According to the announcement of the noble bird, the court has ruled that the company has entered the reorganization procedure, but there is still the risk of being declared bankrupt due to the failure of reorganization. If the company is declared bankrupt, its shares will face the risk of delisting. < p > < p > on December 10, 2020, the company received the civil ruling served by Quanzhou intermediate people’s court in Fujian Province, and the court ruled to accept the reorganization application of the applicant Quanzhou qihuangxing Hardware Products Co., Ltd. On December 11, 2020, the noble bird issued the notice on the court’s ruling to accept the reorganization of the company and the risk warning that the shares will continue to be delisted, announcing relevant matters. < / P > < p > the noble bird said that the court has ruled that the company has entered the reorganization procedure, but there is still the risk of bankruptcy due to the failure of reorganization. If the company is declared bankrupt, its shares will face the risk of delisting. At the same time, Lin Tianfu, founder of the noble bird, received the notice of the consumption restriction order again. Because the securities dispute with Guoyuan Securities Co., Ltd. was not carried out in time, the Hefei intermediate people’s court listed Lin Tianfu as the person to be executed. This is the fifth time that Lin Tianfu has received a consumption restriction order. According to the company’s information, up to now, four pieces of information have been executed under the name of noble bird, and two pieces of consumption restriction orders. < / P > < p > it is worth noting that the noble bird, which is on the verge of delisting, still has funds coming into the market. Researchers from the investment Times noted that the company’s share price rose all the way from November 11 to December 14, closing at 2.42 yuan per share. Within one month, the share price rose by 26.7%, with a total market value of 1.521 billion yuan. < / P > < p > founded in July 2004 in Jinjiang, the shoe capital, the noble bird is mainly engaged in the design, R & D, production and sales of sports shoes and clothing. Its brands include “noble bird”, “and1” and “Prince”, among which and1 and Prince are new international famous brands introduced by the company. < / P > < p > in the early days of its establishment, the company started its “noble bird” brand with the help of stars and variety shows. In 2008, due to the Beijing Olympic Games, the number of stores expanded rapidly from 1847 in 2009 to 5560 in 2013. < / P > < p > however, unlike many Jinjiang shoe enterprises, after years of development, noble bird has gradually fallen into the vortex of performance loss and debt crisis, and even faced the risk of delisting. < / P > < p > the researcher of investment times combed the financial report data of the company in previous years and found that the company’s performance was in a rising trend from 2010 to 2013. Among them, the operating revenue increased from 1.535 billion yuan in 2010 to 2.406 billion yuan in 2013, and the net profit attributable to the parent company in 2013 nearly doubled from 222 million yuan in 2010 to 423 million yuan. < / P > < p > in 2014, the noble bird was successfully listed on the Shanghai Stock Exchange. One year after listing, the company’s share price has gone all the way up to 65.47 yuan / share, and the company’s market value has reached 40.8 billion yuan. The founder Lin Tianfu has become the richest man in Quanzhou with 19 billion yuan. Since 2016, the company’s performance has suddenly changed greatly, and the growth rate of net profit attributable to the parent company has turned negative year on year, resulting in the situation of increasing income but not increasing profit. In 2018, the year-on-year growth rate of the company’s revenue also turned negative, the company’s performance fell into a long-term loss situation, and the loss amount gradually increased. Although the loss expansion in 2019 narrowed, the company still suffered a total loss of 1.782 billion yuan in 2018 and 2019. < / P > < p > since the beginning of this year, the company’s performance has continued the previous loss trend. The operating revenue in the first three quarters was only 847 million yuan, down 27.57% compared with the same period of the previous year; the net profit attributable to the parent company also dropped 55.98% to – 259 million yuan. < / P > < p > although the gross profit rate of noble bird in the first three quarters of this year increased slightly by 0.89 percentage points, or 40.24%, compared with the same period last year, the growth rate was lower than that of other brands in the same industry, such as puma by 3.26 percentage points, Nike by 3.48 percentage points, etc. < / P > < p > for the continuous loss of performance, the noble bird explained in the financial report that it was mainly due to the impact of the epidemic, and the sales revenue of the company’s physical stores and franchise stores decreased significantly. It should be noted that if the company still fails to turn losses into profits this year, it will face the risk of delisting. < / P > < p > according to the financial report data, while the performance loss is expanding year by year, the asset liability ratio of the company is also increasing year by year. In 2015, the company’s asset liability ratio was 50.6%, and by 2019, its asset liability ratio has soared to 89.96%. At the same time, the asset liability ratio of enterprises in the same industry such as Li Ning and Anta (2020. HK) was far lower than this, only 43.22% and 48.90% respectively. By the end of the third quarter of this year, the asset liability ratio of noble bird had reached 95.54%, less than 5 percentage points away from 100%. < / P > < p > from the perspective of working capital, according to the data disclosure, the net cash flow generated by the company’s operating activities has changed from positive to negative since 2019, as low as -536 million yuan. In 2020, the company’s tight cash flow situation has eased, but it has not become a regular. In the first three quarters of this year, it is still as low as – 40 million yuan. < / P > < p > it should be noted that under the background of high debt and cash flow crisis, noble bird recently appeared a number of debt default events. According to incomplete statistics, since the beginning of the year, the company, as the defendant or respondent, has about eight lawsuits and arbitration events, involving a total amount of about 1.1 billion yuan. In addition, the company’s loan principal of 1.410 billion yuan in all banks has also been fully overdue. < / P > < p > affected by this, as of October 13 this year, the 416 million shares of the company held by the controlling shareholder of bird group (Hong Kong) Co., Ltd. have been frozen and waiting to be frozen, accounting for 66.20% of the total share capital of the company. < / P > < p > Disclaimer: the purpose of this article reprinted by CNFC is to convey more information, and it does not represent the opinions and positions of CNFC. The content of this article is for reference only, and does not constitute an investment proposal. Investors operate on this basis at their own risk. < p > < p > Chinanet is a state key news website under the leadership of the Information Office of the State Council and the management of China foreign language publishing and Distribution Bureau. Through 11 versions in 10 languages, the website publishes information 24 hours a day. 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