The former richest man in Quanzhou has once again imposed a high limit order...

According to Tianyan investigation, recently, Guirenniao Co., Ltd. and Guirenniao founder Lin Tianfu received another consumption restriction order and issued the court as the Hefei Intermediate People's Court, with an execution target of 131 million yuan.

This is the second time in this year that Lin Tianfu has received a spending restriction order... The richest man in Quanzhou, who once had a net worth of nearly 20 billion dollars, not only lost the Guirenniao's market value of 40 billion dollars, but he is also riddled in debt and is mired in a lawsuit, which is astonishing!

Total liabilities of 3.4 billion yuan

Higher than the market value of two noble birds

As a well-known domestic sneaker brand in China, Guirenniao has not only closed thousands of stores, but the company itself has been riddled with debt in recent years.

According to Guirenniao's 2013 annual report, as of December 31, 2013, the company's marketing network covered 31 provinces, autonomous regions and municipalities directly under the Central Government, and there were 5,560 Guirenniao brand retail terminals.

However, as of June 30, 2020, the number of retail terminals under the Guirenniao brand was only 1949, a decrease of more than 3,000 compared to more than six years ago.

As the number of stores declined, Guirenniao's revenue also began to decline.

Judging from historical annual financial data, Guirenniao's total operating income in 2017 was 3.252 billion yuan, while in 2019 there was only 1,581 billion yuan left, and total operating income shrunk by half within two years. Beginning in 2018, Guirenniao's net profit began to show a negative value. The loss for the year was 686 million yuan, down 536.01% from the previous year.

At the same time as revenue declined, it was accompanied by huge debt.

On December 2, the litigation announcement issued by Guirenniao Co., Ltd. mentioned that due to tight liquidity, the company failed to pay the principal and interest on loans from various banks on time, and that the company's total loan principal of 1.41 billion yuan in various banks had already expired.

The announcement mentioned that in the short term, it will be very difficult for the company to repay loan principal and interest from various financial institutions. Currently, the company is communicating with creditors to try to reach an agreement with them on a debt settlement plan as soon as possible. If the debt is not settled, the company will continue to face uncertain matters such as lawsuits, arbitration, and asset freezing in the future.

Not only does Guirenniao owe money to banks, but it also owes various suppliers to wait until it comes out. According to Guirenniao's latest three-quarter report, Guirenniao's total debt is 3.4 billion yuan. Up to now, Guirenniao's total market value is only 1.6 billion yuan, and the total debt is higher than the combined market value of the two Guirenniao.

What is interesting, however, is that Guirenniao is clearly on the verge of being delisted, and there is still money entering the market to hype things up. Since the stock's strong rise and stop on November 11, the stock price has almost doubled. When the A-share market is in constant turmoil, it often continues to attract capital to enter the market through ups and downs.

The market capitalization evaporated to 38.5 billion dollars in 6 years, and the stock price plummeted 96%

The richest man in Quanzhou changed

The Fujian Jinjiang Shoe Capital is a well-known sports shoe production center in the country, with first-tier domestic sneaker brands such as Anta, 361°, Delhui, Guirenniao, and Hongxingruke.

Lin Tianfu, founder of Guirenniao, began his entrepreneurial history around 1987, initially working as a small-scale sneaker OEM.

According to reports, the profit from OEM fees for big name sports shoes in China is extremely low. For a pair of shoes worth thousands of yuan, the OEM factory can only earn about 450 yuan, yet the working hours paid by workers are even lower; on average, one pair of shoes is only about 6 yuan. With the accumulation of shoemaking technology and the preparation of existing factory equipment, employees, and management procedures, Lin Tianfu decided to create his own brand, Guirenniao.

Guirenniao, founded in 2004, is similar to other sports brands in Quanzhou and Jinjiang, and uses the practice of celebrity endorsement and advertising combined marketing. At the beginning of the establishment, he spent huge sums of money to invite superstar Andy Lau to act as spokesperson, and later invited Cecilia Cheung and Lam Chi-ling to quickly gain fame.

In 2014, Guirenniao entered the capital market and was known as “the first stock of the A-share sports brand” at the time. One year after listing, the total market capitalization reached over 40 billion yuan.

Chairman Lin Tianfu once became the richest person in Quanzhou for the first time with a net worth of 19 billion yuan, ranking 108th in the country. Ding Shizhong, chairman of the board of directors of Anta Sports, who was on the list in the same year, had a net worth of 7.8 billion yuan less than Lin Tianfu.

Since 2015, Guirenniao has made a series of “money-burning” diversified investments. For example, it invested 240 million euros in Hupu Sports, 20 million euros to acquire part of a Spanish soccer brokerage company, and 383 million US dollars to acquire nearly half of the shares of a Hubei channel retailer...

According to incomplete statistics, Guirenniao's total investment over the past few years has exceeded 2 billion dollars, which is close to its total accumulated net profit since 2010.

The scope of business is getting bigger, but Guirenniao's profit is getting less and less. Since 2016, Guirenniao's net profit has declined year by year, and since 2018, it has changed from profit to loss. Losses for the full year of 2019 reached 1.02 billion yuan.

Affected by the COVID-19 pandemic, Guirenniao's performance was even more sluggish this year. According to the 2020 interim report, Guirenniao achieved revenue of 550 million yuan, down 32% year on year; net profit loss was 160 million yuan, down 172% year on year.

At the same time as performance declined, it was accompanied by constant chatter about Guirenniao's stock price. As of today, Guirenniao's stock price has fallen 95% from its high in 2015, and the total market value has evaporated to 38.5 billion dollars. Ding Shizhong, chairman of the board of directors of Anta Sports, became the new richest man in Quanzhou with a net worth of 42 billion dollars.

In the same period, Anta Sports's stock price has doubled tenfold, with a total market value of over 300 billion dollars.

There are also these rich people who have been restricted in height this year

On November 19, Qi Meihe, who hit the top search due to her scandal with star Wang Yibo, went on another hot search. This time it's not because of the celebrity, but because of her father, Qi Jianhong, chairman of Beijing Yaolai Investment Co., Ltd. (Yaolai Group), added another piece of consumer restriction information.

According to the Tianyancha app, on November 18, Meridian General Aviation Co., Ltd. added another restricted consumption information. Since no refunds were given to partner companies, the company and Qi Jianhong, the company's legal representative, were restricted from spending.

In fact, as early as two years ago, Qi Jianhong was labeled an “old man.”

As a group of people who “get rich first” in the market economy wave, Qi Jianhong has been on Hurun's rich list many times. He also collaborated with Jackie Chan to open Yaolai Jackie Chan Studio.

According to public information, Qi Jianhong's daughter, Qi Meihe, has also been cared for by Jackie Chan many times. Not only did he take Qi Meihe to the Hunan Spring Festival Gala, but he also introduced her to others as a “good friend's daughter.”

Achievement is also glorious, and defeat is also glorious. In 2018, the large losses of Yaolai Cinemas led to a sharp decline in the profit of Qi Jianhong's Cultural Investment Holdings.

According to Tianyan Research, Qi Jianhong currently owns a total of 109 companies, while there are 29 consumption restriction orders linked to him personally, and 5 pieces of equity freeze information. In addition to this, Meridian General Aviation Co., Ltd., Yaolai Cultural Industry Co., Ltd., and Yaolai Aviation Ground Service Co., Ltd., which acted as legal entities, were classified as untrustworthy executees with a total of 7 pieces of information, all of which were not fulfilled.

On November 30, 2020, Xinhualian Holdings Co., Ltd. (hereinafter referred to as “Xinhualian”) was taken to restrict high consumption due to failure to fulfill the payment obligations determined by the legal instruments in force in accordance with the period specified in the notice of execution, and the consumption restriction order was issued to the public on November 30.

As the legal representative of Xinhualian, Fu Jun was also issued a spending restriction order. According to reports, Xinhualian has been involved in 157 judicial cases, with 24 executees in history. The total amount of execution in history has reached about 4.7 billion yuan. Statistical analysis of adjudication documents shows that among the cases involved, trust disputes were executed the most, reaching 23 cases.

On June 28, 2020, Metz Bonway did not pay rent, and its 34-year-old “female head” was restricted from spending was trending on Weibo. According to the spending restriction order issued by the Shanghai Huangpu Court, Shanghai Metz Spongwei Clothing Co., Ltd. (hereinafter referred to as “Meibang Apparel”) and Chairman Hu Jiajia were subject to consumption restriction measures. According to the judgment relating to the spending restriction order, in a previous housing rental contract dispute, the company did not pay rent, liquidated damages, etc., and had not fulfilled its payment obligations as of June 24, 2020.

On May 26, 2020, a notice restricting departure from the country was added to the official website of the Shanghai Higher People's Court. According to the announcement, the executee, Guangxi Golden Throat Food Co., Ltd., did not fulfill the obligations determined by legal documents, and the court had restricted Jiang Peizhen, the legal representative of Jiang Peizhen, from leaving the country according to law. Furthermore, based on the application of the person applying for execution, the court imposed coercive measures on the executee, such as a consumption restriction order and inclusion in the list of untrustworthy executees.