staff loss, half of the plants shut down and 3 billion yuan in debt! The brand Lu Yi once spoke for is in danger

Fujian is a famous clothing manufacturing province in China. 1n addition to Putian, which is famous for producing “Shanzhai”, there are also many famous brands in China, such as hudu, Kabin, qipilang, Delphi, Fuguiniao, etc

however, these so-called Fujian style clothes are not in a good living condition at present. 1n 2016, for example, the income of hudu decreased by 36.7%; Carbin’s annual revenue fell 14.4%, while the net profit of seven wolves also declined

to make matters worse, not long ago, Delphi closed down due to hundreds of millions of yuan in debt; Recently, the rich bird has encountered big trouble again

on March 22, Fuguiniao (1819, HK) issued a notice on receiving the notice of filing an investigation from China Securities Regulatory Commission, which pointed out that

due to the company’s suspected violation of information disclosure and the use of bond raised funds, according to relevant regulations, 1 will decide to file an investigation on your company

Fuguiniao, once the leader of shoes and clothing in Fujian, had experienced double-digit rapid growth before its listing. Now, according to Guotai Junan’s report, Fuguiniao’s total debt has reached 3 billion yuan. What has the rich bird experienced< At noon on March 21, a reporter from the daily economic news (micro signal: nbdnews) visited Fuguiniao headquarters in Shishi, Fujian Province outside Fuguiniao’s dormitory, the reporter saw a recruitment billboard of Fuguiniao, which said: Women’s shoes department is recruiting 400 shoe-making operators for the society. Across the door, the reporter saw a staff member in front of the recruitment desk in the company, but did not see anyone to apply photo source: daily economic news, Yu Yaofeng / photo the reporter walked into Fuguiniao’s staff dormitory and found that almost all the dormitory doors were closed Xiao Liu, a 17-year-old employee from Fuyang, Anhui Province, said that there are few employees in the factory now, and the whole dormitory opposite is vacant. Xiao Liu has been a rich bird for one year, and now he belongs to the system department. He is quite satisfied with his current working condition” When 1 first came in, my salary was only over 1000 yuan. 1n the second month, it was over 2000 yuan. Now my salary is over 3000 yuan. “ another employee, Xiao Luo, said, “there are not as many people in four workshops as there are in one workshop in peak period.” The peak that Xiao Luo mentioned refers to 2013 and 2014, when there were thousands of employees in Fuguiniao headquarters factory, but now there are only a few hundred as Xiao Luo said, the reporter saw that there are four workshops in Fuguiniao headquarters factory. At present, only the first workshop and the second workshop have employees working. The machines in the third workshop and the fourth workshop have been shut down, and many machines have been put on the aisle outside the workshop< Photo source: Daily Economic News Yu Yaofeng / photo Wang Yaohui (a pseudonym) from the leather washing group of the second workshop told reporters that his leather washing group used to have more than ten workers, but now there are seven or eight. And he himself, although he didn’t come in for long, is going to leave next month worker Xiao Xu told reporters that after the year of Fuguiniao, more than 20 Yunnan workers who came in at the same time quit their jobs the reporter of daily economic news (wechat: nbdnews) looked up the complete annual report of Fuguiniao since it was listed in 2013 and found that the number of Fuguiniao’s employees has been on a downward trend. On June 30, 2014, the company had 5729 full-time employees. By the end of that year, the number had decreased to 5170, and then on December 31, 2015, the company employed 4401 full-time employees, At present, the data for 2017 has not been released Why are there fewer and fewer rich employees it’s not that the factory has no work to do, but that the original workers can’t stay and the desired workers can’t be recruited, which has something to do with the current business situation of Fuguiniao. Wang Yaohui said that he chose to leave Fuguiniao because of the poor efficiency of the factory. Now he has only got more than 2000 salaries. This wage level is really not competitive today many workers also said that the treatment of another shoemaking enterprise in Shishi is better than here, and many workers choose to go to another one worker Chen Chao (pseudonym) has worked in Fuguiniao for ten years. When he talked about the past Fuguiniao, his face still showed a proud expression. He said that when he first entered Fuguiniao, his salary was more than 2000 yuan. “At that time, the money was more valuable than it is now. This salary level is higher in the local area. The ideal place for many shoe workers is Fuguiniao.” photo source: screenshot of Fuguiniao’s official website indeed, Fuguiniao had a glorious time. 1t is understood that Fuguiniao Co., Ltd., founded in the 1990s, is mainly engaged in the R & D, production and sales of men’s and women’s shoes, men’s business casual wear and leather goods and other related accessories. The controlling shareholder of the company is Fuguiniao Group Co., Ltd., which held 68.9% of the company’s shares by the end of 2015. The actual controllers are Lin Heping, Lin Heshi, Lin Guoqiang and Lin Ronghe, which is a typical family business in 2013, Fuguiniao landed on the Hong Kong stock exchange. Prior to listing, Fuguiniao had experienced double-digit rapid growth. From 2011 to 2013, the net profit of Fuguiniao increased by 113.79%, 27.47% and 37.13% respectively however, since 2014, the performance of Fuguiniao has begun to decline. According to the financial data from 2014 to 2017, the net profit of Fuguiniao in 2014 was 451 million yuan, a year-on-year increase of only 1.69%; 1n 2015, the net profit was 392 million yuan, a year-on-year decrease of 13.09%; 1n 2016, the net profit decreased by 59.16% to 162 million yuan since its listing, the business income of Fuguiniao has also shown a downward trend. 1n 2014, the business turnover of Fuguiniao wa2.323 billion yuan, in 2015 it wa2.032 billion yuan, and in 2016 it dropped again to 1.492 billion yuan. According to the results of the 2017 interim report, the business income in the reporting period was only 412 million yuan in view of the declining performance, Fuguiniao once explained in the 2015 financial report that the footwear industry is still in the bottom stage due to the influence of macroeconomic boom and its own development cycle photo source: Yu Yaofeng / photo of daily economic news as an old shoe-making enterprise, Fuguiniao has also tried to transform and develop in the direction of diversification. For example, it has tried to gradually enter the children’s shoes and children’s clothing market with school uniform as a breakthrough, and has also set up an e-commerce team to vigorously promote online business. However, from the current point of view, these arrangements are not enough to reverse the decline. 1n the first half of 2017, Fuguiniao’s performance declined again, and its revenue was about 412 million yuan, a year-on-year decrease of 48.09% burdened with huge debts, the government took over Fuguiniao Shishi is the manufacturing base of shoes and clothing in China. According to the Statistics Bureau of Shishi City, there were nearly 100 shoes and clothing enterprises with annual sales of more than 100 million yuan in 2017. Among them, Fuguiniao was once the leading enterprise of Shishi when you walk into Fuguiniao 1ndustrial Park on Baqi road in Shishi City, there are still cars coming and going in the office building of the headquarters, and there are many security guards on duty in the security booth at the door. The orderly flow of people can not cover up the crisis behind the rich bird. The reporter learned from many sources that the Shishi municipal government has sent people to settle in the rich bird and take over the enterprise it is an “open secret” that Fuguiniao is in crisis in the local area. According to local people, Lin Guoqiang, one of Fuguiniao’s founders and executive director, died in June 2017, but his children all gave up their inheritance rights in order to avoid the huge debts of the company how much debt does the rich bird have? According to Guotai Junan’s report, Fuguiniao has at least 4.909 billion yuan of assets, which are likely to be uncollectible, including 165 million yuan of monetary capital, 200 million yuan of accounts receivable, 200 million yuan of inventory, 4.229 billion yuan of other receivables and 115 million yuan of fixed assets photo source: screenshot of Fuguiniao official website at present, Fuguiniao’s total debt is about 3 billion yuan, including “14 Fuguiniao” principal 800 million yuan and corresponding interest, “16 fugui01” principal 1.3 billion yuan and corresponding interest, bank loan 500 million yuan, and other operating liabilities 300 million yuan the “14 Fuguiniao” that resumed trading and plummeted in March is the corporate bonds issued by Fuguiniao in April 2015, with a total amount of 800 million yuan and a maturity of 5 years. At the end of the third year, the issuers have the option to raise the coupon rate and the investors have the option to sell back. 1n April of this year, the bonds will be sold back on the eve of the resumption of trading of “14 Fuguiniao”, the bond rating agency Dongfang Jincheng 1nternational Credit Evaluation Co., Ltd. disclosed the announcement of Dongfang Jincheng on reducing the credit rating of Fuguiniao Co., Ltd. and “14 Fuguiniao” on February 12, 2018, which lowered the credit rating of Fuguiniao to CC, maintaining a negative rating outlook, At the same time, the credit rating of “14 rich bird” bonds was lowered to CC. CC level means “less protection in case of bankruptcy or reorganization and basically no guarantee of debt repayment” in addition, the exercise date of the issuer’s option to raise the coupon rate and the investor’s option to sell back of the RMB 1.3 billion private placement bond “16 Fugui 01” issued by Fuguiniao is August 12, 2018, which may further aggravate its cashing pressure in fact, the two disputes over the sales contract of Fuguiniao in 2017 seem to have explained the current financial situation of Fuguiniao, which is in a very tense state photo source: Oriental 1C in November 2017, Fujian Jinjiang Fuxing zipper Co., Ltd. filed a lawsuit against Fuguiniao, requesting that Fuguiniao pay 56790.34 yuan to Fuxing company; 1n December of the same year, Foshan Nanhai Jiangxin Shoes Co., Ltd. sued Fuguiniao and asked Fuguiniao to pay off 588600 yuan and interest in the above two cases, Fuguiniao did not reply, and the court ordered Fuguiniao to pay the plaintiff in view of the company’s current financial situation, the reporter of daily economic news (micro signal: nbdnews) has repeatedly called Fuguiniao’s public phone, but no one has answered

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