Lost Link Attack On Fujian Listed Footwear And Apparel Enterprises CEO And COO Absconded

stay Frankfurt In September 16th, Fujian's Suo Li footwear industry listed on the stock exchange said that its chief executive officer (CEO) Wu Qingyong and Chief Executive Officer (COO) Wu Minghong lost contact with the accounting department, and found that most of the cash in the mainland and Hongkong had been transferred 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 a statement, Mr. Suo quoted chief financial officer ChiKwongCliffordChan as saying that he had not been able to contact CEO CEO and COO Wu Minghong last weekend. Investigations revealed that CEO and COO 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 transferred beyond the scope of the company's influence.

Suo Li did not disclose the amount of cash transferred, 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 transferred? Why did most of the company's cash be transferred and cable power could not be found? The Nandu journalist asked for his CFOChiKwongCliffordChan phone message, but the other side had not responded.

　 　 COO Leave 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 CEO Wu Qingyong was the founder of the company. Cable force 2014 semi annual report shows that Wu Qingyong holds 52.35% of the company's shares.

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.

In the company's management level, since this year, cable force's response is quite positive. 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 COO suddenly lost contact, and most of the company's cash was transferred.

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 COO had to be treated in hospital because of its health reasons. It left for 6 months and was temporarily replaced by senior executives such as CEO and Wu Qingyong.

　 The loss of alliance has been staged in succession.

Early this year, 2008 Singapore The shoe factory of Fujian Jinjiang alligator group has been shut down for several months, starting from the end of last year. In July, at the beginning of this year, the chairman of the Fujian listed company was lost. 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 OEM, and then transferring from the outside to the domestic market, and then signing the endorser and advertising the brand, Fujian shoes and clothing enterprises generally change the way from subcontracting to brand management through this "simple and crude" way. 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.