Bo Hui paper or related to the false statement to the stock incident?

Wave, surging. May 1, Bo Hui paper (600966. SH) issued a notice, April 30, the company received a notice, because the company suspected of the existence of information disclosure violations, the China Securities Regulatory Commission Shandong authority decided to investigate the company. Earlier, the company has continuously disclosed a number of surprises to the market: first, for the planning of major issues, the company announced the suspension on April 26. Until April 29, the company issued a full-year performance revision, the revised 2013 performance than the initial profit growth in turn into a big dive. Wait until the 2013 annual report and the 2014 Quarterly quarterly disclosure deadline of April 30, the company also announced that it could not be disclosed on schedule. There is no doubt that the news that the company is now being investigated is a "heavy bomb" thrown into the market. In particular, the company in the previous exposure of the "suicide-stock" incident can not help but let the market speculation, the company was the case to investigate whether this connection? May 5, our correspondent called Bo Hui Paper Securities Department, the department concerned said, "the company's annual report is mainly related to the company's financial transactions with a linked company need to verify clearly, after verification, the company will publish annual report and a quarterly bulletin, the suspension time will not exceed two months." "And for other questions raised by our correspondent, the person declined to comment. "Now, the specific situation we are not clear, the case for investigation has a conclusion, the company will promptly release the relevant announcements." "The same day, the head of a law firm in South China told our correspondent," combined with Bo-Hui paper before and after the announcement, we believe that Bo-Hui paper is a case for investigation or suspected misrepresentation, and the SFC is very likely to impose administrative penalties. "At the same time, the company in early April this year exposed the" suicide-stock "incident is lingering doubts. Earlier, in the three trading days since April 8, in the transfer of stock prices far higher than the price of shares, Bo transfer debt unexpectedly appeared a ratio of up to 30% of the "suicide-style shares" and let the market jaw-dropping. Previously, as of March 31 this year, only 279,000 yuan of the transfer of debt to the shares, there are still 975 million yuan transfer debt did not turn the shares, the total issuance of convertible bonds 99.97%. However, the dramatic scene began on April 8. According to the Shanghai Stock Exchange, the transfer of debt on the day of the conversion of 12.98 million shares, the cumulative share of 13.03 million shares, the cumulative conversion ratio of 8.23%. On the same day, the closing price of the transfer of debt to 108.02 yuan, the actual conversion cost of 6.65 yuan per share, compared to the same day Bo Hui paper close to 5.86 yuan higher than 13.5%. The next day, Bo transfer debt on the day again to share 25.23 million shares, the cumulative 38.26 million shares, the cumulative conversion ratio of 24.18%. The day of the transfer of debt to 108.89 yuan, and Bo-Hui paper shares fell to 5.75 yuan, the equity premium of 17%. Wait until 10th, Bo transfer debt on the day of 9.37 million shares, the cumulative share of 47.64 million shares, the cumulative conversion ratio of 30.1%. The day of the transfer of the bond close to 109.21 yuan, and Bo Hui paper sharesThe bottom of the plate to 5.68 yuan, closed to maintain at 5.76 yuan, the share premium of 18%. Three trading days down, the above three to share 47.6 million shares of capital of more than 300 million yuan, the transfer share premium of about 13.5% to 18%. Obviously, such a swap is tantamount to a "suicide-swap". In this regard, there is a market point of view, in the Bo transfer debt lost money to share behind, the most reasonable suspicion is Bo-Hui paper itself or its associated party. "That is to lose a penny and not nearly 1 billion yuan to transfer debt." If all are calculated according to the 15% Premium, all the shares will lose about 150 million. "Some market participants said. "Therefore, we can not exclude listed companies to the transfer of interests to promote their losses to the stock, or simply concealed related party from buying rotation, so as to avoid the pressure of debt maturity." "The information indicates that the convertible bonds will expire on September 23, 2014." At that time, the company issued a convertible bond size of 975 million yuan. However, from the Bo-Hui paper business situation, as the company's share price for a long time under the net assets per share operation, so the downward transfer of the price of space has been sealed dead. According to the relevant provisions, convertible bonds may not be lower than the shares of the net assets per share. At the end of the third quarter of last year, the company's net assets per share was 6.12 yuan. In the face of the imminent expiry of the 975 million-dollar debt, if the transfer can not be implemented, the company will not be able to repay. As at the end of the three quarter of 2013, Bo-Hui paper flow ratio and speed ratio of only 0.85, 0.55, carrying money for 590 million yuan. The end of the company's operating cash flow net of 54.37 million yuan, the company's asset-liability ratio has crossed the 70% red line, up to 70.63%. In addition, the Qilu Securities Research Institute Zhu Jia also said that up to now, the company's paper industry overcapacity led to the downstream production paper market and price competition is fierce, short-term will still face consumption off-season and new capacity release pressure. To the company's main products white cardboard as an example, the current regional white cardboard still maintain fatigue, downstream demand has not improved, the dealer shipments of large pressure, most dealers inventory high.