东北“粮食大亨”李志华，没能拯救贵人鸟

Core Viewpoint - Guirenniao is facing imminent delisting after a significant decline in stock price, marking the end of its tumultuous journey in the A-share market [2][6][18] Company History - Guirenniao was listed in 2014 and has experienced various financial challenges, including being labeled as ST (special treatment) and facing multiple warnings regarding its financial health [2][4][7] - The company once enjoyed high-profile endorsements from celebrities like Andy Lau and Lin Chi-ling, and its founder, Lin Tianfu, was once the richest person in Quanzhou with a net worth of 19 billion yuan [2][10] - Lin Tianfu's ambitious plans to transform Guirenniao into a comprehensive sports industry group led to aggressive expansions that ultimately resulted in financial distress [2][12] Recent Developments - As of March 7, 2023, Guirenniao's stock price fell to 0.67 yuan, having been below 1 yuan for 20 consecutive trading days, triggering delisting conditions [5][6] - The company is expected to face a delisting decision from the Shanghai Stock Exchange within 15 trading days [7] - Guirenniao's financial forecast for 2023 indicates a projected net loss of 485 million yuan, a significant increase in losses compared to the previous year [3][15] Management Changes - After Lin Tianfu lost control of the company, Li Zhihua, known as the "grain tycoon," took over as chairman and shifted the company's focus towards grain trading [12][13] - Under Li's leadership, Guirenniao has transitioned from primarily a sportswear company to a dual business model involving both sportswear and grain trading [14] Financial Performance - In 2021, grain trading accounted for 17.31% of Guirenniao's revenue, which increased to 50.54% in 2022, surpassing the sportswear segment [14] - Despite the shift, the gross margin for the grain business was only 10.86%, significantly lower than the 25.77% margin for the sportswear segment [14] Legal and Regulatory Issues - Guirenniao and its chairman Li Zhihua are currently under investigation by the China Securities Regulatory Commission for alleged information disclosure violations [3][16] - The company has faced multiple regulatory warnings and criticisms for failing to disclose related party transactions and inaccuracies in financial reporting [17]