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Daily Consumer News, March 4**, ST Guiren (Guiren Bird) closed at 078 yuan shares, the stock price has been below 1 yuan for 17 consecutive trading days, which means that even if the next 3 days are all up and down, its stock price can not return to more than 1 yuan.
The dream of "all-round sports".
Guirenniao was born in Jinjiang, Quanzhou City, the "Shoe Capital of China", and famous domestic sporting goods companies such as Anta, Xtep, 361°, and Hongxing Erke are all in Jinjiang.
According to reports, in the 80s of the last century, Lin Tianfu began to engage in small-scale OEM of sneakers. After many years of OEM, Lin Tianfu began to develop his own brand in 2002 - Guiren Bird. In 2004, Guirenniao Co., Ltd. was formally established.
In order to start brand awareness, Lin Tianfu invited Andy Lau, Cecilia Cheung and other stars to serve as the spokesperson of the noble bird. In 2007, Guirenniao sponsored Hunan Satellite TV's "Happy Boys", Dragon TV's "My Type My Show", Jiangsu Satellite TV's "Absolute Singing" and other popular talent shows of the year's SMS voting, so it became famous among young people.
The 2008 Beijing Olympic Games set off a national sports boom in China, and Guirenniao took advantage of this east wind to expand. Between 2009 and 2011, the number of stores surged from 1,847 to more than 5,000.
In 2014, Guirenniao was listed and became the "first share of A-share sports brand" in one fell swoop. Lin Tianfu, who is not short of money after going public, plans the way forward for the noble bird is "all-round sports". In the eyes of the outside world, the collapse of the noble bird stems from this - the capital layout of the pan-sports industry.
2015 was the highlight moment of Lin Tianfu and Guirenniao. This year, the market value of Guirenniao once exceeded 40 billion yuan, while the market value of Li Ning, 361° and other enterprises in the same period was less than 10 billion yuan. In that year, Lin Tianfu also surpassed Anta Ding Shizhong by nearly 8 billion yuan with a net worth of 19 billion yuan, becoming the richest man in Quanzhou.
It was also in this year that Guirenniao began a dazzling capital layout, cutting into many fields such as sports events, sports brokerage, sports games, and sports insurance. 23.9 billion yuan, becoming the second largest shareholder of Hupu, and setting up 2 billion yuan of sports industry ** "dynamic capital" with Hupu to invest in sports industry-related entrepreneurial projects.
According to reports, by the end of 2016, Guirenniao had contributed a total of 6With 300 million yuan, Dynamic Capital has invested in 20 targets such as "Super Orangutan", "Ski Assistant", "Understanding Football Emperor", "Kunlun Duel" and "Joy Running Circle", covering running, fitness, football, basketball, outdoor and other popular sports and e-sports, sports lottery and other "Internet +" projects.
From 2016 to 2017, Guirenniao invested 38.3 billion yuan to acquire sports products retailer Jiezhixing 5001% equity; Invested 100 million yuan to increase the capital of the game company Xingyou Technology; Spend 7500 million yuan to acquire a famous shoe warehouse; Invested 65 million yuan to cooperate in the establishment of Xiangan Insurance and lay out the field of sports insurance. In addition, it also plans to spend 2.7 billion yuan to acquire Wellcome Fitness, but the negotiations have not been successful for nearly a year.
Lin Tianfu hopes to use the power of capital to quickly make a comprehensive layout to realize his dream of "all-round sports".
Forced to lose control
As a result of the disorderly expansion, a number of problems such as high debt and debt default have erupted.
In 2018, the company's sales revenue was 281.2 billion yuan, a decrease of 1352%, and there was a loss for the first time since listing - a net profit loss attributable to shareholders of the parent company of 68.6 billion yuan. Then, in 2019, the company lost another 109.6 billion yuan, with another loss of 38.2 billion yuan, with a total loss of 21 in three years6.4 billion yuan.
During this period, the debt problem of Guirenniao also gradually emerged, and the asset-liability ratio increased from 67 in 201881% soared to 99 in 202026%, mired in serious debt distress.
Finally, in August 2020, Guirenniao was applied for reorganization by creditors. Lin Tianfu, the richest man in the limelight, also fell off the altar, and individuals were also restricted from high consumption.
In March 2021, Guirenniao openly recruited and selected reorganization investors, and during the registration period, Heilongjiang Taifu Jingu Network Technology Co., Ltd"Taifu Golden Valley") is the only one who registers. Taifu Golden Valley is called"Grain tycoon"Li Zhihua's company, Li Zhihua holds 80% of the shares.
In July 2021, Taifu Jingu invested 4200 million yuan to obtain 20 noble birds36% of the shares. Lin Tianfu 100% controlled by Guirenniao Group (Hong Kong)** the original 66The 18% stake was diluted to 2648%, but it is still the largest shareholder of Guirenniao.
It was also at this time that Lin Siping, the son of Lin Tianfu, succeeded Lin Tianfu and became the chairman and general manager of Guirenniao. The big event after Lin Siping took office was the "bankruptcy donation" of the heavy rain in Henan in July 2021. At that time, the noble bird with a debt of more than 3.5 billion but a donation of 30 million yuan was on the hot search several times.
However, only one year after Lin Siping took over, in July 2022, Lin Tianfu's equity in Guirenniao Group (Hong Kong)** decreased significantly due to judicial auction, Taifu Jingu passively became the controlling shareholder, and Li Zhihua became the actual controller of the company. The following month, Li Zhihua replaced Lin Siping as the new chairman of Guirenniao.
As Lin Tianfu became the second shareholder of the company, he gradually lost control of Guirenniao, and most of the shares of Guirenniao held by Lin Tianfu's family have been pledged or frozen due to debts.
The chairman of the board of directors was placed on file for investigation
Under the helm of Li Zhihua, Guirenniao began the road of transformation.
In July 2021, after the completion of the reorganization, relying on the resources of the reorganization investors in the food industry, Guirenniao took advantage of the trend to carry out the business layout of the food industry. At that time, Guirenniao announced that the company planned to invest in the establishment of a wholly-owned subsidiary, Shanghai Michenglai, with its own funds, with a registered capital of RMB 50 million, and its business scope includes food business and grain purchase.
According to the company's 2021 Guirenniao annual report, Mi Chenglai achieved an operating income of 24.6 billion yuan, accounting for 1731%。In 2022, Guirenniao's revenue will reach 2.1 billion yuan, a year-on-year increase of nearly 4856%。Among them, the income of the grain ** business reached 106.5 billion yuan, a year-on-year increase of 33383%, far exceeding the sports shoes and apparel business, becoming the main source of the company's revenue growth.
In September 2023, Guirenniao announced that the company will optimize and adjust the sports shoes and apparel business, including but not limited to licensing, leasing, etc"Noble birds"、"prince"and other brand assets and other sports shoes and apparel related assets, and gradually withdraw from the sports shoes and apparel business.
After withdrawing from the footwear and apparel business, Guirenniao will take the grain business as the company's main business development direction in the future, coordinate the company's resources and strength, and give priority and focus on making the grain business bigger and stronger.
Even though the grain business is doing well, the shadow of the debt crisis of Guirenniao has not yet dissipated. Guirenniao recently said that after the company's preliminary accounting, it is expected that by the end of April 2024, the company needs to repay the total principal and interest of the judicial reorganization debt of about 2100 million yuan. The company's third quarter report for 2023 shows that the company's book cash is only 03.4 billion yuan.
On the other hand, the financial strength of the current major shareholders of Guirenniao has also been questioned. Taifu Jingu previously planned to increase its shareholding in the company within 6 months from May 4, 2023, with an increase of no less than RMB 50 million and no more than RMB 100 million. However, due to the current financial pressure faced by Taifu Golden Valley, the implementation period of the shareholding increase plan will be extended by 6 months. This matter has also given rise to regulatory inquiries from the SSE.
It is worth noting that on February 23 this year, the announcement issued by Guirenniao showed that Guirenniao shares and Li Zhihua, the actual controller and chairman of the company, received the "Notice of Case Filing" issued by the China Securities Regulatory Commission on February 22. Due to suspected violations of laws and regulations in information disclosure, in accordance with the "** Law of the People's Republic of China", "Administrative Punishment Law of the People's Republic of China" and other laws and regulations, the China Securities Regulatory Commission decided to file a case against the company and Li Zhihua.
According to the performance forecast released by Guirenniao, it is expected to achieve a net profit attributable to shareholders of listed companies in 2023 of -48.5 billion yuan, the loss widened. The company said that there are two main reasons for the loss: first, the market competition pressure in the food industry and sports shoes and clothing industry where the company is located is greater, and the operating performance is greatly affected; Second, the company will provide for large asset impairment losses and credit impairment losses in 2023, which will have an impact on the company's net profit for the current period of about -35.6 billion yuan.
On March 5, the stock price of Guirenniao was nailed to the fall limit, quoted at 074 yuan shares, with a total market value of about 116.3 billion yuan. The delisting of the face value of the noble bird is a foregone conclusion, 2920,000 shareholders are destined to sleepless.