Bo Hui paper related parties to occupy tens of billions of funds are accused of "lawlessness"

On the evening of July 14, Bo Hui paper (600966) formally to the 6.16 yuan/share of the conversion price to 5.74 yuan/share, but this price and the current stock prices still have a small difference. "Bo Hui debt will expire on September 23, for today's Bo-Hui paper, obviously do not have the ability to cash in large amounts." "Changjiang Securities analyst Zhang July 16 to the" Huaxia times, "Reporter said, how in a limited time for the debt-holding investors to create a swap profit space, as its block to pay" flood peak "to attack the key battle. With the intervention of regulators, the solvency of Bo Hui paper, which suffered a loss of $183 million a year in 2013, is worrying. 682 million debt capping related information, Bo transfer debt on September 23, 2009, the total amount of 975 million yuan, the renewal period of 5 years, will expire this year. and June 30, Bo Hui paper issued a notice that its convertible bonds still have 682 million yuan has not been transferred shares. Bo Hui Paper 2013 Annual report shows that the company not only a substantial loss of 183 million yuan, the controlling shareholder and other related parties of the non-profit occupation of the company's funds are up to 13.509 billion yuan, plus Bo-hui paper up to 76.31% of the assets and liabilities ratio, and its solvency worrying. In the evening of July 14 announcement, Bo Hui paper lowered its convertible bond price to 5.74 yuan/share. 15th, the company's shares rose 1.83%, reported 5.57 Yuan, but still did not meet the adjusted share prices. "If, at the end of the day, this part of the bond has not yet been transferred, Bo-Hui paper will bring in nearly 700 million yuan to honour." "Zhang analysis, Bo Hui Paper 2014 A quarterly display, its net assets per share of 5.76 yuan." To now lower than the net assets per share of the stock price, it is not ready to take out nearly 700 million yuan "real gold and silver" to honour the "determination." On the evening of July 4, Bo Hui paper issued a notice that the board of directors received the controlling shareholder Shandong Bo Hui Group Co., Ltd. (hereinafter referred to as "Bo Hui Group") submitted by the "on the downward revision of the" transfer of debt to the share price of the bill. The content of the bill shows that, because the company's share price has been 20 consecutive trading days of 10 trading days lower than the current period of 90% of the share price, Bo Hui Group recommended that the company according to the relevant provisions, the transfer of the exchange rate Bo transfer shares. "Bo Hui paper 4th close to 5.12 Yuan, and 6.16 yuan to the price difference of nearly 20%." "In Zhang view, Bo-Hui paper currently has 682 million yuan convertible bonds have not been transferred, once the expiry of cash, to the company's capital chain to bring the pressure imaginable." "Bo Hui paper stock price from 2009 the highest 11.83 yuan, all the way down to the 4.4 yuan this year, the long-term lower than the transfer price, even if the convertible bond holders to the stock, will bear a small loss." Zhang analysis. With the date of the convertible bond approaching, the evaluation agency Shanghai New Century Credit Evaluation Investment Services Co., Ltd. recently announced that Bo Hui paper on the negative watch list, questioning its solvency. The performance of the Bo-Hui paper negative news behind, is itsAmazing "big performance". April 29, 2014, Bo Hui paper issued "2013 Annual Performance Notice Correction Notice", the company previously estimated net profit of 2013 Year-on-year increase of more than 200%, a substantial correction to the year-on-year reduction of 2,323% to 2,370%. Bo Hui paper on the performance of the big face of the explanation is "the main reason for the large amount of fixed assets to reduce the value of the preparation, foreign currency borrowings generate exchange gains and losses, cost accounting errors, etc., and the above" cause "is a major accounting error, in other words, Bo Hui paper issued prior to the announcement, based on major accounting errors. "Performance forecasts allow for error, but there is a limit to the error." "In the view of Wang Zhibin, a lawyer at Shanghai Jie law firm, the error ratio should be reasonable in the case of the last fiscal year when the last fiscal year has been completed." Performance forecasts reached from "+200%" to "2,323% to 2,370%" of such a range, I am afraid only Bo Hui paper. In Wang Zhibin's view, major accounting errors, whether subjective or negligent, are a fault. Due to the "fault" of Bo Hui paper, by directly misleading investors into thinking that the company was not only profitable in the 2013 and "fast growing", the message conveyed to investors by the Advance bulletin was far from the truth, causing a major misdirection to investors, fully reaching the level of "making the investors wrong about their investment behavior and having a significant impact". In fact, through the query stock trading software can be seen, January 29, 2014, Bo Hui paper 4.64 Yuan, the release of the advance notice, the company began a sharp rise in stock prices, just 40 trading days, Bo Hui paper has reached the highest share price of 6.19 yuan, or more than 30%, the advance notice to investors misleading . Wang Zhibin that, Bo Hui paper issued a serious false "advance notice", fully comply with the provisions of the 69th of the Securities Act, constituted the misrepresentation of "misleading statement." "Lawlessness" in addition to false statements, the occurrence of Bo-Hui paper on the associated side of the huge amount of money is considered "lawless." The audit report indicated that in the reporting period, the related party to the Bo Hui Paper Capital occupancy amount of up to 13.437 billion yuan, as at the end of 2013 occupied balance still as high as 2.194 billion yuan. From the disclosure of annual reports, it is the focus of the issue that there is a large amount of capital exchange between the company and the affiliated party and the units that fail to identify the affiliated party. The notes of the accounting statements indicate that, under the Cash account received in connection with fund-raising activities, the amount of Bo Hui paper in 2013 amounted to $ more than 13 billion, which surged over the year 167 million. The large amount of sources of funds include the disclosed as the company's associated party Shandong Tian Yuan Thermal Power Co., Ltd. 7.725 billion yuan, Bo Hui group 1.537 billion yuan, Jiangsu Fengyuan Thermal Power Co., Ltd. 1.18 billion yuan, Shandong Haili Chemical Co., Ltd. 107 million yuan. In addition, has not been identified as the relevant side of Zibo Bao Sheng Environmental Protection Building Materials Co., Ltd. 1.05 billion yuan, Zibo Huatong Logistics LimitedCompany 770 million yuan, Shandong Forest Sea Forestry Co., Ltd. 348 million yuan. Bo Hui Paper annual audit accounting agency Ruihua CPA firm believes that the validity of the internal control of the company has significant defects, not disclosed as the relevant party's funds can not identify whether the relevant party, the relevant party nearly 2.2 billion of the amount of money can not determine whether to recover, unable to determine the regulatory body of the investigation results on the accounting statements of the impact of the notes, Therefore, the non-standard unqualified opinion of the audit report issued. The controlling shareholder and its affiliated party occupy the capital status of listed company has been expressly prohibited by the SFC. This reporter noted that in the semi-annual report in 2013, Bo Hui paper said that there is no controlled shareholder and its associated party is not operating the situation of funds. "Bo Hui paper up to 13.4 billion of the huge amount of capital occupied, it is apparent that the relevant regulatory provisions such as trifling, lawless." "Shanghai Huarong law firm lawyer Xu Feng said to our correspondent that the common listed companies actually control the behavior of the listed companies, in the" Accounting account "is often expressed as" non-operational funds exchanges. " Because of this, the SFC has strict information disclosure requirements for "non-operational capital transactions".