Shenzhen seller was sued for owing 26 million yuan!

Recently, it was revealed that Youkeshu, one of the "Four Young Masters of South China City" who was once in the limelight, is involved in another lawsuit.

According to the "Announcement on the Progress of Overdue Bank Loans and Major Litigation Matters" issued by Youkeshu Technology Co., Ltd., due to the inability to repay the loan of RMB 26.4 million, this part of the loan has been overdue. After the borrower China Everbright Bank repeatedly failed to collect the debt, it filed a lawsuit with the local court. At present, Youkeshu has received the "summons" and related litigation materials served by the court.

Although the amount is huge, it is not surprising that Youkeshu was sued for overdue loans. In February this year, the company issued an announcement that a bank loan of 400,000 yuan was overdue due to inability to repay. According to the information, the borrower of the loan was Jiangsu Zijin Bank, with a principal balance of 7.4 million yuan. It is sad to say that a company that once had an annual revenue of 5 billion yuan is now unable to repay a loan of 400,000 yuan.

In the same month, Shenzhen Yuanyang, another creditor of Youkeshu, applied to the Changsha Intermediate People's Court for reorganization of the company on the grounds that the company "cannot repay its due debts, is seriously insolvent and obviously lacks repayment ability, but still has reorganization value", and also applied to start the pre-reorganization procedure. Currently, the Changsha Intermediate People's Court has approved this application.

According to the agreement signed by both parties, Shenzhen Yuanyang has a debt claim of RMB 1.25 million against Youkeshu, and Youkeshu should repay this debt to Shenzhen Yuanyang before October 30, 2023.

It seems that Youkeshu has been going downhill since the failure of the bet. From time to time, there are news about arbitration, overdue payments, losses, or bankruptcy and liquidation of subsidiaries and grandchildren.

The revised 2023 full-year performance forecast released by Youkeshu on April 23 also mentioned that the company's wholly-owned subsidiary Shanghai Modern Business Friend Software Co., Ltd. was ruled bankrupt and liquidated by the Shanghai Pudong New Area People's Court in September last year. According to the relevant provisions of the "Enterprise Accounting Standards", Shanghai Modern Business Friend Software Co., Ltd. will no longer be included in the company's consolidated financial statements from the date the court issued the bankruptcy ruling, resulting in the company's recognition of investment losses in Shanghai Modern Business Friend Software Co., Ltd. and provision of bad debts for accounts receivable of approximately 50 million yuan.

The revised performance forecast shows that the forecasted operating income after deduction is 450 million yuan to 500 million yuan, and the forecasted net profit is -520 million yuan to -426 million yuan, and the forecasted net profit is down 41.78% to 16.15% year-on-year; the forecasted non-net profit is -487 million yuan to -393 million yuan, and the forecasted non-net profit is down 33.9% to 8.06% year-on-year.

In addition, the "Announcement on the Progress of Overdue Bank Loans and Major Litigation Matters" released by Youkeshu also showed that the total amount of litigation cases in which the company was the plaintiff/applicant exceeded 8.8 million, of which approximately 8.62 million were related to Amazon.

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