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The dynamics of cross-border sales are always the after-dinner talk of small and medium-sized sellers. Yesterday afternoon, in the seller communication group, a seller broke the news: Shocking news, Global Easy Shopping has gone bankrupt! That’s right, it’s the cross-border e-commerce giant Global Easybuy that we are all familiar with. After it was revealed last year that it owed more than 3,000 suppliers, news about this listed company has continued to appear in the cross-border circle. When I was verifying the authenticity of this news, I received a message from Qichacha: [Qichacha] Shenzhen Global E-Commerce Co., Ltd., which you are monitoring, has added bankruptcy reorganization: Case No.: (2021) Yue03 Bankruptcy Application No. 380 Respondent: Shenzhen Global E-Commerce Co., Ltd. Applicant: Industrial and Commercial Bank of China Limited, Shenzhen Nanshan Branch Publication date: 2021-06-04. Subsequently, a seller exposed a screenshot from the National Enterprise Bankruptcy and Reorganization Case Information Network. The picture showed that Shenzhen Global Easy Buy E-Commerce Co., Ltd. was declared bankrupt by the Shenzhen Nanshan Branch of Industrial and Commercial Bank of China Limited on June 4. It is reported that Shenzhen Global Easybuy E-Commerce Co., Ltd. is affiliated to Cross-border Tongbao E-Commerce Co., Ltd. A-share listed company | *ST Cross-border 002640.SZ, the equity structure is as shown below:
Just a few days ago, Cross-Border Link announced its acquisition of Global Easy Shopping, which involved an asset valuation report on the goodwill impairment test project for financial reporting purposes. The report pointed out that Shenzhen Global Easybuy's sales (consolidated basis) increased from 198 million in 2012 to 1.416 billion in 2014, reaching 7.163 billion in 2016, breaking through 10 billion in 2017, reaching 12.407 billion in 2018, 8.506 billion in 2019, and fell to 5.629 billion in 2020. From 2014 to 2018, the company's revenue grew rapidly. In the past two years, the company's revenue has dropped sharply and the provision for inventory impairment has caused it to suffer a lot of losses. The main reason is that the sales scale in the European and American markets has declined due to the impact of the international economic and trade environment. The report shows that Global Easy Shopping’s total liabilities in 2020 were 3337850534.53 and its total net assets were -1754153818.20. From its asset report, it can be seen that 2019 was a turning point in the history of Global Easy Shopping. From this year, Global Easy Shopping turned from profit to loss and experienced negative growth in the first year. By 2020, Global Easy Shopping's net assets turned negative and the amount owed was as high as 3.3 billion. Its parent company, Cross-border Communication, pointed out that in 2020, due to the tight operating funds, serious staff loss and limited financing channels of Global Easy Shopping, the operating quality continued to decline. During the reporting period, Global Easy Shopping achieved operating income of 5629.3927 million yuan, a year-on-year decrease of 33.82%. Based on the current actual situation, Cross-border Communication believes that there is significant uncertainty in the ability of Global Easy Shopping to continue operations. The operating conditions of Global Easy Shopping also have a profound impact on its parent company, Cross-border E-Commerce. According to the financial report, Cross-border E-Commerce's GMV in 2018 was as high as 21.534 billion, with a net profit of 760 million and a net profit margin of 3.5%. However, in 2019, Cross-border E-Commerce revealed a large increase in provisions and began to focus on clearing historical problems, thus stopping its rapid growth. On May 8, Xu Jiadong of Cross-Border Link applied to resign from the company's chairman and general manager for personal reasons, and also resigned from all positions in the company's wholly-owned subsidiary Shenzhen Global Easybuy E-Commerce Co., Ltd. At the same time, the board of directors of Cross-Border Link has undergone a major change. The fate of subsidiaries is always closely linked . Due to the pressure of the capital chain, in March this year, Cross-Border Link planned to transfer 100% of the equity of its wholly-owned subsidiary Paton for RMB 2.02 billion. Xiaomi, Shunwei, CDH Investments, Quantum Leap, SHEIN International (SHEIN's parent company) and other companies will become Paton's "new investors." Regarding the bankruptcy rumors, Global Easy Shopping officially responded: The company has not yet received the legal documents from the Shenzhen Intermediate People's Court. The company is currently actively communicating and negotiating with the Nanshan Branch of the Industrial and Commercial Bank of China, and is making every effort to raise funds and strive to reach a settlement with the Industrial and Commercial Bank of China. Obviously, Global Easy Shopping is facing the dual pressures of huge debts and capital turnover. Under this circumstance, whether it will be officially declared bankrupt has become a mystery.
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