"Rich Birds" Eventually "Rich" No Longer Suspended For 3 Years, Dull Delisting.

Recently, the fortune bird (demand area: 80-150 square meters, has been stationed in 29 shopping centers, plans to open 50 this year) announced that in August 9th, the stock exchange sent a letter to the company to inform the company that the final listing date of the company's shares will be August 23, 2019 (the "last listing date").

The listing status of shares will be abolished at nine a.m. on August 26, 2019 (the "cancellation of listing status"). The company is now seeking legal advice and may make further and final review on the cancellation of listing status according to chapter 2B of the listing rules.

　 More than 3000 brand stores in 30 years

In 1984, a tourist souvenir factory in Shishi started work. This is a family business, but the relationship is more and more unevenly distributed, and all kinds of contradictions have led to their separation. By 1989, only 4 factories had reorganized the board of directors, and four years later (1992) established the fortune bird group. The integrated fortune birds became a modern enterprise that integrates the research, production and sales of shoes and garments.

Before 2013, Fu's products were awarded many titles and awards such as "China genuine leather shoes king", "China Chi brand" and "more competitive brand". By 2012, there were more than 2000 brand stores in the rich and precious birds, because shoes were of high quality guaranteed by the AQSIQ and other authoritative institutions as "the first China shoes king", and sales have been far away. According to media reports, during the peak period, the number of rich birds was close to 10 thousand, and over 3000 families spread all over the country.

　 Listing for 6 years, suspension for 3 years to enter the "dead" Bureau

By the winter of 2013, birds of fortune came on the market. This time point is like a good view from winter to spring, but unfortunately, it does not last long, and this winter is very long.

After the listing of the rich birds, they were too impatient. Compared to the low gross profit and low investment cycle, the management of the rich birds believed that the investment income in the financial field was faster, and they blindly went to the financial field and invested in P2P and small loan companies. I didn't expect to bring the rich birds into a "dead end". Soon, the enterprises appeared the problem of capital chain, and their performance declined rapidly.

Only a year before listing, in 2014, the annual revenue of fortune birds reached 2 billion 323 million yuan, and net profit reached 451 million yuan. Compared with 2013 revenue dropped to 1%, the performance showed a rapid downward trend. In 2015, the net profit of fortune birds reached 392 million yuan, down 13.09% from the same period last year. Net profit reached 163 million yuan in 2016, a decrease of about 59.16% compared with the same period last year. The first net profit loss appeared in 2017, with a revenue of only 412 million yuan, net profit of 11 million yuan, and a year-on-year decrease of 107.7%.

The continued deterioration of the financial chain has left the birds of fortune no longer disclosed since the mid 2017 earnings report, and since September 1, 2016, the company has continued its suspension. This stop is 3 years.

3 years later, it was not enough to wait for the two 3 years. Just 2 days ago, the latest news revealed by Fu Fu bird revealed that the final date of the listing of the company's shares will be August 23, 2019, and the listing status of the shares will be abolished at nine a.m. on August 26, 2019.

　 4 billion 200 million, debt has been defeated.

A generation of representatives of Fujian shoe enterprises finally turned out to be a gloomy market. Not only is it a delisting, but in February this year, the announcement of Guotai Junan, a trustee in charge of fortune and bird claims, indicated that there was a large amount of violation of external guaranty and funds dismantling.

As of February 28, 2018, the amount of money borrowed from Fortune birds would total at least 4 billion 229 million yuan, and the relevant amount would probably not be recovered. The current account and cash available for use could be less than 100 million yuan.

It is no wonder that after the death of Lin Guoqiang, one of the founders of last year, his children renounced their father's property in court, and no one was willing to take up the huge debt.

Once a glorious bird of wealth has developed to a great extent after a great leap forward, it is a pity that the inexperienced and careless wanderer eventually leads to the fall. If we can do a good job in the main business and make a good brand, how can we count it as a bad debt?