Tianyancha App shows that recently, Lin Tianfu, the legal representative of Guireniao Co., Ltd. and the founder of Guireniao Co., Ltd., received a consumption restriction order, and the court issued the order was Xiamen Intermediate People’s Court , the case number is (2020) Min 02 Zhi No. 761, and the filing date is September 9, 2020.
The consumption restriction order stated that on September 9, 2020, this court filed an application to enforce the applicant Guoyuan Securities Co., Ltd. In the case of a foreign-related arbitration award, because Guirenniao Co., Ltd. failed to fulfill its payment obligations specified in the effective legal document within the period specified in the execution notice, consumption restriction measures were taken against your unit, and your unit and your unit’s legal representative Lin Tianfu were restricted from implementing high-priced goods. Consumption and consumption behaviors not necessary for life and work. Including:
(1) When taking transportation, choose second-class or above cabins in airplanes, trains, soft sleepers, and ships;
(2) ) High-end consumption in star-rated hotels, hotels, nightclubs, golf courses and other places;
(3) Purchase of real estate or newly built, expanded or high-end decorated houses;
(4) Leasing high-end office buildings, hotels, apartments and other places to work;
( 5) Purchasing vehicles that are not necessary for business;
(6) Traveling and vacationing;
(7) Children attending high-fee private schools ;
(8) Pay high premiums to purchase insurance and financial products;
(9) Take all trains with the prefix G Seats, first-class or higher seats on other EMU trains, and other consumption behaviors that are not necessary for life and work.
Guirenniao Co., Ltd. was established in July 2004 with a registered capital of approximately RMB 629 million. Its legal representative is Lin Tianfu. Its business scope includes the production, research and development and wholesale of shoes and clothing. , retail; production, research and development, wholesale and retail of sporting goods, sports equipment, sports protective gear, suitcases, bags, socks, hats, etc.
It is worth noting that the Tianyancha App shows that in September this year, Guireniao Co., Ltd. was listed as the person subject to execution by the Xiamen Intermediate People’s Court and Quanzhou Intermediate People’s Court. , the total execution target is approximately 269 million.
From a self-employed OEM in Quanzhou, Fujian Province in the 1980s and 1990s, Lin Tianfu relied on his own wisdom and the trend of the times to successfully launch Guirenniao in the capital market in 2014. . It was once known as “the number one A-share sports brand” with a total market value of more than 40 billion yuan. As of this afternoon (October 23), its market value was only 1.389 billion yuan.
Lin Tianfu Source: Jinjiang News Network
According to Changjiang Business Daily According to reports, Lin Tianfu rarely appears in public. Except for reports before and after the company’s listing, he has almost never accepted interviews with mainstream media.
Guirenniao official information shows that Mr. Lin Tianfu is a Chinese Hong Kong resident with permanent residency in the Philippines and is studying for an EMBA. He once served as a director of Guireniao Sports Products and is currently the chairman and general manager of Guireniao Co., Ltd. He also serves as the director and general manager of Guireniao Group, Bozhi Hong Kong, Haihao, Bozhi Cultural Products, Youhua Management Consulting, Hongzhan Hong Kong, Hongzhan Xiamen, and Guireniao Xiamen. . Lin Tianfu is a member of the Quanzhou CPPCC, vice president of the Quanzhou Federation of Industry and Commerce (General Chamber of Commerce), special vice chairman of the China Billiards Association, special vice chairman of the China Golf Association, and vice chairman of the fourth session of the Board of Directors of Beijing Institute of Technology, China Executive Director of Leather Association.
In 2015, only one year after Guirenniao went public, chairman Lin Tianfu became the richest man in Quanzhou for the first time with a net worth of 19 billion yuan, ranking 108th in the country.
How long does it take for a company to grow from its inception to its peak? How long does it take for a company with a market value of 40 billion yuan to fall? The answers given by Guireniao are 10 years and 5 years respectively.
Guirenniao is a typical family business, with management rights firmly in the hands of the Lin family. Currently, Lin Tianfu is the chairman and general manager of the company, and his brother and nephew serve as deputy general managers. At the same time, Lin Tianfu also attaches great importance to the equity in his hands. At the time of the IPO, he held 76.50% of the shares of the listed company through Guireniao Group; as of now, he still holds 71.45% of the company’s shares. Whether in terms of equity or management, Lin Tianfu has absolute say in Guirenniao. Therefore, every move in the chess game Guirenniao is made by Lin Tianfu. It can be said that the success or failure of Guireniao lies in Lin Tianfu.
After Guirenniao was launched, Lin Tianfu ushered in Waterloo. While the Beijing Olympics has brought huge opportunities to the domestic sporting goods industry, the other side of the coin is that the entire industry has serious overcapacity. The listing itself is Lin Tianfu’s search for a new development direction for Guirenniao.
Judging from the financial report data, Guirenniao’s highlight moment was in 2017, when the company achieved its largest revenue of 3.2 billion yuan. However, high growth does not rely on performance growth, but large-scale mergers and acquisitions. High acquisition costs also cause revenue to grow while net profits decline year-on-year. At that time, the nobles and birds were everywhereWe are looking forward to it, hoping to use mergers and acquisitions to get rid of the danger of relying on a single private brand of “Guirenniao”.
In just a few years, Guirenniao has made more than ten acquisitions, covering industries including Internet + sports, sports agency, Event hosting, sports insurance, sports games, sports fitness and other fields. The cost is naturally not cheap, 2 billion, which is twice the total profit of Guirenniao since its listing, excluding the loss-making years.
Continuous acquisitions and transformations have continuously increased the operating pressure of Guirenniao. Although the company’s revenue has been rising every year, net profit and net interest rate have formed a downward curve. Starting in 2018, Guirenniao began to suffer losses.
Since then, Guirenniao’s liquidity has been tight, and the company’s news has been tightly bound to words such as litigation, asset freeze, debt, etc., so it can only rely on selling off its previous assets. The acquired assets remain viable.
The 2019 financial report shows that Guirenniao’s operating income in 2019 was 1.581 billion yuan, a year-on-year decrease of 43.77%; the net profit loss attributable to shareholders of the listed company was 1.018 billion yuan. Because Guirenniao’s audited net profits for 2018 and 2019 were both negative, the company’s shares were suspended for one day from April 30 this year, and a delisting risk warning was implemented from May 6.
Affected by the COVID-19 epidemic, Guirenniao’s performance this year is still in the doldrums. The first quarter report of 2020 shows that Guireniao achieved revenue of 173 million yuan, a year-on-year decrease of 66.92%; the net profit attributable to shareholders of the listed company was a loss of 200 million yuan, a year-on-year decrease of 1543.56%.
The house leaked and it rained all night. Guireniao recently announced that it received the “Decision on Issuing Warning Letters to Guireniao Co., Ltd., Lin Tianfu, and Lin Sien” from the Fujian Supervision Bureau of the China Securities Regulatory Commission on the 22nd. From January to September 2019, Guireniao and related parties Lin Siliang had related transactions, of which 40 million yuan was Guireniao’s loan to Lin Siliang, resulting in the occupation of non-operating funds by related parties, accounting for 2.61% of Guireniao’s audited net assets at the end of 2018.
Regarding the above-mentioned non-operating fund occupation by related parties, Guirenniao failed to fulfill its related transaction approval procedures and information disclosure obligations. The Fujian Securities Regulatory Bureau decided to adopt regulatory measures to issue warning letters and Recorded in the securities and futures market integrity file database.
Announcement screenshot
More than that, Guirenniao is still deep in debt. , On September 22, Guirenniao announced that it had received litigation and arbitration due to its inability to fulfill its debt repayment obligations on time, involving a principal of 406 million yuan. On the 23rd, *ST Guiren also issued an announcement stating that it had received an execution ruling from the Xiamen Intermediate Court and was listed as the person subject to execution for failing to repay the “2016 first phase of non-public directional debt financing instruments” on time, involving a principal of 80 million. Yuan.
This is not *ST’s first debt default this year. Data shows that in the first half of 2020 alone, *ST Guiren has been listed as the person subject to execution many times, and the total amount of execution is about 400 million yuan.
Guirenniao, with its reputation as the “No. 1 A-share sports brand”, is now in a situation where it is unable to repay debts, has frozen assets, and has experienced declining performance. This process only took six years. time.
Why did Guirenniao end up like this? Zhou Guannan, an analyst at Huachuang Securities, said that Guirenniao Capital operates frequently, covers a wide range of investment fields, and is relatively aggressive, which brings the risk of goodwill impairment and has a greater adverse impact on its operating performance.
Apparel industry marketing expert Zhao Xiaolin told reporters that since Guireniao was launched, its product positioning has not been clear, and its sales channels are mainly in third- and fourth-tier cities. With the increasing trend of consumption upgrading, , Guirenniao’s market share is gradually being squeezed out. However, if Guirenniao carries out capital operations before its main business is stable, it is easy for cash flow to break.
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