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Beijing Siku Trading Co., Ltd. Added 1 Executee Information

2022/5/13 2:48:00 0

Pawnshop Set Up By A Temple

A few days ago, Beijing Siku commerce and Trade Co., Ltd. added a new information about the person subjected to execution, with the execution object of RMB 1742055. The execution court is the people's Court of Chaoyang District, Beijing. In addition to being enforced by the court, Siku also added two equity freezing information during the year, involving a total amount of nearly 1.07 million yuan.

This is the third time that the temple library has been enforced this year. In February and April this year, the temple library was enforced by Beijing Changping District People's court for 1517 yuan and 8000 yuan respectively.

In March this year, Siku announced a refinancing agreement with great world lux Pte.Ltd, a subsidiary of lux PTE, a strategic partner of the company.

Under the refinancing agreement, sikku and great world agreed to refinance the three-year convertible notes issued by the company to great world on August 8, 2018, with a total principal amount of US $175 million (the "original notes"). Upon completion of the refinancing, Siku will issue two-year secured preferred notes to great world in exchange for the original notes, with a value of $203212565, principal plus interest. The interest bearing date begins on the original maturity date.

In January this year, according to the national enterprise bankruptcy reorganization case information network, Beijing Siku commerce and Trade Co., Ltd. added a new bankruptcy review case, the applicant was Chai Chenxu, and the handling Court was Beijing No.1 Intermediate People's court.

In response, the temple library said that it had found that some media had released relevant news about "Siku group being applied for bankruptcy". Siku said that after verification, the company will reserve the right to pursue responsibility.

According to public information, Beijing Siku Trading Co., Ltd. was established in April 2009, with Li rixue as its legal representative and registered capital of RMB 10 million. According to the introduction on its official website, the commodities of temple library include bags, watches, clothing, jewelry, etc.

According to the risk information of the enterprise, 204 judicial documents were recorded in the temple library, and the total amount of cases was 56.4868 million yuan. In 2021, a total of 7 shares of Siku will be frozen, with a total value of 153 million yuan. The companies whose shares are executed include Shanghai Siku e-commerce Co., Ltd., Xi'an Siku Cultural Industry Development Co., Ltd., Beijing kuyin Financial Holding Technology Co., Ltd., and Beijing shezhe Culture Communication Co., Ltd.

According to the 2020 financial report released by Siku, the company's revenue in 2020 will be 6.02 billion yuan, and the gross profit will be 881 million yuan. The net loss attributable to common shareholders of the company was 71.864 million yuan, while the profit of the same period of last year was 154 million yuan. The basic loss per share and diluted loss per share were 2.36 yuan.

In the first three quarters of 2020, the revenue of the temple library will be 1.01 billion yuan, 1.31 billion yuan and 1.37 billion yuan respectively, and the net profit will be - 42.21 million yuan, 6.256 million yuan and 21.75 million yuan respectively. Compared with the same period in 2019, both revenue and net profit are in a downward trend.

From the first quarter of 2019 to the third quarter of 2020, the year-on-year growth rate of Siku's revenue has been slowing down and declining from the first quarter of 2019 to the third quarter of 2020; From the fourth quarter of 2019 to now, the net profit of the temple library has dropped for five consecutive times, with the largest drop of nearly 400%.

As for the decline in performance, Siku blamed the impact of the new crown pneumonia epidemic on the supply chain and the decline in the disposable income of high-end users. However, Bain's report shows that the global luxury market will shrink by 23% in 2020, but luxury consumption in China will rise by 48%. According to the report, China is expected to become the world's largest luxury market in 2025, and there is still a lot of room for domestic luxury development.

It is worth mentioning that Siku has not updated its financial report since the third quarterly report was released in 2020. Therefore, in May 2021, it was warned by Nasdaq for delaying the release of financial report.

By the end of May 10, the stock price of Siku was $0.277 per share, which had been seriously shrunk compared with $10 on the first day of listing. Today, the market value of the temple library is only $1.58 million, a drop of more than 97% from its peak.

According to the NASDAQ listing rules, Siku will be delisted if its stock price falls below $1 for 120 consecutive days. The temple will be withdrawn from the city on November this year. After the delisting transaction is completed, Siku will become a private company and will delist from the Nasdaq stock market. Now, temple library delisting is only a foot in front of the door.

On the whole, industry insiders said that supply problems, worries about the proliferation of derivative fake goods, lack of shopping experience, and price constraints are all the big mountains on luxury e-commerce, "especially the unknown source of goods, but it is said that all luxury e-commerce websites are hard hit."

In addition to the above-mentioned traditional internal factors that hinder users' trust in the platform, luxury e-commerce companies also have to face the attack of traffic barons. The vertical e-commerce platform has disadvantages in the face of integrated platforms such as tmall and Jingdong. In terms of commodity price, authenticity and other aspects, it is difficult to be more attractive than the integrated platform, unable to retain users.

In addition, the overall repurchase rate of luxury e-commerce is low, and the growth space of luxury e-commerce users is difficult to match that of comprehensive e-commerce platforms. While most top luxury brands cooperate through self built e-commerce or with the head of the third-party platform, a small number of luxury e-commerce platforms are not the first choice.

To this end, the temple library also opened the road of diversification. In June 2018, the library store of the social e-commerce platform of Siku group was launched, and then the offline store layout was opened. At that time, kudian CEO Zheng Jianhao once said, "the third and fourth tier consumer groups have light luxury consumption ability and demand, but lack of brand education and awareness."

However, social e-commerce has been unable to get rid of relatively negative labels such as "micro business" and "pyramid selling", which itself is not in line with the high-end brand image of Siku and even the medium and high-end market kudian wants to occupy. Only from the perspective of positioning and brand tonality, temple library, which hopes to place its hope in kudian, seems to be taking a dangerous move.

In addition to kudian, the temple library has extended its tentacles to finance, live broadcasting and other fields. Such as Siku finance, which provides cross-border financial consumption services for high-end consumers, and Siku intelligence, which provides services to users through a series of intelligent means, etc., however, the contribution of these businesses in the total revenue is very low and the effect is very small.

With the fire of e-commerce live delivery, Li rixue, founder of Siku, also regards live broadcasting as the lifesaving straw of Siku. In Siku financial report, Li rixue once said that he would continue to focus on deepening the cooperation with the short video platform with the largest flow, promote the creation of streaming media content, improve the experience and quality of streaming media shopping, and further optimize the core operation advantages.

Earlier, Siku set up a luxury live broadcasting base in Sanlitun, Beijing, covering an area of about 7000 square meters, which can accommodate more than 300 anchors to broadcast online at the same time, focusing on various forms of live broadcasting, such as "live broadcasting + independent live broadcasting room".

However, from the perspective of application scenarios, luxury live with fake goods frequently occurs, which has always faced the problem of trust. In addition, the unit price of luxury goods is relatively high, and most of the goods carried by live broadcasting are low in price, so it is difficult to realize batch operation. It is still unknown how the live broadcasting business of temple library will develop.

It is worth mentioning that in addition to the performance has been declining, temple library has also been exposed in arrears with employees' wages and suppliers' funds. At present, there are more than 14000 complaints on the platform of black temple.

Entering the countdown to delisting, the problems faced by the temple library have not decreased at all.


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