After a huge loss of 4 billion, is Shenzhen Dama about to make a comeback?

There is new news about Youkeshu, which is in deep crisis!

1. Youkeshu announced a restructuring plan and received support from two cross-border "unicorns"!

Recently, Youkeshu released an announcement regarding the signing of a restructuring investment agreement with industrial investors.

(Photo source: There is a tree)

According to the announcement, Youkeshu has identified Shenzhen Tianxingyun Supply Chain Co., Ltd. and Fujian Zongteng Network Co., Ltd. as the company's restructuring industry investors, and has signed a "Restructuring Investment Agreement" with the two companies.

If the restructuring is successful, Youkeshu's financial and operating conditions are expected to improve.

In the draft restructuring plan, Youkeshu will use the company's existing total share capital of 422 million shares as the base, and implement capital reserve conversion at the rate of 12 shares for every 10 shares. After the conversion, the company's share capital will total approximately 929 million shares.

Among them, 185,727,200 shares will be acquired by industrial investors; 230,042,900 shares will be used to introduce financial investors in the future; 70,758,700 shares of the remaining shares will be distributed to the company's creditors to repay debts, with the debt-equity swap price being RMB 10 per share; the last 20 million shares will be reserved as debt repayment resources.

The acquisition price of 185,727,200 shares acquired by industrial investors was RMB 1.95 per share, among which: the number of shares acquired by Shenzhen Tianxingyun Company and its designated entities and other industrial consortia was 167 million shares, accounting for 90% of the total number of shares held by the industrial investor consortium; and the number of shares acquired by Zongteng Network Company and its designated entity's wholly-owned subsidiary Zhoushan Maibu was 18.57 million shares, accounting for 10% of the total number of shares held by the industrial investor consortium.

What are the backgrounds of these two companies?

From an operational perspective, both of these restructuring industry investors are in the cross-border e-commerce field. They have a huge operating system and their business is spread across the globe, which can provide abundant resources for Youkeshu's restructuring.

Shenzhen Tianxingyun Supply Chain Co., Ltd. was established in 2015. It provides a full-link global commodity integrated service that integrates brand services, Xingyun Global Supply Chain Management Middle Platform System Services, Xingyun Financial Services, and cross-border logistics services. At present, it has built a multi-regional operation center structure in China/Europe and the United States/Japan and South Korea/Southeast Asia/Australia and New Zealand, which can help brands and import retail channels to connect efficiently, simplify transaction processes and interconnect resources, and reach consumers directly in one stop.

Fujian Zongteng Network Co., Ltd. was established in 2009. It mainly focuses on cross-border warehousing and logistics, providing integrated logistics solutions such as overseas warehousing, commercial dedicated logistics, and customized logistics for global cross-border e-commerce merchants, export trading companies, and overseas brands. It owns well-known brands such as Granary Overseas Warehouse, Yuntu Logistics, and WORLDTECH, and its business covers more than 200 countries and regions around the world. According to the recently released "China's Top 500 Service Enterprises List", Zongteng Group's operating income in 2023 is 23.21 billion yuan.

Youkeshu stated in the announcement that the company will retain high-quality assets related to cross-border e-commerce, divest some assets with weak profitability and liquidity and heavy asset and debt burdens, concentrate all its efforts on the core business of cross-border e-commerce, improve the asset structure of listed companies, and enhance the company's profitability.

At the same time, the company will introduce high-quality business resources from different business ends, expand business scale and network channels, actively explore emerging markets, promote business upgrades, and realize the implementation of industries. For example, Xingyun Group will link hundreds of thousands of channel resources of overseas businesses with listed companies to help listed companies achieve comprehensive expansion of global offline resource networks. Starting from 2026, Xingyun Group will gradually begin to inject the corresponding entities and core businesses of domestic B2B2C business into listed companies to improve the profitability of listed companies and the quality of assets.

2. Youkeshu has suffered a loss of 4 billion in 4 years! It is facing multiple crises

It is a pity that the tree that was once so glorious is now "sick".

Youkeshu was founded in 2010 and is mainly engaged in cross-border e-commerce export business. The company mainly produces 3C and home products. Relying on third-party e-commerce platforms such as eBay, Amazon, Wish, and AliExpress, it sells its products to more than 100 countries and regions. It was once a top player in the Shenzhen distribution model.

Soon after its establishment, the company entered a period of rapid development, completing four rounds of financing from 2014 to 2016, with a total amount of 890 million yuan. At that time, Youkeshu was listed on the New Third Board, becoming the earliest cross-border e-commerce company to enter the capital market. Later, it "married" Tianze Information and soared all the way.

In 2020, Youkeshu reached its peak, with a cross-border e-commerce net profit of 416 million yuan, a total of 3,873 stores on various platforms, and over one million SKUs. But it was also in this year that Youkeshu's business began to decline.

The Amazon account blocking incident dealt a heavy blow to Youkeshu. In recent years, Youkeshu has been experiencing ups and downs. Its performance has been squeezed by both internal and external market environments. It has suffered losses for consecutive years and has been unable to turn losses into profits.

In 2022, the company's market value shrank to 2.5 billion yuan; in 2023, Youkeshu's net profit was -485 million yuan. So far, Youkeshu's total loss in four years has reached 4 billion yuan.

On October 24, 2024, Youkeshu released its third quarter 2024 financial report.

According to financial report data, in the first three quarters of 2024, Youkeshu achieved operating income of 328 million yuan, a decrease of 4.83% compared with the same period in 2023; net profit was -30.5657 million yuan. Although it was in a loss state overall, this figure increased by 78.54% compared with the same period last year.

Looking at the data for the third quarter of 2024 alone , Youkeshu achieved operating income of 99.8376 million yuan, a year-on-year decrease of 8.69%; net profit was 310,000 yuan, finally turning losses into profits, an increase of 100.37% compared with the same period last year.

Due to changes in the market environment and internal operational problems, Youkeshu has faced great financial pressure in recent years, and some loans have even been overdue.

From last year to this year, Youkeshu has issued several announcements regarding the overdue payment of some of the company's bank loans.

On March 12, 2024, because Youkeshu was unable to repay its due debts and obviously lacked the ability to repay but had a high reorganization value, the Changsha Intermediate People's Court decided to conduct a preliminary reorganization of Youkeshu based on the application of creditors.

On September 30, 2024, Youkeshu received the "Civil Ruling" and "Decision" from the Changsha Intermediate People's Court, which ruled to accept the applicant's application for reorganization of the company.

As of November this year , Youkeshu had a total of 37 creditors declaring debts, with a total amount of 1.266 billion yuan.

According to regulations, tax debts will be settled 100% in cash ; ordinary debts above 1 million yuan will be settled through Youkeshu company shares at a price of 10 yuan per share.

From this, we can see that the equity transfer price of industrial investors is relatively cost-effective, but they need to bear the subsequent operating risks. The debtor's shares obtained by creditors are relatively expensive, and in fact, they become shareholders of the company in disguise.

After the restructuring plan was approved by the Changsha Intermediate People's Court, Youkeshu stated that the company would take the restructuring as an opportunity to resolve the company's crisis, eliminate the debt burden, and solve the company's historical problems, and strive to rebuild Youkeshu into a listed company with stable operations, standardized operations, and excellent performance.

Yien.com will continue to pay attention to whether Youkeshu can turn the crisis into safety after this restructuring.

There is a tree

Reorganization