According to incomplete statistics, by the time Lin Shiping officially took office as vice president of Guireniao in 2017, Guireniao had already been involved in investment, technology, football agency business, sports insurance, sports project management, fitness and other projects. On the surface, Guirenniao seems to have a prosperous development layout, but the crisis was quietly laid at that moment.
From August 2nd to 6th, in a star-rated hotel in Jinjiang, Fujian, a seemingly inconspicuous order fair was going on.
The protagonist of this order fair is Guirenniao, a Chinese sports brand that has been popularly searched for its “bankruptcy donation” like Hongxing Erke. And this order fair has also been given a lot of special meaning at this point in time.
One month ago (i.e., July 2), Fujian Quanzhou Intermediate People’s Court confirmed the reorganization plan passed by Guirenniao’s board of directors on April 23, and announced the formal implementation of Guirenniao’s reorganization; Three days later, founder Lin Tianfu, who had introduced new investors and raised 700 million yuan to pay off most of the debt, stepped down. His son Lin Shiping, who had once served as an assistant to an investment bank manager at UBS, took over ahead of schedule.
Therefore, this order fair is considered by industry insiders as a vote of confidence for Guireniao by the channel dealers.
Lin Shiping, who took over as chairman and general manager on July 5, encountered a heavy rain emergency in Henan two weeks later. As the first major disaster encountered after taking the helm of Guirenniao, Lin Shiping’s reaction was beyond everyone’s expectations.
Guirenniao, which has just completed bankruptcy and reorganization and lost more than 300 million yuan last year alone, was discovered by attentive netizens to have silently donated 30 million yuan in supplies to Henan. Boss Lin Shiping also brought Employees rushed to the frontline for rescue in disaster areas.
In addition, there are follow-up reports that Guirenniao donated 20 million in cash and 20 million in materials, but the true situation will have to wait for the reports released by various charities in the future. Know.
Guirenniao, who silently donated materials and funds to Henan, neither took the initiative to announce the amount of his donation nor publicized it on Weibo. This kind of “doing good deeds without leaving a name” “The move suddenly hit the “tears” of netizens.
As a result, netizens began to call Guirenniao “silly bird”: “I feel like you are going to go bankrupt, yet you still donate so much money!” It is this kind of thinking among netizens, To a certain extent, it has reversed the image of Guirenniao in the minds of the public.
As of March 31, 2021, Guirenniao’s total liabilities were as high as 3.526 billion yuan, and it had been STed due to performance losses for three consecutive years. Guirenniao has not been happy in these years. However, after the Henan rainstorm donation incident was exposed by netizens, Guirenniao said on Weibo: “I didn’t expect that one day Guigui would also be on the hot search… I also thank everyone for supporting Guigui and letting everyone worry!”
Therefore, Guirenniao, like Hongxing Erke, was “wildly consumed” by netizens – on July 24, the number of views in Guirenniao’s Tmall live broadcast room jumped to Millions, Guireniao Douyin live broadcast sales reached 12.74 million yuan, and sales of many products surged. As a domestically listed company, Guirenniao’s stock has also been affected by this trend.
From July 26th to July 30th, ST Guiren (the abbreviation of Guirenniao’s stock) hit the daily limit for 5 consecutive days, with the stock price rising from 2.64 yuan to 3.37 yuan, setting a new high since April 2020. , an increase of 26.5% during the period.
The just-concluded order fair was held during such an extremely important brand strategic period for Guirenniao, and the effect was extremely remarkable.
Perhaps it is due to the acceptance of his father’s experience of failure, or perhaps it is the stability and low-keyness brought by his investment banking qualifications. Since Lin Siping took over, Guirenniao’s external publicity and public relations efforts have dropped a lot compared to before. . Therefore, whether it is the donation to Henan or the specific events of its succession, there is no sound in various official media of Guirenniao.
The same goes for this trade fair. Bullet Finance learned from industry insiders that at this trade fair called “Nirvana”, Guireniao ordered 600-800 million yuan For this product, with a gross profit margin of 35%, the company’s net profit margin can reach 10%-13%, which means there will be a profit of tens of millions of yuan.
Industry veterans estimate that Guireniao has now shed all its debts after Lin Siping took over. In addition, the famous shoe library has been profitable, so Guireniao’s profits this year may exceed 100 million yuan.
Some media had an exclusive interview with Lin Shiping in July. At that time, there was a large-character plaque on the wall of his office that read “Hard work”. When talking about the completion of this reorganization and his own feelings at the front desk, Lin Shiping told the media that he would lead the entire management team to reshape the entrepreneurial mentality.
“Start everything over and start a new business.”
The takeoff of the noble bird
Chendai Town, Jinjiang City, Fujian Province is the country’s largest shoe product production, processing and trading base, and is known as China’s “Shoe Capital”. In 1980, Lin Siping’s father Lin Tianfu came here to work hard.
At first, the quick-thinking Lin Tianfu saw that the OEM business was easy to do at that time, so he set up a small family workshop with 5 people, mainly engaged in OEM and production of international sports brands. OEM.
Due to favorable prices and quality workmanship, Lin Tianfu’s small workshop quickly developed and he had his own factory.20210818102825717002.png”>
Data show that in the first quarter of 2021, Guirenniao’s net profit attributable to shareholders of listed companies was -59.1571 million yuan, liabilities reached 3.526 billion yuan, and monetary funds were only 22.6797 million yuan. In addition, as of the end of 2020 , Guirenniao’s overdue bonds were approximately 1.147 billion yuan, overdue bank loans were approximately 977 million yuan, and 25 bank accounts were frozen due to litigation.
“When I learned that the company was in crisis in 2018, I lost 15 pounds in one week. “Lin Shiping said in a recent interview with the media that not long after the birth of his second child, “I was too nervous. I couldn’t sleep for a while at night and woke up. The entire gastrointestinal disorder was disordered. This state lasted for almost two or three weeks. . ”
Of course, such a huge debt not only weighs down the entire management team, but also greatly affects Guirenniao’s own business, which seems to have entered a vicious cycle. Strange circle.
Therefore, starting in 2019, Lin Shiping and his investment team shifted their main work to dealing with debt, organizing creditor meetings and finding ways to restructure.
In his view, only by completely resolving the debt can Guirenniao be reborn. This is the experience he gained from working at UBS and the contacts he accumulated, which gradually helped him find a way to solve the problem. and Tongtong.
On April 23, 2021, after a year and a half of communication, Guirenniao’s bankruptcy reorganization plan was voted at the creditors’ meeting, indicating that the company has passed The biggest hurdle on the road to reorganization. In Lin Siping’s eyes, this is like a long college entrance examination finally handed in.
According to the announcement issued by Guirenniao, the Quanzhou Intermediate People’s Court On December 8 last year, it ruled to accept the bankruptcy reorganization of Guirenniao; on July 2 this year, the Quanzhou Intermediate People’s Court confirmed that the implementation of Guirenniao’s reorganization plan had been completed, and Guirenniao issued an announcement of completion of the implementation on July 3. According to the plan agreed by the creditors, the reorganization plan was The total investors invested a total of about 700 million yuan, most of which was used to repay debts. After the investors came in, the original 66.18% equity of Guireniao Group (Hong Kong) Co., Ltd., which was 100% controlled by Lin Tianfu, was diluted to 26.5%, which is still The largest shareholder.
That night, more than 20 people from the Guirenniao negotiation team briefly celebrated in the company. Lin Shiping only clinked glasses with everyone at the scene and did not drink too much.
Because he knew that he was about to take on the heavy responsibility for the development of the company, he was thinking about more than just how to deal with investment and debt.
In his opinion, his father had both achievements and problems in the development of Guirenniao. After all, he took too big a step and invested too many resources into unrelated fields.
Therefore, it can be seen from the latest Guirenniao news that Lin Shiping, who has just taken office, is constantly closing companies that do not make money or have nothing to do with the main business, and is focusing its business back on the field of sports equipment; on the other hand, Lin Shiping gave up her own factory and turned to Guirenniao clothing and sports shoes to be OEMed by OEMs.
After all, this kind of operation can reduce most of the costs. , and the capital market reacted very quickly to this, with Guirenniao’s stock price rising by the limit for two consecutive trading days.
We still don’t know what the future holds for Guirenniao, but what is certain is that Lin Shiping’s actions The decision was in line with the expectations of the capital market.
However, due to the consequences of Guireniao’s crazy investment before, many people saw that this company was both a beneficiary of the capital bubble and was also affected by this huge The bubble is involved.
Therefore, blindly catering to the capital market is not a real solution. Only by deepening one’s main business and strengthening the moat can we be successful in the market. Survive in the fierce competition.
In any case, after experiencing the baptism of the storm, the noble bird is returning to people’s vision, and the market is also waiting for the noble bird to fly high again. </p
