China Branch Cloud Network set up no fruit was filed 12 Xiang e debt 500 million back to sell leave suspense

October 14, http://www.aliyun.com/zixun/aggregation/6612.html "> Zhong ke Yun Network (002306.SZ) disclosed a case investigation message to the company to increase the debt of" 12 Xiang E debt " Investors blow. On the same day, the company issued a notice said, "because of alleged securities violations, the SFC decided to investigate the company." ”

Not only that, the company also received the same day the Beijing Securities and Regulations Bureau of a paper on the decision of administrative supervision measures. One of the 3 problems found in the agency's day-to-day supervision is that the company has breached its commitment to set a prior mortgage on the letter-building property, the Beijing Securities and Regulatory Bureau said. Company in 3721.html ">2014 year August 1 will be included in the letter of the asset pool in Shaanxi Real Estate (letter notice preliminary valuation of 220 million yuan) mortgage to Beijing International Trust Co., Ltd., mortgage amount of 130 million yuan.

"At present, the company's only hope is to complete the directional additional placement by next April." If there is no increase in funds to repay the debt, the ' 12 Hunan-Hubei debt ' current situation, I am afraid to default. In view of the company has been filed for investigation by the SFC, the company's directional additional issue is likely to be yellow. "The same day, a bond market investor to the 21st century economic reporting reporter said.

October 8, the company received Peng Yuan Credit Evaluation Co., Ltd. (Peng Yuan credit) issued the latest tracking credit rating report also showed that this time to track the rating results: The company's bond credit rating downgraded to BBB, the issuer of long-term credit rating downgraded to BBB, rating outlook for the negative. Therefore the bond will be renamed "St Xiang E Debt", become Shenzhen Third St Bond.

In this respect, CICC researcher Kijiang Blunt, Peng Yuan credit this time the main reason for the downgrade, the company's business has greater uncertainty and more than 500 million of the company's debt principal and interest will be entered in April 2015 back to the sale period. At that time, the company will face a greater concentration of pay pressure.

700 million increase letter or empty

Previously, the company issued a 480 million yuan in April 2012 5y3p period of unsecured company debt. According to the agreement of the "12 Xiang E Debt" bond issuance document, at the end of the 3rd year of the bond, investors may elect to sell some or all of the bonds they hold to the company, and the date of their return for the sale of some bonds is April 5, 2015.

July 14 this year, the company's third session of the Board to consider the "12 Xiang-e debt" to increase the proposed measures, including the "construction of a special asset pool" and "the company's actual controller Mengkai to ensure that corporate bonds to honour the commitment" two aspects. Its special assets pool includes three houses and three shares to carry on the pledge, the evaluation value is not less than 720 million yuan.

However, it now appears that more than 700 million of the company's credit-enhancement measures have been dashed. On the same day, the Beijing Securities and Regulatory Bureau in the administrative Supervision measures decision book mentioned that the company Shaanxi property prior to the mortgage procedures and disclosure of violations of regulations. The company Shaanxi Real Estate December 31, 2013 book net worth 65.58 million yuan, accounted for the company December 31, 2013 audited net assets 602 million Yuan 10.89%. The above mortgage acts were not submitted to the Board of directors and shareholders ' general meetings for consideration or interim notice.

In this regard, the Beijing Securities and Regulatory Bureau also believes that the mortgage acts in violation of the company's July 16 "in the process of corporate bonds in the provision of credit enhancement measures announced" commitments, resulting in a sharp reduction in the price of corporate debt credit, can not cover the "12 Hunan and Hubei debt" principal and interest amount, seriously damaging the "12 Xiang-e debt" bond holders of the interests. Kijiang also said that up to now, in more than 700 million credit measures, the equity pledge has been completed (evaluation value 200 million), and the real estate mortgage registration procedures are still in process (evaluation value 520 million).

In addition, the company used to increase the letter of the mortgage of the three companies are not shares of listed companies, and two of them operating losses, the value of the evaluation has changed significantly.

In this respect, China Branch Cloud Network said the company recently proposed to be through additional collateral to provide security for corporate bonds.

But Kijiang that at present, the company net assets scale is only 700 million yuan, the debt capital ratio is as high as 71%, further debt financing space is very limited. Therefore, the source of debt repayment is highly dependent on directional or additional measures, and the effect of credit increase may be uncertain.

Corporate debt back to sale suspense

Moreover, Kijiang also expressed doubt as to whether the company could fulfill its duty of return on schedule in April next year when the "12-xiang-e debt" was sold.

Kijiang said that 480 million yuan corporate debt will be in April 2015 into the return period, the principal and interest of the bonds amounted to 513 million yuan, and as of the end of the first half of this year, the company's book money only 100 million yuan, there are 120 million yuan short-term debt, taking into account the subsequent internal cash flow generated weak and investment pressure is huge, corporate debt back to the sale will face greater financial pressure.

Prior to this, the Division cloud network in the letter of the announcement, such as the bond back to the sale of Japanese companies can not fulfill the obligation to return, the actual controller Mengkai commitment to take the current issue of bonds, to provide financial support to the company and other means to ensure that the company on schedule, the full implementation of the

"Up to now, Mengkai and its concerted action people total shareholding 211.56 million shares, accounting for more than 26.45%, but the ownership has been all pledged, in addition to large shareholders through the share reduction way to obtain funds, their own liquidity may have been more tense, whether the implementation of commitments is uncertain." Kijiang said.

Up to now, the main source of revenue is still catering services income, but the catering business are at a loss. And the company in the new media and large data field is still in the initial stage. 2013, the company suffered huge losses, the first half of 2014 net profit is also near 0, and operating cash flow are net outflow.

Kijiang said that the company's transformation investment brings greater capital pressure, and there is greater uncertainty about directional additional issue. The investment amount of the company transformation plan is as high as 1.7 billion-2.7 billion yuan, although the plan is to raise funds through the sale of catering assets and non-public offerings, but the total amount of capital recovered is only about 300 million yuan.

In addition, the company May proposed 3.6 billion yuan Non-public offering plan after giving up, the company September 10 announced a new directional additional plan, plans to 7 institutional investors for additional, major shareholders do not participate in the plan to raise funds not more than 2.48 billion yuan. However, the new plan has not yet submitted application materials to the SFC, plus the investigation has been filed, the follow-up there is a greater uncertainty.