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Branch cloud network alleged breach of the Commission was investigating debt junk bonds

October 13th temporary suspension in the cloud network today announced the suspension of reason, in October 12th the company received the commission the "investigation notice", on suspicion of illegal securities act, the Commission decided to initiate an investigation of the company. Company shares and corporate bonds will continue to be suspended.

As for the specific reasons according to the

survey, in section cloud network in October 10th received Chinese Commission decided to inform the Beijing regulatory bureau issued, the investigation of main and branch cloud network in August this year, Shaanxi real estate mortgage related to Beijing International Trust Co.

pointed out that the Beijing securities regulatory bureau, in August 1st the cloud network will be included in the credit asset pool in Shaanxi real estate mortgage to Beijing International Trust, Shaanxi real estate in the valuation of credit prior to the initial announcement of the 220 million yuan, but the mortgage amount is 130 million yuan, the mortgage in violation of the commitments related to the cloud network, resulting in corporate bonds credit asset price sharply "the 12 is reduced, can not cover the debt principal amount, serious damage to the" 12 of the debt interests of bondholders.

at the same time, Shaanxi real estate mortgage procedures and disclosure in violation of laws and regulations. It is reported that Shaanxi real estate net book value of 65 million 580 thousand yuan by the end of 2013, accounting for the company’s audited net assets of $2013 by the end of 10.89%. The mortgage act is not submitted to the board of directors and the shareholders’ meeting, not only in the consideration of "Interim announcement, as the note on measures to increase trust in the process of the transformation of the company bonds in motion" when consideration, in violation of the relevant provisions.

addition, progress measures to increase trust in section cloud network the disclosure also violates the laws and regulations, the company in 2014 interim report on the company’s disclosure measures to increase trust does not involve the progress, also in violation of the relevant provisions.

Co. Ltd. October 8th assessment issued by the credit rating report according to the bond credit rating agencies Peng Yuan, in section cloud network company bonds the main long-term issuer credit rating of BBB, the credit rating of the bonds BBB, the rating outlook is negative, as "junk bonds".

cloud network disclosed in the announcement of the progress in the implementation of measures to increase trust. It is reported that, for the period of the establishment of creditor’s rights debt capital account has been opened, all equity asset pool in the pledge of work has been completed, the asset pool of mortgage is underway. However, the company admits that there is a difference in the value of assets in the pool of assets and estimated value.

according to the survey, said the Bureau of cloud network, the implementation of corrective measures and responsibilities, to promote the rectification work completed as soon as possible. The company works closely with GF Securities, promote and implement measures to increase trust asset pool related assets pledged to work actively. The value of the asset pool and the difference between the assessment to provide supplementary credit assets.

according to the disclosure, in the cloud network will submit a rectification report in October 30, the Beijing securities regulatory bureau, and disclose the completion of rectification measures and responsibilities and other related matters.


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