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On May 17, the exchange's website disclosed that Zhongqiao Sports and the sponsor Bank of China International respectively submitted applications to the exchange to withdraw their initial offerings, terminating the promotion of its IPO, and the company originally planned to raise 1.064 billion yuan. Jiemian News noticed that the company had a meeting 12 years ago, but then ushered in a 10-year protracted lawsuit, which undoubtedly affected the company.
I had a meeting in November 2011
According to public information, Zhongqiao Sports was established on June 28, 2000, formerly known as Qiaodan Sports, a Fujian company, which is mainly engaged in the design, production and sales of sports shoes, sportswear and sports accessories. "Since its establishment, the company has been committed to the shaping and promotion of the Jordan brand, the independent research and development, design and production of products, the integration and management of the supply chain, and the construction and optimization of the marketing network. ”
It is reported that Zhongqiao sports products are divided into four seasons every year, providing more than 2,000 products including sports shoes, sportswear and sports accessories for market sales. During the press conference, the regional distributors placed orders according to the sales demand after the new product samples were determined, and the company arranged the production plan of the goods according to the orders and sold them to the dealers. The company and its subsidiaries have more than 50 sports shoe production lines, more than 60 clothing production lines, and there are also subcontractor factories that cooperate with each other all year round. Distribution revenue accounts for 8% of the total, according to the manual data on March 4, 2023, Zhongqiao Sports has established an offline distribution and sales network composed of 6,269 brand stores throughout the country.
Jiemian News noted that as early as 2011, Qiaodan Sports applied for listing, according to the results of the 263rd meeting of the Issuance Examination Committee of the Securities Regulatory Commission in 2011, at that time, Qiaodan Sports also passed the meeting, and the time of the meeting was November 25, 2011, more than 12 years ago. Since then, however, no new progress has been made. This time, the time of acceptance by the Shanghai Stock Exchange is March 4, 2023, when "Qiaodan Sports" has become "Zhongqiao Sports", and it will enter the inquiry link in July 2023, but the inquiry reply will not be disclosed until the IPO is terminated in May 2024.
So, what really happened to Zhongqiao Sports?
Kanji
According to the manual, the trade name and product trademark "Jordan" of Zhongqiao Sports is the same as the surname translation "Jordan" in the Chinese customary translation of "Michael Jordan" of former American professional basketball player Michael Jeffrey Jordan (although the parent company of Zhongqiao Sports has been renamed, the names of some subsidiaries still contain the word "Jordan"), at present, Zhongqiao Sports and Michael Jeffrey Jordan do not have any business partnership, nor have they used their image for business, Product promotion. Zhongqiao Sports has the right to trade names and the exclusive right to register trademarks, all of which are protected by mainland law. Zhongqiao Sports has also obtained some of the "QIAODAN" pinyin and "Jordan" word and graphic trademarks overseas.
In October 2012, Michael Jeffrey Jordan requested the Trademark Review and Adjudication Board to revoke 79 registered trademarks legally registered in China on the grounds that "the issuer registered the disputed trademark by improper means" and "the disputed trademark is a sign with 'other adverse effects'".
In April 2014, the TRAB ruled on the above-mentioned 79 trademark dispute applications, of which:
(1) The Trademark Review and Adjudication Board decided to reject the disputed application filed by Michael Jeffrey Jordan because the registered trademark with registration number No. 6020563 owned by the issuer had not been approved for registration at the time of Michael Jeffrey Jordan's trademark dispute application;
(2) With regard to Michael Jeffrey Jordan's trademark dispute applications against the other 78 registered trademarks owned by the issuer, the Trademark Review and Adjudication Board held that Michael Jeffrey Jordan's reasons for applying for cancellation of registered trademarks were not valid, rejected all the cancellation applications, and ruled that the disputed trademarks should be upheld.
Michael Jeffrey Jordan was dissatisfied with the TRAB's rejection of 78 trademark dispute claims, and filed a trademark administrative lawsuit with the Beijing No. 1 Intermediate People's Court, requesting a judgment to revoke the TRAB ruling. After trial, the Beijing No. 1 Intermediate People's Court made a first-instance judgment upholding the trademark dispute rulings made by the Trademark Review and Adjudication Board in all 78 administrative litigation cases of trademark disputes.
Michael Jeffrey Jordan was dissatisfied with the first-instance judgment of the Beijing No. 1 Intermediate People's Court in the above-mentioned 78 administrative litigation cases of trademark disputes, and filed an appeal application with the Beijing High People's Court for the 78 administrative litigation cases of trademark disputes.
Michael Jeffrey Jordan filed a retrial application with the Supreme People's Court for 68 administrative lawsuits of trademark disputes filed by the Beijing High People's Court in 2015. After the retrial procedure of the Supreme People's Court, the rights enjoyed by the issuer's 74 registered trademarks were maintained, and 4 trademarks were revoked by the Supreme People's Court in the judgment of the first and second instance and the administrative rulings made by the Trademark Review and Adjudication Board, and the Trademark Review and Adjudication Board made a new ruling. Up to now, the above four trademarks have been invalidated.
On February 23, 2012, Michael Jeffrey Jordan, a former professional basketball player in the United States, announced through a public relations company on the Internet that he was suing the issuer in China for "infringing his name rights", and in March 2012, the Shanghai No. 2 Intermediate People's Court accepted the case of Michael Jeffrey Jordan v. the issuer and Shanghai Bairen Trading Co., Ltd. over a dispute over the right to the name. Michael Jeffrey Jordan requested the court to order the issuer to immediately cease and desist from the infringement of the plaintiff's name rights in its trade name, in the products it manufactures and sells, and in commercial promotions, as well as to pay compensation for moral damages of 50000001 yuan.
On December 30, 2020, the Shanghai No. 2 Intermediate People's Court issued the Civil Judgment (2012) Hu Er Zhong Min Yi (Min) Chu Zi No. 1, ordering the issuer to publicly apologize in the relevant media (the form and content are subject to review by the court of first instance); cease to use the trade name "Jordan" in its business name; The issuer shall cease to use the trademark involving "Jordan" within 30 days from the effective date of the judgment, but for the trademark involving "Jordan" that exceeds the five-year dispute period, it shall adopt reasonable methods, including distinguishing logos, etc., to indicate that it does not have any association with Michael Jordan, a former American basketball player, so as to eliminate the connection, show the difference, and stop the infringement (the form and content shall be reviewed by the court of first instance).
In January 2021, both the issuer and Michael Jeffrey Jordan appealed.
In March 2022, the Shanghai Higher People's Court rendered the Civil Judgment (2021) Hu Min Zhong No. 547, ordering the rejection of the appeal and upholding the original judgment, which is final.
In addition, Nike Innovation Limited Partnership had a logo infringement dispute with the issuer and Fujian Bidding Network Technology Co., Ltd. Zhongqiao Sports received a notice of response from the Xiamen Intermediate People's Court on January 12, 2021 [(2021) Min 02 Min Chu No. 7], and Nike Innovation Limited Partnership believed that the issuer and Fujian Bidding Network Technology Co., Ltd. infringed its trademark rights.
It can be seen that shortly after the meeting at the end of 2011, a protracted lawsuit began, which is bound to have an impact on the company.
At a press conference on November 28, 2014, the China Securities Regulatory Commission made it clear that Qiaodan Sports was dragged down by the lawsuit.
The Ding family
Judging from the disclosure, Fujian Baiqun holds 291.285 million shares of Zhongqiao Sports, accounting for 64.73% of the company's total share capital, and is the controlling shareholder of the company. Fujian Baiqun was established on June 18, 2009, engaged in investment management, and has no competitive relationship with the issuer's main business, with Ding Yezhi holding 51% of the equity and Ding Guoxiong holding 49% of the equity. Ding Guoxiong and Ding Yezhi are husband and wife, so the actual controllers of Zhongqiao Sports are Ding Guoxiong and Ding Yezhi.
In addition, Ding Jiafang, a natural person, holds 72.81 million shares, accounting for 16.18% of the company's total share capital, is a director of the company, and is the younger brother of Ding Yezhi, one of the actual controllers of the company. Ding Canhui, a natural person, holds 36.405 million shares of the company, accounting for 8.09% of the company's total share capital, and is one of the actual controllers of the company, Ding Guoxiong's early entrepreneurial partner. Ding Shijie, a natural person, holds 9 million shares of the company, accounting for 2% of the company's total share capital, is the company's director and deputy general manager, and is the nephew of Ding Guoxiong, one of the actual controllers of the company.
The total shareholding of the above accounts for 91%.
At present, similar situations with the characteristics of family businesses will also be noticed by the regulators, and Liangang Optoelectronics has also caused a storm before.
In addition, from 2019 to the first half of 2022, Zhongqiao Sports' operating income was 5.591 billion yuan, 4.928 billion yuan, 5.931 billion yuan, and 3.099 billion yuan respectively, but the net profit was 832 million yuan, 738 million yuan, 695 million yuan, and 363 million yuan respectively, which declined from 2019 to 2021. On December 29, 2023, the company submitted financial information, but did not disclose it, and it is impossible to know the company's latest financial data.