“假发大王”31亿存货之谜

Core Viewpoint - The article highlights the financial troubles faced by Rebecca (瑞贝卡), the "first stock of wigs," located in Xuchang, which is experiencing severe liquidity issues and potential fraud allegations due to significant related-party transactions and questionable financial practices [2][3][4]. Group 1: Company Overview - Rebecca is a well-known enterprise in Xuchang, with extensive involvement in various sectors, including real estate and tourism, under the ownership of the Zheng family [2]. - The company is facing unprecedented challenges, including a significant drop in stock price and reliance on personal loans for financing, indicating a decline in creditworthiness [3][4]. Group 2: Financial Irregularities - Rebecca's controlling shareholder has pledged 50 million shares at a steep discount of 30%, reflecting the company's deteriorating financial health [4]. - The company is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure, with a reported first loss in its 20-year history [4][12]. - Related-party transactions have raised red flags, with 17 associated companies involved in a total of 2.3 billion yuan in fund occupation, primarily concentrated in four companies that lack operational transparency [4][5][12]. Group 3: Inventory Concerns - Rebecca's inventory has ballooned to 3.1 billion yuan, constituting nearly 70% of total assets, with a significant portion classified as strategic reserves, raising questions about the legitimacy of these figures [18][22]. - The company's inventory turnover days have exceeded 1,594 days, indicating a severe mismatch between inventory levels and operational capacity, which is highly unusual in the industry [23][24]. - Comparatively, other companies in the wig industry maintain much lower inventory levels and turnover rates, suggesting that Rebecca's practices are not aligned with industry standards [22][24].