In the past year, the domestic footwear industry has entered an eventful autumn. Belle delisted in Hong Kong, Daphne closed its stores on a large scale, and the rich and the poor are in debt crisis.
A series of events can't help asking what happened to these once brilliant Chinese shoes brands. For this reason, CCTV financial reporters first went to the Fuguiniao group, which was put on file by the CSRC for investigation.
4.2 billion yuan in debt
CCTV financial reporters learned that after the CSRC issued the notice of case investigation on March 21, the Fujian regulatory bureau of CSRC issued a warning letter to the company not long ago, because it provided guarantee for related parties of the company, violated the provisions of the company law, and affected the company's solvency.

The related party for which Fuguiniao provides guarantee is actually Fujian Fuguiniao Mining Group Co., Ltd., which is the same controlled shareholder as Fuguiniao. The guarantee amount is 300 million yuan. In addition, Fuguiniao also provides guarantee for other related companies.

In order to solve the huge debts, Fuguiniao company issued corporate bonds and private bonds totaling RMB 2.1 billion in 2014 and 2016 respectively.

However, in April this year, Fuguiniao failed to pay the interest and principal on schedule, resulting in a material breach of contract. Guotai Junan, the trustee of creditor's rights, announced that as of the end of February this year, Fuguiniao had borrowed at least 4.29 billion yuan, which is likely to be unrecoverable.

Mr. Luo, chief financial officer of Fuguiniao Co., Ltd., said that the real assets of the company now belong to the most valuable brand.
It is understood that at present, the company bond "14 Fuguiniao" issued by Fuguiniao is in the state of suspension, with a price of 13 yuan per bond, 87.4% lower than the price of more than 100 yuan before the suspension in 16 years. In view of the huge debt crisis of Fuguiniao, Shishi municipal government of Fujian Province has set up a working group to enter the company.
Mr. Luo, chief financial officer of Fuguiniao Co., Ltd., "it is necessary to seek reorganization. If the reorganization is successful, the interests of creditors will be better.". Otherwise, when it comes to bankruptcy and liquidation, the proportion that can be cashed may be very low. "
How about the internal operation of the company with high debts
In such a serious debt crisis, what is the operation of the rich and the noble birds?
In one of the factories of Fuguiniao group, according to the staff, the factory once had more than 1000 employees. Now four workshops have been shut down, and some workers have been transferred to other factories.

Executives said that in addition to the transferred workers, the rest of the factory can only be cut, and in the normal production plant, the company's orders also declined year on year.
At the same time of the decrease of orders, the inventory is further increased. In many stores of Fuguiniao, the reporter found that many stores are greatly reducing prices and promoting sales. Some products are inventory two or three years ago. The staff revealed that this is the reason why the company's inventory pressure is too high.
Mr. Luo, chief financial officer of Fuguiniao Co., Ltd., "the company's inventory value is about more than 300 million."
According to the survey, the net profit of Fuguiniao in 2013 was 392 million yuan, a year-on-year decrease of 13.09%; the net profit of Fuguiniao in 2016 was reduced by 59.16% to 163 million yuan. That is to say, inventory now accounts for 1.84 times of 2016 profit.
It is in order to improve performance that rich and noble birds constantly try to transform and diversify their development. Once entering the market of children's shoes and clothes failed, and then they turned to finance, real estate and mining, all of which ended in failure.
Lin Hongnan, chairman of Shishi textile and garment industry alliance in Fujian Province, said: "some of its funds may have been invested in other industries and cannot be recovered, which has affected its main body and the debt performance ability of its shoes and clothing listed companies."
The income of the main business continued to decline, high inventory enterprises occupied huge funds, and the failure of sideline investment led to huge debts. The combination of the three causes the king of a generation of men's shoes, Fu guiniao, no longer rich.
This article comes from the network, which is organized and released by the heat transfer press, rubber sole roughing machine, Youli shoes machine Co., Ltd. hotline: 13592760466