China Branch Cloud network investigated by SFC

Bonds have just been downgraded to the http://www.aliyun.com/zixun/aggregation/6612.html "> China Branch Cloud Network (002306, the former closing price of 12.01 Yuan) again hit." Company announced October 14, the company on October 12 received the SFC investigation notice, because of alleged securities violations, the SFC decided to investigate the company. The company's shares and bonds have been suspended since October 13.

China Branch Cloud Network at the same time disclosed, the company received the Beijing Securities and Supervision Bureau issued on October 10, "about the Cloud Network Technology Group Co., Ltd. to take orders to correct, the decision to order a public statement of measures (hereinafter referred to as the" decision ") concentrates on the disclosure of the Sino-branch Cloud Network on the issue of the 12 letter of credit increase in Hunan province, There is a breach of their own commitments, violations of relevant laws and regulations and other circumstances.

"Daily economic news" reporter noted that the Beijing Securities and Regulatory Bureau pointed out that because of the breach of the commitment of the Chinese branch Cloud network of the behavior, so that 12 of Xiang-e debt to increase the value of the asset price significantly reduced, can not cover the full principal and interest of the bond. To this end, China branch Cloud Network said that the value of the asset pool and evaluation of the difference between the provision of additional assets.

Beijing Securities and Regulatory Bureau points out three issues

China Branch Cloud Network disclosed the announcement, the Beijing Securities and Regulatory Bureau in the "decision" focused on the disclosure of the company's three problems:

First of all, the Sino-branch cloud Network in the increase in the letter of the property set in violation of the company's commitment. Company in 3721.html ">2014 year August 1 will be included in the letter of the asset pool in Shaanxi real estate mortgage to Beijing International Trust Co., Ltd., mortgage amount of 130 million yuan." The mortgage behavior violates the company's July 16 "on the company's restructuring in the process of providing credit for corporate bonds in the announcement", resulting in a sharp reduction in the price of corporate debt credit assets, can not cover 12 of the value of the principal and interest of Hunan and Hubei debt, seriously damaging the interests of 12 of Hunan and Hubei

Second, the Sino-branch Cloud Network in Shaanxi property prior to mortgage procedures and disclosure of violations of regulations. The company Shaanxi Real Estate December 31, 2013 book net worth 65.58 million yuan, this part of the assets accounted for December 31, 2013 audited net assets of 602 million Yuan 10.89%. The above mortgage acts were not submitted to the board and the shareholders ' meeting for consideration, nor was there an interim announcement, which was considered only as a note in the consideration of the bill on the provision of credit enhancement measures for corporate bonds in the course of the transition of companies, in violation of the first and the administrative measures for the disclosure of information by listed companies. Rule number two.

Finally, the disclosure of the progress of the information measures of the Sino-branch Cloud Network violates the regulations. The company's 2014 interim report on the company's credit enhancement measures disclosure did not involve progress, violating the "Listed companies regulatory guidelines 4th-listed companies, shareholders, affiliated parties, acquirers and listed companies commitment and implementation of" eighth.

Whether the credit asset is sufficient value to focus on

From Peng Yuan Credit Evaluation Co., Ltd. (hereinafter referred to as Peng Yuan credit) to reduce the rating of 12, to the stock and bond suspension, and then to the Beijing Securities and Regulatory Bureau issued a decision, the Securities and Futures Commission investigation, the risk is gradually exposed in the cloud network.

This October 8, Peng Yuan credit will be in China Branch cloud network and corporate bonds 12 of the annual irregular tracking rating, bond credit rating downgraded to BBB, the issuer of the long-term credit rating to BBB, rating Outlook remained negative.

"Daily economic news" reporter noted that in Peng Yuan credit issued by the rating report, the Sino-branch Cloud Network of the special assets of the estimated total value of 720 million yuan, of which Xi ' an real estate for 220 million yuan, for the single estimate of the largest assets, Shanghai flavor of the restaurant 100% Equity, Shanghai Chu Xing Xiang e sentiment 100% The stock equity pre-estimate is 80 million yuan, 40 million yuan respectively. In the rating report, the China Branch Cloud Network's credit enhancement measures were listed as "positive".

and the Sino-branch Cloud Network will be included in the trust asset pool in XI ' an real estate mortgage to Beijing International Trust Limited; At the same time, the company said, Shanghai taste of the city catering, Shanghai Chu-xiang-e sentiment due to the loss of this year, the assessment value from the original estimate of the Profit method (2013 annual report Evaluation Goodwill valuation) changed to the cost method evaluation, There are some differences between the pre estimate and the original expectation. Two factors together, this will make the Sino-branch Cloud Network for 12 of Hunan and Hubei debt mortgage, pledged assets can not meet the previous commitment of 720 million yuan target.

Professor, School of Accounting, Central University of Finance and Economics Lu Guihua, a Chinese CPA, told the Daily economic news that the downgrade implied that there might have been a significant decline in the liquidity of the China Branch Cloud network, and that the assets used by Zhongke Cloud to increase its trust were incomplete, with property already mortgaged, The bondholders do not have priority to be repaid, and the value of the sustained operation of the stock right is close to the liquidation value.

"Once the company is unable to respond to the pressure, the disposal of assets in the pool of assets is cumbersome, disposal time will be longer, the disposal proceeds will be used to pay 130 million yuan loans and interest, the remainder can be used to repay the bonds." "Peng Yuan credit in the rating report said.

To this end, in response to the Beijing Securities Regulatory Bureau's decision and the company's own considerations, China Branch Cloud Network also put forward remedial measures, including the company recently proposed to be through the addition of collateral to provide security for corporate bonds, the current equity appraisal work has been arranged, the company will convene the board and shareholders meeting (a) To consider and add additional security matters and to implement them as soon as possible, and to provide additional assets to the difference between the value of the asset pool and the assessment; Meanwhile, the corporate bond Trustee manager, GF Securities, will hold a meeting of bondholders on October 27.