The predecessor of Fuguiniao

In 1957, Lin Heping, CEO of Fuguiniao, was born in Changfu Village, Shishi. His family was poor and he dropped out of school at a young age. In order to help his family tide over difficulties, the young Lin Heping did many odd jobs. . The spirit of hard work and hard work was honed.

In 1976, in compliance with national policy, there was an agricultural cooperative in the village, and he worked in it for 6 years, responsible for management and finance. With this experience, he is good at expressing himself, has leadership skills, and is very wise in making decisions. Therefore, in 1982, he was recommended as the director of the agricultural cooperative.

In 1984, the country formulated the major policy of reform and opening up, and Shishi also responded positively. Together they founded Shishi City Tourist Souvenir Factory, which later became Fuguiniao.

The tourist souvenir factory was initially invested by everyone and raised 40,000 yuan, which was not a small sum at the time. Lin Heping, together with more than a dozen of his cousins, is both the boss and the laborer, and the total number of hired workers is only a few dozen.

The products produced by such small factories cannot be sold at high prices. Compared with those big brands, they are far behind. At that time, small factories had more people and more ideas. Opinions were not unified, so it was difficult to develop in a planned way. After five years, many people quit when they saw the factory was in recession. In the end, only Lin Heping, Lin Heshi, and Lin Ronghe were left. With Lin Guoqiang.

In 1989, the four brothers recommended Lin Heping as the decision-maker and established the Fuguiniao brand, whose main product was men's leather shoes. Fuguiniao developed rapidly

Fuguiniao ushered in great opportunities in the first year of its establishment. In 1990, it received tens of thousands of orders from the former Soviet Union. At this time, the factory was still very simple and there were not many workers. However, Lin Heping successfully delivered this seemingly impossible order, and both quality and quantity met the standards. This provides sufficient funds for the subsequent development of the factory.

In 1991, Shishi Tourist Souvenir Factory was successfully changed into Shishi Fulin Shoes Co., Ltd. In 1992, eight wholly-owned subsidiaries were developed. When the Fuguiniao brand became famous, counterfeit goods also emerged one after another. In order to prevent fakes from being copied, Lin Heping thought of many ways, and finally allowed the Fuguiniao brand to gain a firm foothold in the market.

In the early days of the company's establishment, there were no similar well-known brands in my country that occupied the market. Fuguiniao developed rapidly, occupied a large market share, established many offline physical stores, and created a national brand.

It is difficult for an enterprise to develop smoothly. In 1997, many enterprises across the country imitated the model of Fuguiniao and rushed to develop. Competition in the shoe industry intensified. Although Fuguiniao is the earliest brand to become famous, it is difficult to guarantee its leading position. For this reason, Lin Heping made a new decision.

Fuguiniao’s original main development direction was men’s casual shoes. Now Lin Heping has decided to enter the women’s shoe industry, produce mid-to-high-end women’s shoes, and expand the shoe business. Facts have proved that his choice was correct. At that time, there was no such women's shoe brand in China, so Fuguiniao once again took the lead in occupying the market.

Fuguiniao developed smoothly in the next few years. From 1998 to 2002, it was awarded the title of "China's Genuine Leather Shoes King" for three consecutive years. In terms of quality, it has obtained ISO9000 quality system and product quality certification, and has been recognized as a well-known trademark in China. Lin Heping's persistence in the shoe industry

Fuguiniao's success did not happen overnight. It all stemmed from Lin Heping's correct leadership. In the early 1990s, many people devoted themselves to industries with potential such as real estate. Lin Heping Heping did not follow the footsteps of others, he insisted on developing his own shoe company.

The Fuguiniao brand was originally the result of his hard work to make money and live a good life. Later, he had successfully lived a stable and prosperous life but still couldn't let go of the Fuguiniao brand. At this time, the Fuguiniao brand looked like The fruit of his hard work is his original intention that he cannot let go of.

The times have developed rapidly, and the original model of shoe factory has gradually been eliminated. Lin Heping realized the importance of changing production methods and the power of knowledge and technology.

His company has gradually cultivated a strong talent team. Most of these employees started from the grassroots level step by step. While mastering knowledge, they also accumulated rich experience and eventually became leaders.

Lin Heping is very attentive in cultivating and retaining talents. Fuguiniao Company has always adhered to the humanistic idea, employee management is very humane, and employee benefits are good. Every year, hundreds of thousands of dollars are invested just to provide food and accommodation for employees. Ten million.

This kind of treatment relieves many people from a lot of pressure at work and improves employees' sense of satisfaction, so Fuguiniao Company never worries about recruiting employees.

Lin Heping is an entrepreneur. The reason why an entrepreneur is called an entrepreneur is that the difference from a businessman is that he does not forget to give back to the society while making profits. Since 2000, it has donated tens of millions to education and charity in the name of Fuguiniao Enterprise, and has also actively provided assistance to companies developing in Shishi to promote their development.

In the 2007 Hurun Report, among the 800 richest people, Lin Heping and his four brothers were ranked 128th, with a net worth of 5 billion. This was on par with Jack Ma at the time.

Until 2013, Fuguiniao's development momentum was booming, and its net profit grew rapidly. The company successively invited women's volleyball coach and Lu Yi as spokespersons. It was also this year that Fuguiniao Co., Ltd. was officially listed in Hong Kong. Very few shoe companies were able to go public. Fuguiniao's success was obvious. Fuguiniao went bankrupt

Beginning in 2015, Fuguiniao’s sales dropped and its net profit decreased, down 13.9% year-on-year. This was the beginning of Fuguiniao’s bankruptcy. Fuguiniao has been developing physical stores and has stores all over the country. However, in recent years, e-commerce platforms have developed rapidly and online shopping has quietly emerged. People prefer this shopping method, and the sales volume of physical stores is naturally not as good as before.

By 2016, some of Fuguiniao’s physical stores had closed. In 2018, some of Fuguiniao's workshops were shut down, and the total inventory backlog cost reached 300 million yuan.

Facing this situation, Lin Heping initially made various decisions, got involved in the children's clothing industry, sold products on e-commerce platforms, and established a relevant talent team for this purpose.

In addition, he has also made extensive investments in finance, real estate, and mining. However, these did not meet Lin Heping's expectations. His investments in other fields failed, especially in the financial industry. Not only did they fail to alleviate the corporate crisis, they also left Fuguiniao Enterprises in debt.

On August 26, 2019, Fuguiniao Co., Ltd. declared bankruptcy. Fuguiniao's bankruptcy is not simple. The company owes more than 3 billion yuan in foreign debt. Financial institutions such as Tianhong Fund and Shenwan Hongyuan that had transactions with them all lost huge sums of money. Fuguiniao's bankruptcy liquidation rate is rarely low, only 2.5%.

Fuguiniao Enterprise proposed to use vouchers to repay debts, and creditors would use the vouchers to exchange for goods at physical stores. This solution is difficult to satisfy. Because the relevant creditors do not have such a large demand for leather shoes, even if each employee is allocated, one person can get 20 pairs of shoes.

In addition, with the poor management of enterprises, physical stores have also closed down. It is also troublesome to go to a physical store to redeem.

Since Fuguiniao Enterprise is an industrial company, a large amount of funds are accumulated in its products. Fuguiniao's liquidity accounts for 95%, and the company's continued expansion and development depends on a high degree of cash flow turnover. Most of the funds are tied up in goods and cannot be turned over, while a small amount of funds can only be taken in and out when investing. The environment faced by Fuguiniao leaves no room for change.

After Fuguiniao went bankrupt, it was sold at the third auction on October 28, 2019. Entrepreneur Hong Dingchao bought Fuguiniao Enterprises for 234 million yuan. The Fuguiniao brand on the market today is still developing, but the leader is no longer Lin Heping.

Fuguiniao Co., Ltd. has experienced ups and downs in six years from its listing in 2013 to bankruptcy and liquidation in 2019. Lin Heping has also experienced ups and downs in life from a former leader to a technical consultant in the shoe industry today. , but he was not frustrated, and he still lives his own life today.