【Epoch Times, November 27, 2025】Fu Gui Niao Co., Ltd. (Fuguiniao), a former shoe industry giant with nearly ten thousand employees and a market value of billions, has recently been deregistered due to declaring bankruptcy, marking the end of its era.
According to mainland China enterprise databases such as Enterprise Check App and Tian Eye Check, the registration status of Fu Gui Niao Co., Ltd. has changed from “existing” to “deregistered” with the reason cited as bankruptcy.
Mainland media outlet “New Yellow River” confirmed on November 26 that Fu Gui Niao Co., Ltd. was indeed deregistered on November 20, 2025.
In China, Fu Gui Niao was once hailed as the “Shoe King,” boasting nearly ten thousand employees, 3000 stores, and a market value in the billions at its peak.
Public records show that as early as August 26, 2019, Fu Gui Niao announced that the Quanzhou Intermediate People’s Court rejected the application for approval of the restructuring plan draft submitted by the company’s administrator, leading to the termination of Fu Gui Niao’s restructuring process and the declaration of bankruptcy.
Following the bankruptcy proceedings and two failed auctions, on October 28, Fu Gui Niao initiated a third bankruptcy auction, finally reaching a deal at a significant discount of the initial price.
Fu Gui Niao went public in Hong Kong in 2013 and halted trading in August 2016, officially delisting on November 25 of the same year. Now, six years after declaring bankruptcy, Fu Gui Niao has completed its journey through judicial liquidation.
The decline of Fu Gui Niao, as mentioned by “Business Magazine” on November 26, was primarily due to operational issues leading to declining profits and eventual losses. The company’s net profit decreased by 13.09% to 392 million yuan in 2015, plummeted approximately 59.16% to 163 million yuan in 2016, and incurred a net loss of 10.87 million yuan in the first half of 2017. After mid-2017, Fu Gui Niao ceased disclosing financial data to the public.
In response to reports on the deregistration of Fu Gui Niao Co., Ltd., the WeChat public account “Fuguiniao” issued a statement on November 25, stating that the “Fu Gui Niao” brand trademarks and related intellectual property had been legally and publicly auctioned in 2019 through its parent company, Sheng Yu Sheng (Xiamen) Asset Management Co., Ltd., which successfully acquired and completed the rights transfer. The bankruptcy deregistration of the company mentioned in some reports is an independent corporate action, with no legal or operational connection to the “Fu Gui Niao” brand currently operated by their side.
Additionally, according to information from Baidu, despite the company being deregistered in November 2025 due to bankruptcy, the “Fu Gui Niao” brand is now independently operated by Fu Gui Niao (Xiamen) Technology Group Co., Ltd.
Some reports suggest that Fu Gui Niao’s downfall reflects a contraction in the Chinese shoe market. According to “Business Magazine,” citing data from the China Leather Association, China’s leather shoe output decreased sharply from 4.62 billion pairs in 2015 to 3.54 billion pairs in 2020, projected to further decline to 1.7 billion pairs by 2026.