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▶ Video account attention cross-border navigation In early December, a hot-selling announcement broke the calm in the cross-border circle. In the announcement, Cross-border Communication wrote: Zhongan Xunshi applied to the Taiyuan Intermediate People's Court for bankruptcy liquidation of Shenzhen Global on the grounds that it could not repay its due debts and obviously lacked the ability to repay. Finally, the Taiyuan Intermediate People's Court ruled to seize all assets of Global Easybuy. The fate of the subsidiary was up and down, and the future of the parent company involved was also uncertain. Just as the bankruptcy crisis of Global Easy Shopping was not over, Cross-border Communication was once again involved in a high-cost lawsuit dispute. Cross-border Link's new litigation amount exceeds 80 million It is learned that recently, Shenzhen Damai Global Easy Shopping's parent company Cross-border Communication issued an announcement about the company's involvement in a lawsuit. The important contents are as follows: The case announced this time is in the litigation period, the company is the defendant, and the new litigation amount is 83.1154 million yuan; before the litigation is concluded, there is uncertainty about the impact of this lawsuit on the company's current and post-period profits. ▲ The picture comes from the announcement of Cross-border Communication The announcement shows that there are four major new lawsuits, and the plaintiffs are: Shenzhen 4PX Express Co., Ltd., Shenzhen Waida International Freight Co., Ltd., GF Securities Co., Ltd., and Zhu Huimin. ▲ The picture comes from the announcement of Cross-border Communication It is worth noting that in the above cases, two of them involved fee disputes between Cross-Border Link and freight forwarding companies, including disputes over warehousing contracts and freight forwarding contracts. According to the facts stated in the announcement, it can be known that the above-mentioned disputes and debts have been going on for a long time: Case 1: In 2017, the plaintiff and Cross-border Link began to cooperate on warehousing services and door-to-door transportation services. As of August 3, 2021, Cross-border Link owed a total of approximately RMB 6.13 million in warehousing service fees and a total of approximately RMB 3.82 million in door-to-door transportation service fees . The plaintiff requested Cross-border Link to pay a total of approximately RMB 14.41 million. Case 2: Since 2019, Zhaoqing Global and Hong Kong Global have introduced Shenzhen International Supply Chain to provide them with settlement and payment services. After August 2020, due to the increasing operating risks of Cross-border Link, Shenzhen International suspended payments to suppliers. On April 13, 2021, the plaintiff, Shenzhen International and the three defendants signed a "Repayment Agreement" with a total debt of approximately RMB 9.42 million and USD 9,808, which has not yet been paid. In fact, this is not the first time that Cross-Border Link has faced accusations from its partner companies. Just this year, the company has issued several announcements and disclosed relevant content of important litigation cases. Both the number of cases and the amount of litigation are staggering. With the litigation storm continuing, where will Cross-Border Link go? It is learned that Cross-Border Link disclosed the "Major Litigation and Arbitration Announcement" and the "Announcement on Litigation" on April 30, June 16, August 5, September 8 and September 25 this year respectively. Since the disclosure of the above announcements, Cross-Border Link and its subsidiaries have accumulated 20 new lawsuits , involving a total litigation amount of 83.1154 million yuan , accounting for 6.85% of Cross-Border Link's latest audited net assets . At the time when disputes were at their peak, Cross-Border Link had 66 new lawsuits involving a total amount of 477 million yuan, accounting for 39.34% of the company's audited net assets at the time. In addition to the above-mentioned litigation matters, Shenzhen Global Easybuy, a wholly-owned subsidiary of Cross-Border Link, has 16 undisclosed small litigation matters, with a total amount involved of RMB 16.2716 million. The above-mentioned lawsuit involving a large amount of money has also caused many outside investors to worry about its operating conditions, and its stocks have often fluctuated. For this reason, Cross-Border Link also issued two announcements this month, explaining the reasons for the abnormal fluctuations in stock trading. In the announcement, although Shenzhen Global Easy Shopping was informed that there was a risk of bankruptcy, Cross-Border Link stated that the company's current business operations were normal and there had been no major changes in the internal and external business environment. ▲ The picture comes from the announcement of Cross-border Communication Although K-Link said everything was normal, some clues can still be seen in its financial report. It is learned that Cross-Border Link achieved revenue of 1.934 billion in Q3, a year-on-year decrease of 50.32% ; the net profit attributable to shareholders of the listed company was 64 million, a year-on-year decrease of 164.28% . Regarding the decline in performance, Cross-border Communication said that the main reason was the basic stagnation of its subsidiary Global Easybuy and the sale of Paton . Without the support of high-quality assets, the once glorious listing and sales seem to have fallen into an embarrassing stagnation period. Looking back at the memoirs of Cross-border, from the blockbuster sale of Paton at the beginning of this year to the several bankruptcies of Global Easybuy, each and every one of these events is a highlight in the development history of Cross-border, and will also become a major challenge on its way forward. In fact, it is not just Cross-Border Link. Other big sellers are also facing operational difficulties to varying degrees, with declining financial report data, the spread of the account suspension crisis, and difficult financial difficulties. In 2021, cross-border sellers are all moving forward with heavy burdens. As the industry changes, sellers in it will inevitably go through a period of pain. Only by adapting to market changes and embracing new rules can they remain invincible in the wave.
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