"A Shares Movement Brand First Shares" The "Bird Wings" Return To The Main Business Is Not Easy.

They are trying to save themselves through equity auctions.

In November 22nd, the company announced that the 37 million 695 thousand shares of tradable shares held by the company's controlling shareholder, the noble bird group, will be transferred to the Jingdong for the first judicial auction.

Listing five years, the top "A shares movement brand first shares" aura frequent acquisitions, established a huge territory, but because of debt default, sell stocks to survive. Although the middle and long term strategic planning of this year has been a "return to the main business", the high reputation has now become a history. Whether the "good bird" that has been deeply involved in the liquidity crisis has yet to "take off" has left much time.

　 Liquidity crisis

A few days ago, the birds were sold by law. According to the announcement, the 37 million 695 thousand shares of tradable shares held by the noble bird group will be divided into 10 million stocks, 11 million shares, 12 million shares and 4 million 695 thousand shares. The auction price will be auctioned separately at the closing price of 20 trading days before the auction. The auctioned shares account for 6% of the total share capital of the precious birds, accounting for 7.86% of the shares held by the controlling shareholders. The auction will not lead to changes in the controlling shareholders and actual controllers of the company.

According to the data of heaven eye, there are 7 judicial auctions related to the "birds and birds" recently, all of which are judicial auctions on the network platform after splitting the shares before being frozen.

Up to now, the company has accumulated 427 million shares of shares frozen, accounting for 67.86% of the total share capital of listed companies, accounting for 89.03% of its holdings, and all the shares being auctioned came from the frozen portion.

The company explained that the total amount of $500 million issued by the company should be paid in November 11th. Because the company's financing channels are severely restricted, debt paying ability continues to deteriorate, liquidity is tight, and it is difficult for the company to deal with related assets in the short term to raise debts due to maturity, and so on, the company fails to raise funds fully in accordance with the agreement and is in default.

It is noteworthy that, although this is the first time that you have a financing default, it seems that in the face of the serious financial crisis, the financing situation of the birds has not improved, and the default will continue.

According to the three Quarterly Bulletin released by the noble bird, the company's book capital is only 15 million 290 thousand yuan. At present, another financing bond issued by the noble bird is due to expire in December 3rd. The current balance is 647 million yuan. If you continue to default, your debts will be as high as 1 billion 147 million yuan.

Beijing Commercial Daily reporter tried to interview the responsible person, but as of press release, the phone was always in the state of no answer. As for the repayment of debts, the precious bird explained in the announcement that there is a major uncertainty in whether the company can fully repay the funds in accordance with the agreement and whether it can repay the principal and interest on time.

Hidden danger of expansion

The auctioneer's auctions are expected in the industry. Song Qinghui, an economist, said that since the launch of the market, the frequent expansion of the company has made the revenue decline. Net profit has been declining for many years. There is no sign of any warming. Frequent expansion, sluggish sales and a crisis in the capital chain are a matter of time.

It is understood that in the past 2015-2017 years, it has invested tiger tiger, football brokerage company BOY, Kangpai sports, Jay trip and famous shoe store to acquire the authorization of AND1 brand in mainland China, Taiwan, Hongkong and Macao. The cumulative investment has exceeded 2 billion yuan, which has aroused the attention of the market.

In order to achieve diversified development, the company has been investing heavily in the past few years. It has crossed the Internet + sports, sports brokers, event sponsors, sports insurance, sports games, sports fitness, and even the great bird has set the strategic plan as "all-round sports", and put forward the transformation from the traditional sports shoes and clothing industry management to the sports industrialization group with the coordinated development of a variety of sports industry forms. But the ultimate result of the expansion is a serious financial burden and a great loss.

This year's three quarterly report shows that in the first three quarters of the year, the revenue in the three quarter was 1 billion 169 million yuan, down 49.2% compared to the same period last year, and net profit loss was 166 million yuan. The profit was 16 million 60 thousand yuan in the same period last year. During the reporting period, the company's main business income has declined, and the company's sales expenses and provision for bad debts have increased significantly. Market capitalization has also shrunk from the peak of 40 billion yuan to the current 2 billion 200 million yuan.

Cheng Weixiong, the clothing industry observer and general manager of Shanghai Liang Qi brand, said: "the domestic sporting goods market itself develops for a relatively short time, and the accumulated product and market experience are not enough. Under the background that the core industry does not have the brand advantage, blind expansion will inevitably weaken the situation of its own brand attributes and its core business."

Returning to the main business is not easy.

In fact, the birds have realized the risks of expansion. In June of this year, the company held a shareholder meeting to adjust the medium and long term strategic plan to "return to the main business". However, in the past two years, the prospect of frequent shop owners is not optimistic.

Statistics show that in June of 2017-2019, the total number of birds and birds was 1421, and almost every day they closed 1.2 stores.

The Beijing Commercial Daily reporter visited the market and found that although there were many stores in Beijing that could be querying, there were only 3 remaining truly business. In the Xidan FA Ya sports shop, the staff said, at present, the expensive bird is also selling the stock product, has not been listed for a long time.

Similarly, the Beijing Commercial Daily reporter found that the costumes and footwear products of the costumes were on the lower shelf state, and the latest style only stayed in 2017.

In contrast, in the Tmall store, there are still many new products on sale, but there are not many buyers, but there are more frequent transactions in the stock promotion area. Because most of the commodity prices are less than 100 yuan, the evaluation of consumers is highly cost-effective.

The risk also indicates that the industry and main business of the company remain unchanged. The industry belongs to the textile and garment industry. Its main business is the development, design, production and sale of sports shoes and garments. Since the second half of 2018, due to the company's stock price drop, the controlling shareholder's risk of equity pledge, the influence of public opinion, the limited financing ability of the company and the decline in operating performance, the liquidity of the listed company is tight. At present, the company can only maintain the smooth operation of its main business.

Song Qinghui said that the problem now is that the main business is sluggish, capital flows are sluggish, and financing is in difficulty. In the face of limited capacity, it faces the risk of changes in real controllers, and the prospect of re focusing on the main business is not optimistic.

However, in recent years, the vigorous support of the national sports industry and the increasing popularity of national fitness have provided a broad market capacity for the development of the domestic sports industry. Driven by brands such as Anta and Lining, the domestic sporting goods industry is gradually entering the mature stage.

What is worth noting is that in November 2nd, the stock of high flying birds rapidly increased to a daily limit of 4.68 yuan, with a total market value of 2 billion 940 million yuan. Last week, the birds opened a strong rebound, achieving 5 consecutive gains in one breath. The last 3 trading days were continuous trading, which swept the haze.

Cheng Weixiong believes that although it is too late to refocus on the main business, it is much faster than the previous diversification strategy. As long as we solve the financing problem and do a good job of brand, there is still an opportunity to turn around.

This time, if the auction stake is able to survive the difficulties of debt default, it will take time for the birds to break through.