Guirenniao

Last updated
Guirenniao
Company type Private
IndustrySportswear, Food
Founded1987
FounderTianfu Lin
Headquarters
China
BrandsGuirenniao, Prince
Revenue
  • Increase2.svg CNY 2.19bn (2023)
  • CNY 1.42bn (2022)
  • Decrease2.svg -CNY485 million (2023)
  • -CNY9.4 million (2022)
OwnerTaifujingu Network Technology (20.4%)
Website https://www.grn.cn/

Guirenniao Co., Ltd. is a Chinese apparel and food company. The company was listed on the Shanghai Stock Exchange. It is China's one of leading sports brand. [1]

Contents

At its peak, The company had more than 5,000 outlets. In 2015, its maket cap topped CNY42.7 billion (US$5.5 billion). The company had celebrity brand ambassadors such as Andy Lau, Lin Chi-Ling, and Cecilia Cheung. The company is known as "Shoe King of China". [2]

History

Guirenniao was established in 1987 by Lin Tianfu. The company was an OEM for other sportswear companies in the 1980s. "Guirenniao" brand was launched in 2002. The company was officially formed in 2004. [3]

From 2009 to 2011, the brand was an instant hit due to the Andy Lau's endorsement. The number of physical stores increased from 1,847 to 5,057. [2]

The firm went public on Shanghai Stock Exchange in 2014. [4] In 2015, Guirenniao became second largest shareholder of Hupu after it invested RMB239 million (US$38.5 million) forn 16.1% stake in the firm and announced that they plan to establish a RMB2 billion (US$320 million) investment fund with sports portal Hupu. [5] [6] The fund was named "Arena Capital". [7]

In 2016, Sequential Brands partnered with Guirenniao to expand And1 in China. [8] In 2017, Guirenniao ended its restructuring plan. It also failed to acquire Shanghai-based Will's Gym. [9] In the same year, the company acquired trademark rights of Prince Global Sports in Greater China for $20 million. [10] Multiple companies were aqcuired - offline retailer Jie Zhixing, online distributor Ming Shoe Library, Shengdao Sports (45.45%), Xingyou Technology Game Company, retailer S.cn and also invested in Spanish soccer agency BOY.

In 2018, JD.com announced that they had signed a cooperation agreement with Guirenniao. [11] Between 2018 and 2020 was unprofitable and in 2019. the company logged a net loss of US$136.9 million. In the first quarter of 2019, more than 2,000 stores closed down, with about 2,800 remaining. In August 2019, due to a loan contract dispute, the 325 million shares held by the company's controlling Guireniao Group were judicially frozen. The freezing period is from August 1, 2019 to July 31, 2022. [12]

In 2021, due to heavy debt, Guirenniao went through a court led restructuring. Grain giant Taifujingu Network Technology bought 20.4 percent stake in Guirenniao for CNY417 million (US$58 million). Guirenniao donated 30 million yuan in supplies to Henan silently. Many netizens purchased Guirenniao products to show their support. [13]

In 2022, the firm changed its auditor twice in July and October. This many changes in a short period of time prompted Shanghai Stock Exchange to send an enquiry letter asking the firm to explain the reasons. [14] In August 2022, Li Zhihua, chairman of Taifujingu, completely controlled the firm. He pivoted the company into food-related businesses. [15]

In 2023, it announced that the company will exit apparel market to instead focus on agricultural produce. Guirenniao also stated that it intends to lease its brands Guirenniao and Prince to other companies. [16] In March 2023, Guirenniao entered ready-made dishes market and invested 100 million yuan in order to set up an industrial park ehich specialises in such dishes in Qiqihar. Grains became its largest revenue segment. [17]

In February 2024, the China Securities Regulatory Commission opened a case against Guirenniao and its chairman Li Zhihua for suspected violations of information disclosure. [18] In March 2024, company's listing status was terminated by Shanghai Stock Exchange as to its low share price breached the bourse rules. [19] Guirenniao share price closed below CNY1 on February 1 and failed to recover by March 7 which triggered mandatory delisting condition. On March 7, its last trading day, price was 67 Chinese cents (US$9 cents) with a market cap of less than CNY1.1 billion (US$153.1 million). [20] The stock price was down 77% compared to last year. [21]

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References

  1. ↑ "Sequential Brands Group Announces Plans to Expand AND1 Basketball Brand to China". GlobeNewswire News Room (Press release). 2016-10-26. Archived from the original on 2024-03-23. Retrieved 2024-03-22.
  2. 1 2 "昔日A股鞋王宣布退出鞋业！曾邀刘德华、张柏芝代言_运动_发展_品牌". www.sohu.com. Retrieved 2024-03-24.
  3. ↑ "Chinese Sportswear Maker Grows First-Half Revenue by 50% With Multi-Brand Strategy". www.yicaiglobal.com. Archived from the original on 2021-01-09. Retrieved 2024-03-23.
  4. ↑ "Lin Tianfu". Forbes. Archived from the original on 2015-06-22. Retrieved 2024-03-22.
  5. ↑ Su, Wiki (2015-01-20). "Guirenniao, Hupu.Com To Establish $320M Sports Investment Fund". China Money Network. Archived from the original on 2019-11-08. Retrieved 2024-03-23.
  6. ↑ Yue, Jillian (2016-05-16). "Venture-Backed Online Sports Portal Hupu.com Seeks Domestic IPO". China Money Network. Archived from the original on 2023-10-02. Retrieved 2024-03-23.
  7. ↑ Yue, Jillian (2015-12-03). "The Arena Capital Leads $18M Series B Round In JoyRun". China Money Network. Archived from the original on 2023-03-23. Retrieved 2024-03-23.
  8. ↑ Young, Vicki M. (2016-10-26). "Sequential Brands & Guirenniao Partner to Expand And1 Brand to China". WWD. Archived from the original on 2024-03-23. Retrieved 2024-03-22.
  9. ↑ "Guirenniao Ends Major Assets Restructuring Plan as Acquisition of Gym Company Fails". www.yicaiglobal.com. Archived from the original on 2024-03-23. Retrieved 2024-03-22.
  10. ↑ "Quick Take: Chinese Sportswear Maker to Buy Greater China Rights to Prince Sports - Caixin Global". www.caixinglobal.com. Archived from the original on 2022-11-28. Retrieved 2024-03-22.
  11. ↑ "China's JD.Com to Help Shoemaker Guirenniao to Smarten Up Supply Chain". www.yicaiglobal.com. Archived from the original on 2024-03-23. Retrieved 2024-03-22.
  12. ↑ "Shareholders' funds frozen in Guirenniao dispute". Archived from the original on 2019-08-07. Retrieved 2024-03-24.
  13. ↑ 财经自媒体 (2021-07-24). "贵人鸟默默捐款三千万，老板带队上一线，网友：都关注一下贵人鸟". finance.sina.com.cn. Archived from the original on 2021-07-25. Retrieved 2024-03-24.
  14. ↑ "Over 100 Chinese Listed Firms Swap Accountants at Year End". www.yicaiglobal.com. Archived from the original on 2022-12-09. Retrieved 2024-03-23.
  15. ↑ "轉賽道做農貿賣糧 貴人鳥要變火鳳凰". Yahoo Finance (in Chinese). 2023-10-03. Archived from the original on 2023-11-30. Retrieved 2024-03-24.
  16. ↑ "China's Guirenniao to Exit Sportswear, Shift Focus to Grain Trade". www.yicaiglobal.com. Archived from the original on 2024-03-23. Retrieved 2024-03-22.
  17. ↑ Lau, Rick (2023-10-03). "Guirenniao trades in fading sports brand for grains - Bamboo Works - Where China Stocks meet global investors". Bamboo Works. Archived from the original on 2024-03-23. Retrieved 2024-03-22.
  18. ↑ "贵人鸟股份有限公司关于公司及实际控制人收到中国证券监督管理委员会立案告知书的公告" (PDF). Shanghai Stock Exchange.
  19. ↑ "Shanghai Exchange Decides To Terminate Guirenniao's Listing Status". XM – Global Broker in Forex and CFD Trading. 2014-09-10. Archived from the original on 2024-03-22. Retrieved 2024-03-22.
  20. ↑ "China's Guirenniao Delists Due to Too Low Share Price". www.yicaiglobal.com. Archived from the original on 2024-03-22. Retrieved 2024-03-23.
  21. ↑ "Guirenniao (SHSE:603555 shareholders incur further losses as stock declines 14% this week, taking five-year losses to 88%". simplywall.st. 2024-03-02. Archived from the original on 2024-03-22. Retrieved 2024-03-22.


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