"Lost Link Tide" Raid On Shoes And Clothing Enterprises Listed In Fujian

At the beginning of 2008, Singapore's listed shoe manufacturer, Fujian Jinjiang alligator Group factory, was exposed for several months' downtime, and began to pay wages at the end of last year. In July, the chairman of the Fujian group, who was listed on the Hong Kong Stock Exchange earlier this year, lost contact.

Today, with the cable force, a series of "lost contact tide" attack the footwear and clothing enterprises listed in Fujian.

In September 16th, the cable industry in Fujian, Frankfurt listed on the stock exchange of the Hongkong stated that its chief executive (C E O) and Wu Qingyong C O O were lost. The accounting department found that most of the cash in the mainland and Hongkong had been pferred beyond the scope of the company's influence.

Unlike the usual loss of business owners, the Nandu reporter found that in recent three years, the company's revenue and net profit were rising. In the first half of this year, its performance increased by 1.4% to 74 million 800 thousand euros. In July, it announced the implementation of stock repurchase to increase the stock value.

Such a performance can not help but make this founder's disappearance more confusing.

Cash in excess of 130 million euros?

In the statement, he quoted CFO C hiK w ongCliffordChan as saying that last weekend, he had not been able to contact the company CEO Wu Qingyong and CO O Wu Minghong.

After investigation, C E O and C O O had left their homes and could not be tracked.

In addition, the accounting department found that most of the cash in the mainland and Hongkong had been pferred beyond the scope of the company's influence.

Suo Li did not disclose the amount of cash pferred, saying in the announcement that the company still has 6 digits of cash and can balance payments in the short term.

However, a semi annual report by a Nandu correspondent found that as of June 30th this year, its cash and cash equivalents amounted to 131 million 100 thousand euros.

Does this mean that more than 130 million euros of funds have been pferred? Why did most of the company's cash be pferred and cable power was unable to be found? The reporter in Nandu asked her C FO C hiK w ongC liffordChan for text messages, but the other party had not responded.

C O O temporarily left for 6 months due to health problems.

According to public information, Suo shoe industry is a shoe manufacturer in Fujian. It was founded in 1998 and listed on the Frankfurt stock exchange in December 2011. It is a supplier of sporting goods brands such as Anta and XTEP.

The lost C E O Wu Qingyong is the founder of the company.

Wu Qingyong's 2014 half year report showed that Wu Qingyong held a 52.35% stake in the company.

In fact, cable performance has been growing well in the past three years.

From 2011 to 2013, its revenues did not shrink, which were 119 million 400 thousand euros, 149 million euros and 1.638 euros respectively.

Net profit is also increasing gradually, which is 24 million 900 thousand euros, 30 million 800 thousand euros and 35 million euros respectively.

In the first half of this year, its sales revenue increased by 1 .4% to 74 million 800 thousand euros, the pre tax profit rate was 26.9%, and the operating cash flow was 22 million 900 thousand euros.

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At the operational level, cable has responded quite positively this year.

Since no longer needed support from some major external shareholders, in July 14th, cable even issued a notice that it would introduce a share repurchase program to increase its value.

Under this good momentum of development, CEO and CO O suddenly lost contact, and most of the company's cash was pferred.

However, a notice before Suo Li seemed to be traceable.

Nandu reporter learned from the official website of SuoLi shoes industry that in September 12th this year, it announced that the company's C O O needed to be treated in hospital because of health reasons, leaving for 6 months temporarily, and the work was temporarily replaced by senior executives such as CEO and Wu Qingyong.

The loss of alliance has been staged in succession.

At the beginning of this year, in 2008, Singapore's listed shoe manufacturer, Fujian Jinjiang alligator Group factory, was exposed for several months' downtime, and began to pay wages at the end of last year. In July, the chairman of the Fujian group, who was listed on the Hong Kong Stock Exchange earlier this year, lost contact.

Today, with the cable force, a series of "lost contact tide" attack the footwear and clothing enterprises listed in Fujian.

"Most of the shoe and clothing enterprises in Fujian went public in 2007. At that time, under the impetus of hot money, some enterprises were desperately trying to make achievements, ignoring the key to inventory and dealer profits."

In key Road Sports Consulting Co., Ltd. CEO Zhang Qing told reporters in Nandu.

Starting from O E M, and then pferring from the external single agent to the domestic market, and then signing the endorser and advertising the brand by signing the contract, Fujian shoes and clothing enterprises generally passed the "simple and crude" way to complete the pformation from subcontracting to brand management.

Zhang Qing believed that they accomplished the primitive accumulation in the simplest way, but began to become difficult under the background of the blocked development of the industry and the impact of electricity suppliers and fast fashion.

"Although not necessarily the founders lost contact, but the Fujian shoe and clothing enterprises such as cable and other incidents may continue to ferment, will eliminate some enterprises."

Zhang Qing believes that the shoe and clothing enterprises in Fujian should be re established, starting from consumers and creating achievements based on value.