th. The bank deposit of the company's full capital subsidiary, Fujian shoes and Clothing Co., Ltd. was transferred to the Xiamen Tai Tian Trade Co., Ltd. for 10 million 291 thousand yuan.

Up to now, the above funds have not been recovered, and the recovery of the relevant funds is of great uncertainty.



In February 12th, the rich bird issued a number of overseas regulatory notices, announces its capital market to date. According to Guotai Junan's report, at present, there are at least 4 billion 229 million yuan worth of foreign capital borrowed by the rich birds, and there is a major uncertainty in the recovery of the relevant funds.

Today, the capital chain of the rich birds has been in urgent need. Since 2014, birds of fortune have to borrow funds in the form of guarantees, mortgages and so on.

As a listed company, the capital lending of rich birds is in the form of various "irregularities".



Guotai Junan's announcement shows that there is a "large amount of irregularities for foreign guarantee, as well as funds for borrowing". At least 4 billion 909 million yuan is likely to be unrecoverable, including 165 million yuan, 200 million yuan, 200 million yuan, 4 billion 229 million yuan and 115 million fixed assets.

At present, the total amount of debts of the rich bird is about 3 billion yuan, including the 14 rich birds' capital of 800 million yuan and the corresponding interest, the 16 rich and expensive 01 capital of 1 billion 300 million yuan and the corresponding interest, the bank loan of about 500 million yuan, and the other operating liabilities of about 300 million yuan.

At present, the production and operation of the rich bird has been carried out as usual, but the land, plant and machine under the name of the rich bird have been almost mortgaged and sold, and the 2 massif of the Shishi is located in the stone lion. It has also been stored by the Shishi land acquisition and Reserve Development Center for RMB 383 million yuan.

In addition, the 2017 half year report of the rich bird showed that as of now, the amount of money borrowed from the rich bird (including the amount of the deposit certificate has been deducted by the bank has been deducted by the bank) is at least 4 billion 229 million yuan, and the related amount is likely to be unrecoverable.

In addition, by the end of 2017, the rich bird found that the actual inventory was about 200 million yuan less than that of the book stock. By the end of 2017, the rich bird found that nearly 200 million of the accounts receivable have not been confirmed, and the recovery of this part is more uncertain.

In the view of the industry, the bond "14 rich birds" traded in the mainland has fallen from a minimum of 100 yuan to more than 8 yuan after the resumption of the card for 18 months. Once the Hong Kong shares are resumed, the company will also have a great probability of collapse. The reason is that the company has done too many external guarantees, and investors should be careful with such companies.

Huang Wentao, a Securities researcher in CITIC investment, said that the big negative events of the rich bird also proved to be on guard against the judgment of the default of the people's debt this year, while the debt default rate in 2018 may be higher than in 2017, the main reason is the slow decline in economic growth and the strengthening of external cash flow tension.

In 1991, it was founded in Shishi, Fujian, mainly engaged in R & D, production and sales of related accessories such as men and women's leather shoes, men's business casual wear and leather goods. In 2012, the company was once among the third major brands of business leisure shoes products manufacturers and sixth brand shoes products. Make business. In 2013, the company was listed on the Hongkong stock exchange.

Rich bird is located in the high-end leather shoes market, the main competitors in this business include BELLE international, thousand degrees, sky creation fashion, Saturday, Hasen shares and so on, the main products are "rich bird" and "FGN" brand men and women leather shoes, "AnyWalk" fashion casual shoes, "foot step" living casual shoes and " "Rich bird" brand men's business casual wear.

He has won the honorary title of "China Leather leading shoe king", "China well-known trademark" and "the most competitive brand in the market".

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