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▶ Video account attention cross-border navigation Recently, SHEIN, a well-known independent website seller known for its mystery and low-keyness, has repeatedly become the focus. First, there were many rumors that it would restart its plan to go public in the United States. Although SHEIN officials clarified this, various rumors still spread.
Just a few days ago, Shanxi Daimai Cross-border Communication once again dropped a bombshell, involving several cross-border companies. SHEIN, an independent overseas giant with annual sales of over 100 billion yuan, was exposed as a "deadbeat" and was involved in a debt crisis. Paton's acquisition controversy resurfaces, SHEIN is sued for defaulting on payments! At the beginning of last year, Cross-Border Link issued an announcement stating that it planned to sell 100% of the equity of its subsidiary Paton for 2.02 billion yuan. The transferees included Xiaomi, Shunwei, Shunying Zongteng Network, Xiyin International and other 20 companies. The reason why Kuaishou chose to sell Paton was mainly based on the consideration of solving the problem of capital demand. Therefore, while many people were shocked, they also thought it was a wise move to follow the trend. Relying on big backers such as Xiaomi and SHEIN, it may bring more development opportunities to Paton. However, a year has passed, and Paton's development has not been as smooth as expected. The wave of Amazon account bans has dealt a heavy blow to its business, and the so-called backers seem to have failed to provide sufficient protection. Big sellers such as SHEIN were recently exposed for not paying the full acquisition price. Recently, Cross-border Communication issued an announcement in response to the Shenzhen Stock Exchange's letter of concern. The announcement revealed that as of now, the remaining amount to be paid for the sale of Paton's equity transfer is about 615 million yuan. In order to urge the relevant parties to return the money as soon as possible, Cross-border Communication has filed a lawsuit with the court. The specific amount owed is: 1. Xiamen Yiweiyihang and Guangzhou Xiyin International (SHEIN) have not yet paid a total of RMB53 million for the equity transfer. 2. Shenzhen Patuo Brand Investment Partnership, Shenzhen Yongpa Investment Partnership, Shenzhen Yongxun Investment Partnership, etc. have not yet received a total of 326 million yuan in payments. 3. Shunwei’s US dollar fund has not yet received back 236 million yuan. Cross-Border Communication stated that the company had replied to the other party, stating that all other parties to the sale of Paton had made payments in accordance with the contract, and only Shunwei had gone back on its word on the acquisition of equity and demanded to terminate the agreement, which Cross-Border Communication naturally did not agree with. In May last year, Patonson's main brand account was heavily fined by Amazon, and a large amount of funds were frozen, which had a serious impact on the company's subsequent business operations. Therefore, as an investor, Shunwei was naturally unwilling to pay for the obvious risks. For Cross-border e-commerce, 2021 has been a year of great changes. From the shocking sale of Paton at the beginning of the year to the bankruptcy of another subsidiary, Global e-commerce, it reflects that this once-prosperous cross-border e-commerce company is experiencing a critical moment of life and death. With both its “left and right arms” gone, Cross-Border Link suffered a loss of nearly 2 billion in one year! It is learned that Cross-Border Communication recently released its 2021 annual performance forecast. During the reporting period, Cross-Border Communication expects the net profit attributable to shareholders of the listed company to reach 670 million to 980 million, and the net profit loss after deducting non-recurring gains and losses is 1.6 billion to 2.3 billion; it is expected to achieve revenue of 7.8 billion to 9.8 billion, and the operating income after deduction is 7.5 billion to 9.5 billion. We can see that after deducting non-recurring gains and losses, the estimated profit loss of Cross-Border Link reached a staggering nearly 2 billion. The reason for such an embarrassing situation of not making enough money to cover expenses is the change of its subsidiaries. On the one hand, the subsidiary Shenzhen Global has been taken over by the court-appointed administrator and has officially entered the bankruptcy liquidation procedure . Cross-border Communication has lost control over it, and Shenzhen Global will no longer be included in its consolidated financial statements from December 2021. In order to clean up the mess of Global Easy Shopping's collapse, Cross-border Communication is also heavily in debt. The announcement shows that Cross-border Communication has made a provision for bad debts of about 1.8 billion yuan for the current account of Shenzhen Global, and has made an estimated liability of about 200 million yuan for the guaranteed litigation amount of Shenzhen Global. On the other hand, during the reporting period, Cross-border Communication sold its subsidiary Hypaton. As one of the "Amazon Three", Hypaton was once very successful, with annual sales of billions. Without this source of income, Cross-border Communication's performance naturally experienced fluctuations. Cross-Border Link estimates that the impact of the company's non-recurring gains and losses on net profit during the reporting period is RMB 2.8-3.1 billion. The main reasons are the excess losses before the bankruptcy of Shenzhen Global, the recognition of investment income increased profits by approximately RMB 2.2 billion, and the sale of Paton to recognize investment income of approximately RMB 800 million. Having lost its "left and right arms" and burdened with debt, it is now a long and difficult road for Cross-Border Communication to turn losses into profits. But in reality, 2021 has been an ill-fated year for many big sellers. The supply chain crisis, soaring operating costs and the invasion of account bans have also led to overall poor performance. Judging from the performance forecasts released by the big sellers recently, most of them are facing losses to varying degrees: Tongtuo's parent company expects a loss of 660 million to 980 million; Tianze Information expects a loss of 1.834 billion to 2.534 billion; Xinghui shares expects a loss of 1.29 billion to 1.47 billion ... These astronomical figures also clearly reflect the turmoil in the cross-border circle this year. Of course, there are also big sellers like iHealth that went against the trend and saw their profits surge by nearly 300%. The turmoil among big sellers does not mean that the cross-border industry is still at the end of the road. It is precisely a signal of change. For many Amazon sellers, transformation is imminent. The continuous influx of capital and the entry of Internet giants such as ByteDance have made the cross-border e-commerce sector turbulent while also bringing new vitality. What will be the trend of going out to sea in 2022? Welcome to leave a message in the comment area~
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