Does Fujian Fu Guibo owe 3 billion yuan?

Fujian is a famous clothing manufacturing province in China. In addition to Putian, which is famous for producing "shanzhai", there are also well-known domestic brands such as Hudu, Hut, Seven Wolves, Delphi and Fu Guibo.

But these so-called Fujian-style clothes are not in a good living condition at present. Taking 20 16 as an example, Hudu's income decreased by 36.7%; The annual income of the hut declined 14.4%, and the net profit of the seven wolves also declined.

To make matters worse, not long ago, Delphi closed down due to debts of several hundred million yuan; Recently, the rich birds are in big trouble again.

On March 22nd, Fu Guibo (18 19, HK) announced that he had received the notice of filing an investigation by the China Securities Regulatory Commission.

Due to the company's alleged illegal use of information disclosure and bond raising funds, according to relevant regulations, I will decide to file an investigation on your company.

Fu Guibo, once the leader of Fujian shoes and clothing, experienced double-digit high-speed growth before listing. Now, according to Guotai Junan's report, Fu Guibo's total debt has reached 3 billion yuan. After all, what has the rich bird experienced?

Staff turnover is serious, and half of the workshops are shut down.

At noon on March 2 1, a reporter from the National Business Daily visited Fu Guibo's headquarters in Shishi, Fujian.

Outside the staff dormitory of Fuguiniao, I saw a recruitment billboard of Fuguiniao that read: The Women's Shoes Department is looking for 400 shoe operators for the society. Through the gate, I saw that there were staff at the recruitment desk in the company, but I didn't see anyone applying.

Walking into Fu Guibo's staff dormitory, I found that almost all the dormitory doors were closed.

/kloc-Xiao Liu, a 0/7-year-old employee in Fuyang, Anhui Province, said that there are very few employees in the factory now, and the entire dormitory opposite is empty. Xiao Liu has been in Fu Gui for a year, and now he belongs to the gang crime department. He is satisfied with his present working condition. "When I first came in, the salary was only 1000. In the second month, more than 2000. Now the salary is more than 3 thousand. "

Luo Xiao, another employee, said, "There are not as many people in four workshops as in one workshop during the peak period." The peaks mentioned by Ronaldinho are 20 13 and 20 14. At that time, there were thousands of employees in the Fuguiniao headquarters factory, and now there are only a few hundred.

As Ronaldinho said, I see there are four workshops in the headquarters factory of Fugui Bird. At present, only the first workshop and the second workshop have employees working, and the machines in the third workshop and the fourth workshop have stopped working, and many machines are placed in the aisle outside the workshop.

Wang Yaohui (pseudonym) of the leather stamping group in Workshop 2 told the reporter that there used to be more than a dozen workers in his leather stamping group, but now seven or eight have gone. And he himself, though not long after coming in, is also going to leave next month.

Xiao Xu, a worker, said that Fu Guibo hired people in many places after many years, and at the same time, more than 20 Yunnan workers who came in resigned after working for a long time.

Looking up the complete annual report released by Fuguiniao since its listing on 20 13, it is found that the number of employees of Fuguiniao has been declining. On June 30th, 20 14, the number of full-time employees in the company was 5,729. By the end of that year, this number had decreased to 5 170, and then to 2015,65438+.

Why are there fewer and fewer employees in Fugui Bird?

It's not that the factory has no job, but that the original workers can't stay and the workers they want can't be recruited, which is not unrelated to Fu Guibo's current business situation. Wang Yaohui said that he chose to leave Fu Guibo because the factory was inefficient, and now his salary is only more than 2,000 yuan. This salary level is really not competitive today.

There are also many workers who say that the treatment of another shoe-making enterprise in Shishi is better than here, and many workers choose to go to another one.

Worker Chen Chao (pseudonym) has been working in Fu Guibo for ten years. When talking about Fu Gui Bird's past, his face still shows a proud expression. He said that when he first entered Fu Guibo, his salary was more than 2,000 pounds. "At that time, money was more valuable than it is now. This salary level is high in the local area. The ideal place for many shoemakers is Fu Guibode. "

Indeed, the rich birds also had their glory days. It is understood that Fuguiniao Co., Ltd. was established in the 1990s, mainly engaged in research and development, production and sales of leather shoes for men and women, men's business casual wear and leather goods and other related accessories. The controlling shareholder of the company is Fuguiniao Group Co., Ltd., holding 68.9% of the shares at the end of 20 15. The actual controllers are Lin Heping, Lin Heshi, Lin Guoqiang, Lin Rong and He, which are typical family businesses.

In 20 13, the rich birds landed on the Hong Kong Stock Exchange. Before listing, the rich birds had experienced double-digit high-speed growth. From 20 1 1 to 20 13, Fu Guibo's net profit increased by 1 13.79%, 27.47% and 37. 13% respectively.

However, from 20 14, the performance of the rich bird began to show signs of decline. From the financial data of 20 14 to 20 17, Fu Guibo's net profit of 20 14 was 4,565,438 million yuan, only increasing by 65.438+0.69% year-on-year. The net profit of 20 15 was 392 million yuan, a year-on-year decrease of13.09%; The net profit of 20 16 decreased by about 5.9 16% to 65438+62 million yuan.

Since listing, Fu Guibo's business income has also shown a downward trend. In 20 14, the turnover of Fu Guibo was 2.323 billion yuan, in 20 15 it was 2.032 billion yuan, and in 20 16 it dropped to149.2 billion yuan again. 20 17 interim report shows that

In view of the decline in performance, Fuguiniao explained in the financial report of 20 15 that the footwear industry is still in the bottoming stage due to the macroeconomic prosperity and the development cycle of the footwear industry itself.

As an established shoe-making enterprise, Fuguiniao also tries to transform and develop in a diversified direction. For example, we tried to gradually enter the children's shoes and children's wear market with school uniforms as a breakthrough, and also set up an e-commerce team to vigorously promote online business. But at present, these deployments are not enough to reverse the trend. In the first half of 20 17, Fu Guibo's performance declined again, and his revenue was about 4120,000 yuan, down 48.09% year-on-year.

The heavily indebted government took over the rich bird.

Shishi is a shoe and clothing manufacturing base in China. According to the statistics of shishi city Statistics Bureau, in 20 17, there were nearly 100 shoe and clothing enterprises with annual sales exceeding 100 million yuan. Among them, the rich bird was once the leading enterprise of Shishi.

Walking into Fuguiniao Industrial Park, Baqi Road, shishi city, cars are still coming and going in the office building of the headquarters, and there are also many security guards on duty in the security booth at the door. An orderly flow of people can't hide the crisis behind Fu Guibo. The reporter learned from many sources that the shishi city municipal government has sent people to Fu Guibo to take over the enterprise.

The bird crisis in Fu Gui has become an "open secret" in the local area. According to the local gossip, Lin Guoqiang, one of the founders and executive director of Fu Guibode, died on June 20 17, but all his children gave up their inheritance rights to avoid the huge debts of the company.

So, how much debt does the rich bird have? According to Guotai Junan's report, Fu Guibo has at least 4.909 billion yuan of assets that may not be recovered, including 654.38+/kloc-0.50 million yuan of monetary funds, 200 million yuan of accounts receivable, 200 million yuan of inventory, 4.229 billion yuan of other receivables and 654.38+/kloc-0.50 million yuan of fixed assets.

At present, Fu Gui Bird's total liabilities are about 3 billion yuan, including "14 Fu Gui Bird" principal of 800 million yuan and corresponding interest, "16 Fugui 0 1" principal1300 million yuan and corresponding interest, bank loans of about 500 million yuan and other operating liabilities of about 300 million yuan.

The "14 Fu Guibodao", which plunged in the resumption of trading in March, was a corporate bond issued by Fu Guibodao in April 20 15, with a total issuance of 800 million yuan and a term of five years. At the end of the third year, the issuer raised the option of coupon rate and the option of investors to sell back. In April this year, the bond will usher in the release date.

On the eve of the resumption of trading of 14 Fu Guibo Guide, bond rating agencies Dongfang Jincheng International Credit Rating Co., Ltd. disclosed the Announcement of Dongfang Jincheng on Downgrading the Credit Rating of Fu Gui Bird Co., Ltd. and 14 Fu Guibo Guide on February 8, which lowered the credit rating of Fu Guibo Guide to CC and maintained the rating outlook as negative. CC level means "less protection can be obtained in bankruptcy or reorganization, and debt repayment can hardly be guaranteed".

In addition, the issuer of private placement bond "16 fugui01"directed by Fu Guibo advanced the exercise date of coupon rate option and investor put option to August 20 18, or further aggravated its redemption pressure.

In fact, the two disputes over Fu Guibo's sales contract on 20 17 seem to have explained Fu Guibo's current financial situation and he is in a very tense state.

20 17 1 1, Fujian jinjiang Fuxing zipper co., ltd. sued Fugui bird in court, requesting that Fugui bird pay Fuxing company 56,790.34 yuan; In 65438+February of the same year, Foshan Nanhai Jiangxin Shoes Co., Ltd. sued Fuguiniao and demanded Fuguiniao to pay off the payment of 588600 yuan and interest.

In the trial of the above two cases, Fu Guibode did not reply, and the accepting court ordered Fu Guibode to pay the plaintiff.