On October 24, tianyancha app showed that Lin Tianfu, the legal representative and founder of the noble bird (603555, or “* ST noble”) was issued a consumption restriction order by Xiamen intermediate people’s court, becoming a person subject to execution. < p > < p > the noble bird in the highlight time was once known as “the first stock of A-share sports brand”, and Lin Tianfu was once listed as the richest person in Quanzhou. Today, Lin Tianfu is limited to high, and the noble bird has been losing money for two consecutive years. Overdue loans, debt ceiling, delisting risks In the past five years, the market value of the company has evaporated by 40 billion yuan. On October 22, Xiamen intermediate people’s Court issued a consumption restriction order. The person to be enforced was Lin Tianfu, the legal representative of guirenniao Co., Ltd. and the founder of noble bird. According to the ruling, Lin Tianfu was listed as the executee because he failed to repay the “first phase of non-public directional debt financing instrument of 2016” on time, involving a principal of 80 million yuan. < p > < p > the reporter noted that in 2015, one year after the noble bird went public, Lin Tianfu, chairman of the board of directors, once topped Quanzhou’s richest man with 19 billion yuan, ranking 108th in China. In 2018, after nearly 80% reduction in wealth, Lin Tianfu ranked 1007th in China with a value of 4 billion. But after that, his name was no longer on the rich list. < p > < p > in addition to the founder Lin Tianfu, in September this year, the noble bird was also listed as the executee. On September 22, the noble bird announced that it had received litigation and arbitration because it could not fulfill its debt repayment obligations on schedule, involving a principal of 406 million yuan. After that, it also issued an announcement saying that it had received the execution ruling of Xiamen intermediate court and was listed as the person to be executed for failing to repay the “first phase of non-public directional debt financing instrument of 2016” on time, involving a principal of 80 million yuan. According to the announcement, the noble bird illegally borrowed 40 million yuan to the chairman of the board. Although the chairman of the board has paid off the loan, the noble bird failed to fulfill the approval procedures and information disclosure obligations of the related party transactions, and the behavior was recorded in the integrity archives database of the securities and futures market. < p > < p > the reporter consulted the noble bird’s financial report, which has been losing money for two consecutive years, and the stock representative has been changed to “* ST noble”. According to the report of the first half of this year, the company’s revenue in the first half of this year was 553 million, a decrease of 31.74% over the same period of last year, and the net loss was still as high as 161 million yuan. In addition, due to lawsuits, 99.85% of the shares held by the controlling shareholder of noble bird and Lin Sien, who acted in concert, have been frozen by the court. In 2004, guirenniao Co., Ltd. was established. With a registered capital of about 629 million yuan, its business scope includes the production, research and development, wholesale and retail of shoes and clothing; the production, research and development, wholesale and retail of sports goods, sports equipment, sports protective equipment, suitcases, bags, socks and hats. < p > < p > at that time, similar to other sports brands in Quanzhou, the noble bird also adopted the mode of “star endorsement + sports sponsorship + CCTV advertising”, and stars such as Andy Lau, Cecilia Cheung, and Lin Zhiling have successively become their spokesmen. In 2007, the noble bird also sponsored Hunan Satellite TV’s “happy male voice”. < p > < p > in 2014, the noble bird landed in the capital market, which was known as “the first stock of A-share sports brand”. One year after listing, when Lin Tianfu became the richest man in Fuzhou, the share price of noble bird also reached a high level. < p > < p > at the end of May 2015, the stock price and market value of * ST noble had reached RMB 67.92/share and RMB 42.7 billion respectively. However, as of October 23, 2020, the stock price and market value were RMB 2.21/share and RMB 1.389 billion respectively. The market value has shrunk by more than 96%. On September 4, * ST announced that the company received the decision from Quanzhou intermediate people’s Court of Fujian Province, and decided to start the pre reorganization procedure. < / P > < p > the reporter noted that after listing, the noble bird began to be dissatisfied with the single business of sports shoes, and began to develop to “all-round sports” under the banner of diversification. “In the future, noble bird will comprehensively promote the strategy of whole industry layout and multi brand management, actively seek for merger and acquisition targets with clear profit model and carry out resource integration.” Lin Tianfu told the outside world in 2016. < / P > < p > as Lin Tianfu said, noble birds began to acquire frequently. In 2015, kingbird invested 240 million yuan in Hupu sports; in 2016, it spent 810 million yuan to acquire the controlling rights of three subsidiaries, and generated 575 million yuan of goodwill. In 2017, the company invested 367.5 million yuan to acquire the remaining 49% equity of mingshoku, and also subscribed for 45.45% equity of Hubei Shengdao sports. < p > < p > in a few years, the noble bird has made more than 10 acquisitions, involving sports competition and entertainment, sports consumption, college students’ sports, sports industry investment, football brokerage, insurance and other fields. < / P > < p > the above-mentioned acquisitions alone cost 1.4 billion yuan. During the crazy acquisition period from 2015 to 2017, the total profit of the three years was only 782 million yuan. M & A did not bring obvious income, but brought a large amount of debt. According to the choice data, from 2014 to 2019, the liabilities of guirenniao were 1.97 billion yuan, 2.443 billion yuan, 4.791 billion yuan, 4.956 billion yuan, 3.223 billion yuan and 3.427 billion yuan, respectively. < p > < p > in order to resolve the capital crisis brought about by the acquisition plan, the noble bird has stepped up its financing step quietly, and equity pledge loan has become one of the important ways of financing. It also brings hidden dangers to the current debt default. < p > < p > in 2018, the guirenniao realized its first loss of 686 million yuan. At that time, the newly awakened noble bird began to sell non main business assets: to sell jiezhixing company for 300 million yuan, to sell 37% equity of Kangpaisi sports and Kangpaisi sports consulting company for 143 million yuan, and to sell 13.66% equity of Hupu with 270 million yuan < / P > < p > however, this still fails to solve the financial difficulties. Subsequently, in December 2019, 37.695 million shares of the company and 30 million shares of non tradable shares held by noble bird group were successively auctioned by judicial auction, but they were all sold out because no one offered. < / P > < p > after the losses in 2018 and 2019, the noble bird has been “starred and capped”. If the loss continues in 2020, it will face the risk of delisting. < / P > < p > “in 2020, the company will continue to focus on the development of its main business, improve the company’s operation ability in the traditional sports shoes and clothing industry, increase revenue and reduce cost, properly solve the debt problem, strive to turn losses into profits, and withdraw the delisting risk warning as soon as possible.” According to the announcement at the beginning of the year. However, the reporter noted that the noble bird had a loss of 161 million yuan in the first half of the year. It is not so easy to “turn over the salted fish” in the second half of the year. < / P > < p > Disclaimer: the purpose of this article reprinted by china.com finance and economics is to convey more information and does not represent the views and positions of the website. The content of this paper is for reference only and does not constitute investment advice. Investors operate accordingly and bear their own risks. < p > < p > Chinanet is a national key news website under the leadership of the Information Office of the State Council and managed by China foreign language publishing and Distribution Bureau. Through 11 versions in 10 languages, the website releases information 24 hours a day, which is an important window for China to carry out international communication and information exchange.