All stores are closed! The well-known brand "collapsed", what happened? The stock price plummeted 96%, why did the "first stock of baking" fall to the altar? Netizen: Return the money
Seeing him rise tall, seeing him banquet guests, seeing his building collapse!
The well-known baking chain brand was exploded and went to the empty building! According to media reports, on March 3, only one security guard remained at Christine's Shanghai headquarters. Recently, a number of consumers posted on social platforms that Christine's stores were closed and several hundred yuan of prepaid card coupons could not be consumed.
A few days ago, the company, once known as the "first stock of baking" by the outside world, announced on the Hong Kong Stock Exchange that the company owed about 5700 million yuan in arrears of goods and wages, and its bank accounts were frozen, relying on shareholder loans to maintain operations. As of December 2022, all Christine stores have been closed.
Christine was listed on the Hong Kong Stock Exchange in 2012, and her share price touched as high as HK$1.7 per share, and the market value exceeded HK$20 billion at its peak. Today, the company's share price is as low as HK$0.069 per share, and the market value is only about HK$8000 million, a drop of 96%.
So, why did the former "first stock of baking" fall to the altar?
Only one security guard remained at the headquarters
According to the first financial report, on March 3, the reporter came to Christine's Shanghai headquarters at No. 18 Jinshajiang Road, and only one security guard remained on the first floor. "The store has been closed for several months and is said to have reopened on May 33," the security guard said. Our security guards' wages have been in arrears for months, but they are being paid one after another. ”
According to security guards, the 3rd and 4th floors used to be Christine's office and are now no longer occupied. And this security guard's job now is to guard the items that still exist in the store. A notice from the Xuhui District People's Court was posted on the wall outside the door. According to the announcement, Shanghai Christine Food Co., Ltd., as the defendant, has been in arrears of rent for about half a year, amounting to 12,16 yuan.
Christine's flagship store on Jinshajiang Road in Shanghai is just a microcosm of the company's current situation, with all Christine stores closed since December 2022. Christine's stores were closed for a while back in July last year, but in August, some stores reopened, and now all of its stores are closed again.
The store is empty, and the prepaid card coupons cannot be consumed
According to Yinpersim Finance reports, recently, a number of consumers posted on social platforms that Christine's stores were closed, and hundreds of yuan of prepaid card coupons could not be consumed. When Yinpersim Finance calls the merchant phones displayed on the Dianping page of various Christine stores in Hangzhou, either no one answers, or it prompts "the number is empty". Calling the customer service number shown on Christine's official website was also unreachable.
The store is closed, the customer service can not be contacted, many Christine's prepaid card coupon consumers seek help online, "Christine ran away, there are still many tickets in hand", "What to do if there are still 500 yuan in the card", "Tears of the times", "Please return the money in my card to me first"...
On the afternoon of March 3, Yinpersim Finance first came to Hangzhou Lakeside Building, Christine Wenyi Road Store is located on the first floor, surrounded by mostly old houses with less than 13 floors. The Christine Wenyi West Road store is about tens of square meters, the store signboard has not been removed, only a few shelves and cash registers remain in the store, and there are rental advertisements on the door.
"The rent and property fees add up, and we still owe nearly 20,10 yuan!" Property worker Lao Ke (pseudonym) talked about Christine's voice a little louder. According to Lao Ke's recollection, the store has been open for more than <> years, "In the past, the business was very good, and there were more people in the nearby community who came to buy, and even some people drove all the way to buy it, but in July and August last year, the store closed." ”
Christine's Harmony Road store is also closed, with several bicycles and electric vehicles parked in front of the store. Through the glass door, you can see that there is some garbage on the floor inside the store, and there is basically nothing else except the cash register and the cabinet embedded in the wall.
He once blew himself up to owe 5700 million yuan
At noon on March 3, Christine (10.HK) issued an announcement on the Hong Kong Stock Exchange that it owed about 01210 million yuan in arrears of goods and wages, and bank accounts were frozen, relying on shareholder loans to maintain operations.
Christine said that the group suffered from tight cash flow and operating difficulties, and delays in paying store rent, supplier payments and employee salaries, and the amount owed was about 2023 million yuan (yuan) as of February 2, 28. Due to arrears, certain suppliers have commenced legal proceedings to freeze the Group's bank accounts for amounts ranging from about $5700.350 million to $400 million, and the Group is currently relying on shareholder loans to maintain its operations.
Christine said that the above situation had an adverse impact on the Group's operations. The Group has temporarily closed all its retail stores since December 2022. At present, the Group is actively seeking to diversify its business and plans to address its liquidity issues through appropriate financing methods (such as asset disposal and equity financing) and resume operations in the first half of 12.
According to public information, Christine is a chain operator of bakery products, producing and selling bakery products since 1993, and is one of the earliest foreign-invested bakery enterprises to enter the Chinese market. The company operates mainly in prime locations and major cities in the Yangtze River Delta region, including Shanghai, Jiangsu Province and Zhejiang Province. Form a multi-channel retail network to attract different customers through Good Neighbor stores, subway stores, flagship stores and European freshly grilled shops.
For Shanghai consumers, Christine can be said to be a bakery that grew up with a generation. Some netizens posted, "His egg tarts are the best cold egg tarts in Shanghai, and I can't find a substitute." ”
In 2012, Christine was listed on the Hong Kong Stock Exchange and was known as the "first baking stock" at that time. This year is also Christine's most bright moment, achieving revenue of 13.9 billion yuan that year, refreshing the best results in the company's history. Since the second year of listing, Christine has lost money for 9 consecutive years, and her revenue has also declined.
According to the 2021 annual report, Christine's operating income that year was about 2 million yuan, down 9% year-on-year; The net loss was about 27 million yuan, and the loss increased by about 1% year-on-year. In addition, in the first half of 7, Christine's revenue was about 54.2022 million yuan, a year-on-year decrease of 4651.71%, and a net profit loss of 3.7251 million yuan.
Moreover, the number of stores in the company has been decreasing. In 2019, 2020 and 2021, Christine closed 117, 99 and 55 stores respectively.
In the 2022 interim report, Christine also disclosed that the number of the company's stores decreased from 2021 at the end of June 6 to 340 at the end of the first half of 2022, of which 246 stores were closed. Of the closed stores, 94 are located in Shanghai, 57 in Jiangsu and 23 in Zhejiang.
As of the close of trading on March 3, Christine's Hong Kong stock price was 17.0 Hong Kong dollars per share, with a market value of only 069.8364 million Hong Kong dollars. In 2012, the year of listing, Christine's share price touched HK$1.7 per share at its highest, and its market value exceeded HK$20 billion at its highest. That said, the company's share price has fallen as much as 96% since its high.
Why did you fall down the altar?
What is the reason for the former "first stock of baking" to fall off the altar?
According to Luwang, Christine's retail stores were closed in July 2022, and then opened stores in August. Some netizens reported that after reopening, Christine's egg tarts rose from 7 yuan / piece to 8.4 yuan / piece, and the types are becoming less and less.
Even if the price increase of the product can bring about an increase in profits, but it has been in business for only half a year, and many of Christine's stores are closed. At this time, the reason for the closure can no longer be simply attributed to the impact of the epidemic. A netizen posted in December of the same year, saying, "The clerk told me that the raw materials at the headquarters could not be distributed, and the cake could not be made." You can buy some bread, and when the bread is sold, you can't make it because you don't have raw materials. ”
Wen Zhihong, an expert in chain management of Hejun Consulting, once said in his analysis that Christine, as an old baking chain enterprise, has come to such a situation today, and the epidemic is only the last straw that crushed it, and the fundamental problem lies in poor management and failure to grasp the opportunities of the baking track. "From the book point of view, Christine's net worth per share is negative, selling equity or assets is a way to save yourself, the fundamental way is whether you can activate the brand, whether there are correct decisions in operation and management."
As the economy continues to develop, people's consumption habits also change. Today's younger consumer groups pay more attention to health and body management, and the concept of "light sweets" is widely sought after, and Christine's decline is largely due to its failure to follow the changes in the general environment.
The bakery industry is highly competitive, and in recent years, new consumer brands have emerged, and they have also taken a piece of the pie. According to iMedia consulting data, the size of China's baked goods market in 2021 will be about 2600.8 billion yuan, a year-on-year increase of 19.9%, and it is expected that the scale of China's baked goods market will further grow to 2023.3069 billion yuan in 9. (Brokerage China)