The founder of golden voice was restricted from leaving the country

category:Finance
 The founder of golden voice was restricted from leaving the country


More than 51 million advertising fees in arrears

Why do you say again?

Since Jiang Peizhen has been listed as a restricted consumer, he has been restricted from high consumption behaviors such as flying and living in hotels above the star level. All of these are related to a lawsuit of more than 51 million yuan for advertising expenses, so what happened to golden throat?

According to the case number disclosed by the court and the information of the applicant, the reporter inquired about China judicial document website and found that the dispute over the advertising fee occurred between golden voice food, Guangxi golden voice Co., Ltd. (hereinafter referred to as golden voice company) and star sky Chinese International Media Co., Ltd. (hereinafter referred to as star sky Chinese).

Jiang Peizhen, chairman of Guangxi golden voice group. Golden voice official website

In 2016, golden throat food and starry sky Chinese reached a cooperation agreement on the two programs of voice of the world and masked King Season 2 (that is, masked singing will guess), in which golden throat food put herbal beverage brand ads, with a contract amount of 80 million yuan.

Tianyancha shows that golden voice food was founded in 2016 with a registered capital of 2 million yuan, and golden voice is its controlling shareholder. In this advertising dispute, golden voice food refused to pay the advertising fee for the reason that the contract was not sealed, the ratings were not up to standard, etc., so Star Chinese sued golden voice food to the court and held that golden voice company was jointly and severally liable.

In the first trial in 2018, the court decided that golden throat food should pay the plaintiff XingKong Chinese advertising fee of 51.67 million yuan, and pay the liquidated damages calculated as one ten thousandth of a day from December 26, 2016 to the date of actual payment as the principal. However, the result of the first trial also believes that golden voice does not bear joint and several liability for the mixed use of cash free voice food and assets of golden voice.

Then, in 2019, the case was adjudicated in the second trial to maintain the original judgment. Although there is a court decision, golden throat food did not implement the relevant judgment, and Jiang Peizhen, the actual controller of golden throat food, became a Laolai. It is worth noting that the execution ruling issued again by Shanghai No.1 Intermediate Peoples court in September 2019 shows that there is no property available for execution after being deducted million yuan of bank deposit.

Is golden throat so short of money?

One years revenue is nearly 800 million yuan, with a gross profit margin of 78%

Although subsidiaries and actual controllers are listed as executors, the parent company Golden Voice Holding Group Co., Ltd. (referred to as golden voice) does not seem to be short of money.

According to the annual report since the listing of golden voice, from 2015 to 2019, golden voices revenue was RMB 707 million, RMB 768 million, RMB 624 million, RMB 694 million and RMB 797 million respectively, fluctuating up and down at RMB 700 million; its net profit was RMB 155 million, RMB 103 million, RMB 61 million, RMB 102 million and RMB 168 million respectively.

Its 2019 annual report shows that the gross profit rates of its classic product golden throat tablets in 2018 and 2019 are 77% and 78% respectively.

According to an article titled sprint billion, golden voices 2019 perfect ending published on the official website of golden voice on January 6, 2020, golden voice successfully achieved the goal of sprint billion in 2019.

Since the income is good, is the cash outflow problem?

It doesnt seem to be either. According to its 2019 annual report, by the end of 2019, its current assets totaled 1.14 billion yuan, including 577 million yuan of cash and cash equivalents, 463 million yuan of current liabilities and 9.98 million yuan of non current liabilities. Only cash assets can cover all liabilities, and the asset liability ratio decreased from 9.1% at the end of 2018 to 8.3% in 2019.

In addition, golden voice is not mean in advertising and publicity expenses. Data shows that in 2012, 2013 and the first three quarters of 2014, the advertising expenses of golden voice reached 126 million yuan, 165 million yuan and 112 million yuan respectively, and the advertising expenses of the same period reached 61.57 million yuan, 46.71 million yuan and 39.6 million yuan respectively.

Why does the golden voice that is not bad for money owe money?

Zhu danpeng, an analyst of Chinas food industry, said that golden throat food was operated by Wang Rui, the former general manager of Red Bull. At last, the overall input-output was disproportionate and the sales volume was poor, so Wang Rui did not pay a lot of subsequent expenses. The boss of golden throat didnt want to pay for it, because the contract system was agreed at that time and Wang Ruis team was in charge. But the advertiser who is in arrears must be chasing golden voice for the final payment, so this is a mistake of golden voices operation.

As of the time of publication, golden voice did not issue relevant announcements or make explanations on Jiang Peizhens restricted exit and the dishonesty of its subsidiaries.

The market value has been reduced by 80% and Ronaldo has been the spokesman of luoshengmen

Although it seems that the problem of golden throat is not big at present, over reliance on the classic product golden throat tablet has become the bottleneck of its development.

Data shows that the revenue growth of golden throat in 2019 is mainly due to the increase in sales of golden throat tablets and golden throat treasure series products, of which the revenue from sales of golden throat tablets is about 721 million yuan, accounting for 90.5% of the total revenue.

In order to solve the problem of high dependence on a single product, golden throat has launched a new herbal beverage in 2016, officially entering the beverage industry, but the market feedback effect is flat. Golden throats sales of ginkgo leaf and herbal beverage in 2019 only accounted for 1.1% of the groups total revenue.

Screenshot of golden voices product line in 2019 annual report.

In terms of share price, at the time of initial listing, golden voice was priced at HK $4.71 per share, with a market value of up to HK $6 billion. As of the closing on June 5, golden voices share price was HK $1.47. Compared with these figures, the market value of golden voice company has shrunk by nearly 80%.

In addition, the dispute with starry sky in Chinese is not the first time that golden voice has been sued for advertising. The most famous one is the dispute with Brazilian football star Ronaldo.

The reason why golden throat films can move from Guangxi to the whole country is the endorsement of famous star Ronaldo, and the advertising on CCTV.

However, according to media reports at that time, in 2003, Jiang Peizhen invited Ronaldo to a private banquet and asked him to take photos in clothes with golden throat piece printed on them. Finally, he paid Ronaldo 300000 US dollars, which Ronaldo thought was just the appearance fee of a meal. It wasnt until 2007 that Ronaldo, who became the voice of golden voice, said he wanted to sue golden voice, but the dispute ended.

After tasting the sweetness of Ronaldos endorsement, golden voice chose the new Brazil golden boy Kaka as its image spokesman in 2009.

The dispute with Ronaldo didnt seem to affect Jiang Peizhen, but now the advertising dispute has turned her into a Laolai. Facing the depressed stock price, Jiang Peizhen believes in 2019 annual report that in 2020, the group is expected to enter a stage of rapid development. (end)

Source: Wang Xiaowu, editor in charge of China News Network_ NF