Financing Debt Failed To Pay On Schedule, 84 Million 266 Thousand And 800 Yuan Assets Of The Company Was Frozen By Law.

In March 19th, the domestic sports brand "bird of honor" announced that the "bird ruling" received the "civil ruling", and the 27.682% stake held by Quanzhou Quanxiang Investment Center (limited partnership) was frozen by law. The newly added book value of frozen assets is 84 million 266 thousand and 800 yuan, accounting for 1.77% of the latest audited assets of the company, which has not yet had a significant impact on the company's production and business activities.

As for the reasons for the freezing of assets, the company said in a notice that the main department failed to pay principal and interest to the holders of non-public directional debt financing instruments on schedule 12, and the creditor Yuan Yuan Securities Limited by Share Ltd submitted to the judicial organ for arbitration and applied for property preservation.

Statistics show that the Quanzhou bird springs investment center was set up in February 2015 with a shareholding ratio of 100%. It is also an investment platform for some sports industry investment projects.

Up to now, the total amount of frozen assets is 1 billion 175 million yuan, accounting for 24.72% of the latest audited assets of the company. The bird says that due to overdue debts, the future will continue to face uncertainties such as litigation, arbitration and assets freeze. At present, the company still faces large debt default risk.