Where Will The Noble Bird Of The Third Pledge Shares Fly?

On May 8, guirenniao Co., Ltd. (hereinafter referred to as "guirenniao") issued an announcement, saying that the controlling shareholder guirenniao Group pledged its 30 million shares of non tradable shares (4.77% of the total share capital of guirenniao) to Zheshang Jinhui Trust Co., Ltd.

The reporter found that this is the third time in the past four months that the noble bird group has pledged the equity of the noble bird shares. In addition, there are other problems in front of noble bird shares, such as the closing tide of sales terminals.

　　 Pledge equity for 3 times in 4 months

On January 17 and March 20, guirenniao Group pledged 39 million shares and 35 million shares respectively to guarantee the loan of Quanzhou haihao cultural goods Co., Ltd. and guirenniao Investment Co., Ltd.

According to the announcement, as of May 7, the group held 479.15 million shares, accounting for 76.22% of the total share capital. After the completion of the pledge, guirenniao group has pledged 41.42 million shares, accounting for 65.61% of the total share capital of the company.

Based on the closing price on May 9, the market value of some shares pledged by shareholders exceeded 10 billion yuan.

Shen Meng, director of Xiangsong capital, said in an interview with the reporter of international finance news that high share pledge rate is a common phenomenon of A-share listed companies. Shareholders of listed companies do this mainly to improve the liquidity of their own assets without losing control over the listed companies. However, if the pledge ratio is too high and the performance support of the stock price is easy to lead to the pledge position explosion, it may lead to the change of the actual controller of the listed company and lead to the instability of the business situation.

An industry source told reporters: "in less than two months, the noble bird group twice provided loan guarantee for haihao culture, which shows that the relationship between the noble bird group and haihao culture is extraordinary."

According to relevant information, haihao culture, established in 2009, is mainly engaged in the design, production and wholesale of stationery. Its legal representative is Lin Tianfu, chairman of the board of noble bird Co., Ltd. The relevant personnel of the Securities Department of noble bird shares also confirmed this relationship to reporters.

In the announcement, kingbird shares stressed that the credit status of haihao culture is good, with repayment ability and good anti risk ability.

However, Shen Meng thinks that the loan needs guarantee, which just shows that the enterprise's qualification may not be enough to complete the loan conditions alone. Moreover, the major shareholders of listed companies use high-quality assets such as shares as pledge to guarantee, indicating that the credit of the borrowing enterprise may not meet the requirements.

At the same time, the announcement also said that according to the pledge agreement, the pledge has a performance guarantee ratio closing line. When the performance guarantee ratio is lower than the closing value, it may cause the pledgee to close the position of the Pledged Shares. In case of closing risk in the future, the guirenniao group and guirenniao investment will take measures including but not limited to supplementary pledge, prepayment and full payment of funds And other measures to deal with the above risks.

An industry source in an interview pointed out that this shows that the noble bird shares are trying to calm the worries of the capital market.

In addition to stock pledge, guirenniao shares recently issued an announcement on the application for issuing ultra short-term financing bonds. According to the announcement, ultra short-term financing bills with a scale of no more than 1.5 billion yuan are mainly used to supplement working capital and other purposes recognized by the association of dealers.

Shen Meng believes that the super short-term financing bonds are mainly used to supplement the temporary fund gap, which shows that the noble bird is now in a tight capital chain.

Fall into the tide of closing stores

At present, the noble bird shares are still trapped in the tide of closing stores in the sales terminal.

According to public information, guirenniao was established in 2004 and listed on A-share in 2014. The company's main business is the R & D, production and sales of noble bird brand sports shoes and clothing, mainly wholesale sales.

According to relevant data, in 2017, the company opened 503 retail terminals, closed 879 retail terminals and closed 376 retail terminals, which is equivalent to closing one store in less than one day on average. In the first quarter of 2018, 78 new retail terminals were opened and 133 were closed.

According to an industry insider, this is mainly due to the increase in the price of commercial real estate, which increases the cost pressure of sales terminals, and is impacted by the diversion of e-commerce and new retail channels.

However, Sun Wei, a fast marketing researcher at Tsinghua University, pointed out in an interview with the reporter of the international financial news: "this is really a normal business circle transfer."

According to the relevant staff of noble bird shares, the phenomenon of shop closing is not only due to the relocation of business circles, but also because the company is implementing the strategy of "opening new stores and replacing small stores", and the speed of building new stores is much slower than that of withdrawing stores.

Sun Wei believes that guirenniao is undergoing the transformation and upgrading of "a sports industrialization group based on the manufacturing of sports apparel products and coordinated development of a variety of sports industrial forms". In the process of transformation, the original professional ability and brand equity of guirenniao will gradually weaken.

As for the future development of kingbird, Zhu Yue, executive director of insightful consulting, said in an interview: "on the one hand, guirenniao needs to consolidate its position in the main business, re focus on the development of its own high-end shoes and clothing brands, grasp the opportunity of consumption upgrading in low-end cities, and promote multi brand and multi brand in the new retail trend market On the other hand, in the diversified investment layout of the big sports industry chain, we should grasp the key points and play a synergistic effect with the main industry while expanding across the border