In the afternoon of March 22, Hong Kong stock Fuguiniao (01819. HK) issued three consecutive announcements, suggesting that it was investigated by the CSRC for suspected information disclosure and illegal use of bond raised funds. At the same time, the company's 2014 corporate bonds issued on April 22, 2015 (hereinafter referred to as "14 Fuguiniao") are subject to significant uncertainty in repayment.

At about 10:50 a.m. on the 22nd, 14 rich and noble birds appeared "flash avalanche" and plummeted 40%. Behind the collapse and solvency crisis of the rich and noble birds, the former clothing and shoes giant rich and noble birds is in the dilemma of performance decline and high-level turbulence.
Filed by the CSRC
Suspected illegal use of credit and securities fundraising

In the afternoon of March 22, Fuguiniao issued a notice, and the company received the notice of investigation from CSRC on March 21, pointing out that due to the company's suspected information disclosure and illegal use of bond raised funds, it decided to put the company on file for investigation according to relevant regulations.
Behind the investigation, the 800 million corporate bonds of Fuguiniao are facing a solvency crisis. According to the company's announcement, on March 22, Shanghai Stock Exchange published the notice of risk prompt for significant uncertainty in the sale and cash back. According to the announcement, Fuguiniao issued 2014 corporate bonds on April 22, 2015, with a total issuance amount of 800 million yuan, a coupon rate of 6.30%, and a term of 5 issues, with the issuer's option to increase the coupon rate at the end of the third year and the investor's option to sell back. In April this year, the bond will usher in a sell back date.
However, the company made it clear that up to now, there is no definite arrangement for the company's repurchase funds and interest, and there is significant uncertainty in the repayment of the bond's sale back funds. At the same time, Fu guiniao also said that the board of directors attaches great importance to the investigation notice, and the company will fully cooperate with the investigation work of the CSRC, and fulfill the obligation of information disclosure in strict accordance with regulatory requirements.
"14 rich and noble birds" bond collapse
4.909 billion assets may not be recovered
As a matter of fact, the cash crisis of 14 rich and noble birds has long been on the horizon.
On the morning of March 22, 14 rich and noble birds appeared "flash avalanche", which dropped by more than 42% at around 10:50, and temporarily suspended trading. According to an announcement on the official website of the Shanghai Stock Exchange, trading in the morning of the same day of 14 Fuguiniao was abnormally volatile. According to relevant regulations, the Shanghai Stock Exchange decided to suspend trading of 14 precious birds from 10:51 on March 22, 2018 and resume trading from 14:55 on March 22, 2018. Not long ago, 14 rich and noble birds had encountered "serial beheadings". On March 1, the resumption of trading fell 83.14%, followed by a cumulative decline of more than 50% in three transactions.
In addition, on February 9 this year, guofutai Junan, as the trustee of creditor's rights, also announced that the issuer has a large amount of illegal external guarantees and fund lending matters, and most of the pledged deposits have been deducted by the bank for performance; land, equipment and inventory have been used for mortgage guarantee to varying degrees. Up to now, the issuer has at least 4.909 billion yuan of assets that are likely to be unrecoverable, including 165 million yuan of monetary capital, 200 million yuan of receivables, 200 million yuan of inventory, 4.229 billion yuan of other receivables and 115 million yuan of fixed assets.

Behind the corporate debt repayment crisis
Rich and noble birds' performance declines year after year, high-level turbulence
Many people may not be unfamiliar with the brand of "rich and noble birds". According to the public information, Fuguiniao is an old clothing and shoes giant, founded in 1991 in Shishi City, Fujian Province. It is mainly engaged in the R & D, production and sales of men's and women's leather shoes, men's business and leisure wear, leather goods and other related accessories. In 2012, the company once ranked the third largest brand of business and leisure shoes product manufacturer and the sixth largest brand of shoes product manufacturer in China. In 2013, the company was listed on the Hong Kong stock exchange.
Since 2015, the performance of rich and noble birds has declined. According to the financial report, in 2015, the net profit of Fuguiniao was 392 million yuan, a year-on-year decrease of 13.09%; in 2016, the net profit decreased by 59.16% to 163 million yuan. In the first half of 2017, the net income was about 412 million yuan, a year-on-year decrease of 48.09%, and the net loss attributable to the owners of Fuguiniao was about 10.887 million yuan.
At the same time of performance decline, many board members and senior executives of the company also changed. On November 22, 2016, Fuguiniao announced that the board of directors had received written notice from five shareholders requesting the board to convene a shareholders' meeting and submit a proposal at the meeting, including the proposal to recall Chen Huamin and long Xiaoning as independent non-executive directors and recall KPMG as auditor of the company.
In March 2017, Chen Weisheng resigned as CFO of the company. On May 23 of the same year, Fuguiniao directly announced the suspension of Chen Huamin, an independent non-executive director. Since then, long Xiaoning and Chen Huamin have also jointly issued resignation letters.
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