Shocking inside story! The truth behind the bankruptcy of the former cross-border leader is exposed? Is there endless internal fighting?

At that time, many suppliers lined up to seek cooperation, and job seekers from graduating classes all wanted to join this company. All kinds of industry forums and summits, big and small, had to wait for representatives from Global Easybuy to attend. It was not an exaggeration to say that Global Easybuy was the industry leader.

However, rumors of Global Easy Shopping's failure were reported in early 2020, suppliers began to demand debts, and thousands of employees left the company. Finally, at the end of 2021, Global Easy Shopping filed for bankruptcy liquidation with the court due to its inability to repay debts due, and declared bankruptcy at the end of August 2023.

After investigation, Xu Jiadong established Global Easy Shopping in Shenzhen in 2007. In 2011, it obtained venture capital from Shenzhen Innovation Investment and launched three self-owned brands including Excelvan. In 2012, Global Easy Shopping began to build multiple overseas warehouses and obtained multiple national copyrights that year. In 2013, Global Easy Shopping won the title of a cross-border e-commerce platform that suppliers rely on. In 2014, it successfully listed on the A-share market through a backdoor listing of the listed company Baiyuan Pants Industry, and also won the reputation of "the first cross-border e-commerce stock in the A-share market".

In 2015, Baiyuan Pants was renamed Cross-border Link and became a national e-commerce pilot unit. That year, its revenue reached 3.961 billion yuan and its net profit was 166 million yuan. In 2016, its revenue was 8.537 billion yuan, and its new office building was put into use. It built its own brand "Wuzhouhui" and initially established an omni-channel import e-commerce system covering its own platform, third-party platform, mobile terminal, WeChat business, and O2O offline experience stores. The third-party platform and O2O offline experience stores have shown brand effects, and it has also achieved certain results in overseas commodity resources, cross-border supply chain, bonded warehousing and other resources. In 2017, Global Easy Shopping celebrated its tenth anniversary, with a turnover of over 10 billion yuan, annual revenue of 14.017 billion yuan, net profit of 767 million yuan, and a total market value of nearly 40 billion yuan.

Start losing money.

In 2019, Global Easy Shopping built nearly 40 overseas warehouses in 33 countries including the United States, Germany, and Italy. In the same year, Global Easy Shopping lost approximately 1.22 billion due to inventory.

In 2020, Cross-Border Link's total revenue was 17.021 billion yuan, a year-on-year decrease of 4.77%, and its loss reached 3.374 billion yuan. Global Easy Shopping, as the main source of income for Cross-Border Link, lost 2.95 billion yuan in 2020. Due to the tight financial situation, Cross-Border Link was publicly demanded to pay by many suppliers.

In 2021, Cross-border Link was labeled as ST. At the same time, Xu Jiadong, the founder of Global Easy Shopping, resigned from his positions as chairman and general manager, and also resigned from all positions in Shenzhen Global Easy Shopping E-Commerce Co., Ltd., a wholly-owned subsidiary of the company. Not only Xu Jiadong left, but more than a dozen company executives, including company supervisors and auditors, also submitted resignation reports. In June, Global Easy Shopping was bankrupt and reorganized.

Looking back at GlobalEasy's glorious past decade, we saw it rise to the top and also watched it fall.

Why did Global Easy Shopping fall?

As early as when Cross-border Communication acquired Global Easy Shopping, a "betting agreement" was signed. This agreement stipulated that Xu Jiadong would use his own shares or cash as the bet, and that he would maintain a certain amount of net profit growth every year in the four years from 2014 to 2017, and that it would reach 170 million in 2017. Yang Jianxin and his wife did have a good eye for selecting Global Easy Shopping, but they did not have a vision for development. Due to this agreement, Global Easy Shopping focused on expansion.

In addition, Yang Jianxin and his wife repeatedly delegated and took away power from Xu Jiadong, the bank withdrew loans, and the hoarding of goods eventually led to financial difficulties, and Global Easy Shopping began to decline.

Why has Zou XX been a hot topic recently?

This story starts with Liao Xinhui, the founder of Tongtuo Technology. Liao Xinhui worked hard for 20 years to grow Tongtuo Technology from a team of 30 people to more than 3,000 people. When he first founded Tongtuo, Liao Xinhui raised hundreds of thousands of yuan from Zou XX due to insufficient funds and absorbed Zou XX as a shareholder. In other words, Zou XX used hundreds of thousands of yuan to control Tongtuo, which would have a future revenue of billions.

In the early days of the business, the two got along very well. The actual internal affairs of Tongtuo were managed by Liao Xinhui and his wife, and Zou XX was very confident in them and generally did not ask too many questions. As Tongtuo developed, the differences between the two sides gradually emerged, and later the contradictions became public. Liao Xinhui was pulled out of the position of "legal representative" of the company and replaced by Zou XX.

Yang Jianxin and his wife sent Xu Jiadong away, Zou XX squeezed out Liao Xinhui, and Zou XX stood at the forefront again. No one was better off in the internal fighting.