Over 1400 Stores And Share Prices Fell To 90%. What Happened To The "A Share Sports First"?

Guirenniao This name is not unknown to many people. In recent years, compared with Lining, Anta and other brands, the birds look quiet.

As of October 15, 2019, the price of the bird was 4.16 yuan. The 69 yuan from the peak of 2015 has fallen by more than 90%, and has fallen by nearly 60% since its listing in 2014. Now, how old is this old shoe company?

There are more than 1400 shop owners in the past three years.

On the Chuansha road in Pudong New Area, Shanghai, there was a store of expensive birds and birds. The CCTV financial reporter consulted the shop assistants around the shop. They revealed that the shop had been closed for more than a year, and they did not know whether to close the shop or move to another place. Such a situation is not a minority in Shanghai. There is a similar situation in the store of another bird in the south of Shanghai.

As you can see from the map, there are not many stores in Shanghai, mainly concentrated in the outer ring. Many of the stores displayed on the map, but when the reporters arrived, they could not find them. Many of the latest reviews under the store were several years ago.

This is a sports shoes brand which started in Jinjiang, Fujian province. At the beginning of A share listing, there was a aura of "A shares sports first", with a market value of up to 40 billion yuan. But the stock price has plummeted by 90% from its peak, and now it is less than 4 billion yuan.

After several searches, the reporter finally found a store in Pudong New Area's Cambridge Middle Street.

Reporter: are there any other shops on this side? Or this one? Bird shop assistant: This is the only one.

It is worth noting that at first, the expensive birds were built up by chain retailing, with the number of stores as high as 5000, but now the number of stores is decreasing year by year.

In 2017, 376 stores were reduced.

In 2018, there was a net decrease of 857 stores.

In the first half of 2019, the precious birds continued to shut down 188 shops with no vitality or loss. In three years, more than 1400 stores were closed.

"It's been a long time since I saw you last time. I should have been in junior high school, and I didn't know much about it. I didn't pay much attention to it." A consumer in Shanghai said.

On the other hand, the stores are shrinking and the other side is also in a dilemma.

The semi annual report shows that the performance in the first half of 2019 continued the decline of last year. Operating income in the first half of this year was 810 million yuan, a decrease of 47.27% compared with 1 billion 536 million yuan in the same period last year. Net profit attributable to shareholders of listed companies also decreased from 34 million yuan in the same period last year to -0.58 billion yuan.

This situation is hard to be attributed to the poor environment. It is also a sports shoe brand Anta, born in Jinjiang, Fujian. Its revenue in the first half of this year is as high as 14 billion 800 million yuan. Another sports brand Lining's sales volume was 6 billion 255 million yuan, up 33% compared with the same period last year, net profit 795 million yuan, or 196%.

Bonds face default

Bird and bird companies and bond ratings were downgraded.

In October 10th, the Shanghai Stock Exchange issued disciplinary sanctions on the birds, because the company had not fulfilled the obligation of information disclosure in a timely manner. In earlier September 17th, both the company's main body and its bond rating were downgraded. The main reason is that there is a risk of default.

What happened to this brand of sports shoes in China?

In October 10th, the Shanghai stock exchange sent three documents to the birds.

One of them is the disciplinary decision, which is mainly due to the financial support provided to the distributor in the previous distribution mode. From 2015 to 2017, it provided nearly 5 billion yuan in three years. However, this matter was not submitted to the shareholders' meeting in time, nor did it fulfill the obligation of information disclosure in time. It was not until April 28, 2018 that the precious birds disclosed the financial support.

Jiang Zhenwei, a lawyer in Shanghai Xinhua law firm: I think financial disclosure is a procedure that must be passed, which is a requirement in procedure. Under such circumstances, the investment risk of investors is actually very large. If it has disclosed such a large amount of financial assistance information, most investors may choose not to invest in expensive birds.

In addition to the sharp decline in performance, the "14 noble bird" bond is also a big shadow on the top of the company. The bond was 647 million yuan and the maturity date was December 3, 2019.

Up to the end of June 30, 2019, the amount of money in the ledger account was only 124 million 900 thousand yuan, which was not enough to cover the debt due. The joint rating downgraded the main credit rating of the company again, and the rating outlook was also adjusted to "negative". It also said that if the company did not deal with non core assets in a timely manner or sought new financing channels, the company would face the risk of default.

Jiang Zhenwei, a practicing lawyer of Shanghai Xinhua law firm, first of all, the bond holders will consult with the birds and birds to see if there is any possibility of paying the bonds through equal consultation. However, this possibility is based on the fact that the precious birds must have certain assets as a guarantee. If the birds do not have assets to pay the bonds, investors may have to resort to certain litigation means to bring a lawsuit against the court on the grounds that the bonds have not been paid up for breach of contract. After the lawsuit, some coercive measures may be imposed on the birds.

Where will the "noble birds" of "folding wings" go?