Fuguiniao was China's No. 3 shoe brand — then its founder bet everything on P2P lending

Fuguiniao started in 1991 when four brothers pooled 40,000 yuan to take over a failing state-owned factory in Shishi, Fujian. They built it into one of China's most recognized shoe brands, specializing in affordable leather shoes. By 2013, Fuguiniao was China's third-largest business casual shoe manufacturer, with over 2,000 stores and annual revenue exceeding 500 million yuan.

The company listed on the Hong Kong Stock Exchange in 2013 with a market valuation exceeding HK$10 billion. But instead of investing in its core business, management began diversifying into P2P lending platforms, small-business lending at high interest rates, and mining projects. By 2015, non-core financial investments dominated the balance sheet.

The P2P lending crash of 2016–2018 devastated the company. Borrowers defaulted, platforms collapsed, and Fuguiniao was left with massive bad debts. The stock was suspended in September 2016. By 2017, it had swung from profit to a net loss of 10.9 million yuan on revenue of 412 million yuan. A company bond rated AA collapsed by 90% within two days of resuming trading in March 2018.

In August 2019, a Fujian court ordered the company into bankruptcy restructuring. The Hong Kong Stock Exchange cancelled Fuguiniao's listing in November 2019. On November 21, 2025, the company was formally dissolved.