The dispute is defeated, the frequent execution of the Ministry of Industry and Information Technology is notified!The first trouble of luxury e -commerce is constant?

Since receiving the delisting warning, the stock price of Siku in 116 trading days has not exceeded $ 1. If the previous situation continues, the company is likely to encounter a forced delisting

"Investment Times" researcher Zhuoma

It is another year "618". Compared with previous years, the shopping festival in the middle of this year seems to be much smaller. But compared to daily consumer goods, luxury consumption is still stable. After the preliminary resumption of work on June 1st in Shanghai, some people rode a bicycle bag to buy luxury goods such as Hermes, which was widely spread for a while.

According to the "2021 China Luxury Market Report" released by the world -renowned consulting agency Bain Consultation in January this year, despite the increasingly severe global economic challenges, in 2021, the luxury market in China (excluding Hong Kong, Macao and Taiwan) continued to maintain Double -digit increases at high speed, and some brands have grown more than 70%.

From a global perspective, the proportion of Chinese markets accounting for the total global luxury consumption increased from about 20%in 2020 to about 21%in 2021. Bain expects that this growth trend will continue in the future, and regardless of the progress of the recovery of outbound tourism in the future, by 2025, the Chinese market is expected to become the world's largest luxury market.

Although the luxury market is still booming, SECO.O, which is mainly engaged in luxury goods, has recently been involved in things. The name notice is involved.

On September 22, 2017, Siku officially landed on the Nasdaq in the United States with the title of "China's First Sharement", and was also the first China Electric Power listed in the United States after BABA.N (BABA.N). Commercial technology stocks. However, only one year after listing, the shares of the monk turned sharply. After reaching a historical highest point of $ 15.48/share on August 9, 2018, it entered the downward range and continued to this day.

On December 28, 2021, Siku announced that the company received Nasdaq's delisting warning from Nasdaq due to the closing price of 30 working days in a row. It is reported that in accordance with the Nasdaq standard, if the stock price of listed companies is less than $ 1 consecutive trading days in a row, it will be forced to delist. Since receiving the delisting warning, the shares price of Siku has not exceeded 1 US dollars in 116 trading days. If it continues, Siku is likely to encounter a forced delisting.

As of the closing of the East in the East on June 14, the Treasury was closed at $ 0.24/share, which has shrunk by 98.45%compared with the historical highest point.

The stock price trend since the listing of Siku (USD)

Data source: wind

Loss, forced enforcement and name notice

Recently, the China Referee Document Network released a civil judgment of the contract dispute between the contract with the merchants in the merchant of the merchants.

According to the judgment, in March 2021, the plaintiff Luxury Commercial Bank signed the "Platform Service Agreement" with Shenzhen Siku. Ku Dai received the payment, which was settled and paid by Shenzhen Treasury and the plaintiff.

After the contract was signed, everyone luxury commercial banks paid a deposit of 50,000 yuan according to the agreed Shenzhen Tibu, but Shenzhen Siku has not paid a total of 131,4154 yuan from June to July from June to July. After being urged, Shenzhen Siku still refused to pay.

After everyone understands, the platform of Beijing Siku is deeply trapped in the financial crisis and has been recorded in the litigation. The plaintiff chose to sue rights to defend their rights and request Beijing monk and Shenzhen Tibu to refund the deposit and pay the payment.

Siku said that everyone's luxury commercial banks did not meet the agreement on the agreement on the agreement, so they refused to refund it. As for the payment, Shenzhen Siku agreed to pay 131,4154 yuan to everyone luxury commercial banks, but Beijing Treant has nothing to do with this case, and disagreed with the joint responsibility.

The Chaoyang District Court believes that the contents of the agreement signed by everyone and Shenzhen Siku are legal and effective. Both parties should exercise their rights and fulfill their obligations. 10,000 yuan, at the same time, the case acceptance fee of 17,000 yuan shall be borne by Shenzhen Siku.

In fact, since this year, Mizu has reported negative news one after another, including the application for bankruptcy liquidation, arrears of employees' wages, and arrears of supply of goods.

On January 5 this year, according to the information network of the national bankruptcy reorganization case, Beijing Siku Trading Co., Ltd. added a new bankruptcy review case, and the applicant Chai Chenxu could not pay off the debt due to the company, and obviously lack the ability to clear the repayment to Beijing. The First Intermediate People's Court applied for bankruptcy and liquidation of the company. However, just one day passed, on January 6, Chai Chenxu applied for withdrawal from the aforementioned bankruptcy clearing application.

In response, Siku responded at the time that the company would retain the right to accountability after verifying that there was no above situation.

In fact, in addition to its own operational problems, the information forced by the court by the court is also increasing.

On June 1, Beijing Siku was forcibly executed by 24,000 yuan by the People's Court of Xiaoshan District in Hangzhou. Previously, on May 10th, the court ruled that Beijing Temuki to pay information service fee of 20,000 yuan and lawyers spent The agency fee is 4,000 yuan.

"Investment Times" researcher noticed that this is the fourth time that Siku has been enforced by the court since this year.

In February and April of this year, Beijing Siku was forced to execute 1517 yuan and 8,000 yuan by the People's Court of Changping District, Beijing. In May, Beijing Taku and Shanghai Siku were forcibly executed by the People's Court of Chaoyang District of Beijing. According to the information of the enterprise, there are 221 referee documents, with a total of 59.1978 million yuan in referee documents, and 90.06%of the documents as the defendant as the defendant.

In addition, according to the official public account of the Ministry of Industry and Information Technology, "Industrial Information Micro News" released on May 31st, the Ministry of Industry and Information Technology recently organized a third -party testing agency to conduct the mobile Internet applications (APPs) of mobile Internet applications (APPs), which are concerned by the masses. Inspection, 368 APPs that have infringed on user rights and interests were found to be rectified. Up to now, 84 APPs have not completed the rectification as required, and Miyu's luxury goods under Temuku are among them.

The Ministry of Industry and Information Technology emphasized in the report that these APPs should complete the rectification and implementation work by June 8. If the overdue does not rectify, the Ministry of Industry and Information Technology will organize related disposal in accordance with laws and regulations.

The stock price of 116 trading days is less than $ 1

Public information shows that in 2008, Li Rixue founded Siku. The company is positioned as luxury e -commerce, mainly for second -hand luxury goods, mainly serving high -end consumers.

In 2013, the transaction volume of Siku reached 1 billion yuan, and a 3,000 -square -meter luxury conservation factory was established in Beijing, and agent products and brand merchant products were also added. Up to now, the four core business segments of Siku Mall, Siku Intelligent, Siku Auction, and Siku Financial have set up services such as Siku Mall, Siku Intelligent, Siku Auction and Siku Financial.

With its unique positioning, Siku received capital support after its establishment. Before the listing from 2010 to 2017, a total of 5 rounds of financing was completed. Investment institutions include IDG Capital, Intime Capital, and Betasman Asia Investment Fund.

On September 22, 2017, Siku officially landed on the Nasdaq listing in the United States, and was called "the first share of Chinese luxury e -commerce" by the market. share.

After the listing, the two financing volumes were completed in July and June 2020, respectively in July and June 2020, respectively.

According to FROST & SULLIVAN data, Miyaka has 25.3%of China and 15.4%of Asian high -end market share during its peak. But the good times did not last long. Just one year after listing, the stock price of Siku turned sharply.

After experiencing a twists and turns of the stock price, Siku reached a historical highest point of $ 15.48/share on August 9, 2018, but then entered the downward range and continued to this day. By the beginning of November 2021, the stock price of Siku had fallen to less than $ 1/share, and the market value shrinkage over 90 %.

One month later, on December 28, 2021, Siku announced that the company received Nasdaq's delisting warning from the stock price of 30 working days in a row of 30 working days.

It is reported that in accordance with the Nasdaq standard, if the stock price of listed companies is less than $ 1 consecutive trading days in a row, it will be forced to delist. Since receiving the delisting warning, in the 116 trading days, the stock price of Siku has not exceeded $ 1. If this situation continues, Siku will likely encounter a forced delisting.

"Investment Times" researcher noticed that the plunge of the shares of Siku or poor performance.

The past financial reports show that in 2018 and 2019, Siku realized revenue of 5.388 billion yuan (RMB, the same below) and 6.846 billion yuan, respectively, an increase of 44.04%and 27.06%year -on -year, respectively. However, by 2020, the company achieved revenue of 6.020 billion yuan throughout the year, a year -on -year decrease of 12%; gross profit was 881 million yuan, and its net loss attributable to the company's ordinary shareholders was 71.864 million yuan. From Ying to losses, the basic loss per share and the loss per share after diluting are 2.36 yuan.

On May 2 this year, the Siku announcement stated that the company could not submit the annual report performance in 2021 in a timely manner. It was only on May 13 that the company submitted to the SEC for the 20-F form of the end of 2021. In fact, the company's 2020 financial report was also released until November 2021.

The document shows that the revenue achieved revenue of 3.132 billion yuan in 2021, further decreased by 47.98%from the same period last year, and less than half of the revenue in 2019. The annual operating loss was 620 million yuan. Mother's net profit loss was as high as 566 million yuan, a year -on -year decrease of 681.82%. As of the end of 2021, Temple held 156 million yuan in cash and cash equivalents, with 640 million yuan in the same period last year.

Siku's performance in recent years (thousand RMB)

Data Source: Company 2021 Financial Report

Private proposal

"Investment Times" researcher noticed that before receiving the delisting warning, Siku had planned a privatization delisting plan.

On January 10, 2021, Li Rixue issued a preliminary preliminary proposal to the board of directors of Siku, proposed that all cash acquisition companies with US $ 3.27 (equivalent to $ 6.54 per share) per share (ADS) per share Already issued, Li Rixue and its affiliated category A general stocks. The price of this price was about 35.68%at the closing price of $ 2.41/share on the previous trading day. At that time, the board of directors of Siku had established a special committee composed of independent directors to evaluate and review privatization proposals. Through Nasdaq global market delisting.

However, on May 23 this year, Miyu stated that Li Rixue had received a proposal to withdraw privatization offer on May 20. Li Rixue stated in the letter that after fully considered the market situation, he decided not to conduct the motion. At the same time, the board of directors of the monk has approved the dissolution of the special committee set up for the privatization proposal.

It is worth noting that on May 20th, the US Securities and Exchange Commission (SEC) included a new batch of 8 listed Chinese companies, including temples, listed in the United States. It has increased to nearly 150.

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