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1.6 billion Yang 01: Zhongshan Securities Co., Ltd.'s report on the temporary entrusted management of 2016 corporate bonds issued by Yiyang Group Co., Ltd.

Time: January 9, 2020 23:01:36 Zhongcai
Original Title: 1.6 Billion Sun 01: Zhongshan Securities Co., Ltd.'s Report on the Public Issuance of 2016 Corporate Bonds Temporary Trust Management Affairs by Yi Sun Group Co., Ltd. Bond Code:
136172.SH Bond short name:
1.6 billion Yang
01


Bond code:
136252.SH Bond short name:
1.6 billion Yang
03


Bond code:
136388.SH Bond short name:
1.6 billion Yang
04


Bond code:
136526.SH
Bond short name:
1.6 billion Yang
05









Zhongshan Securities Co., Ltd.

on

Yiyang Group Co., Ltd.

Public Offering of 2016 Corporate Bonds

Interim Trustee Management Affairs Report








Issuer: Yiyang Group Co., Ltd.


Address: Hi-tech Industrial Development Zone, Songshan Road, Nangang District, Harbin
building no.1








Lead underwriter, bond trustee: Zhongshan Securities Co., Ltd.

residence:
Chuangye Road, Blue Coast Community, Yuehai Street, Nanshan District
1777 Hisense South Building
21 floors
22 floors








2020
January





statement


The contents and information prepared by Zhongshan Securities Co., Ltd. (hereinafter referred to as "Zhongshan Securities") are derived from relevant public channels.



This report does not constitute a recommendation for investors to conduct or not to perform certain actions. Investors should make independent judgments on related matters, and should not use any content in this report as a commitment or statement made by Zhongshan Securities.







Chapter I Overview of the Bonds


I. Approval documents


According to the "Reply on the Approval of the Yiyang Group Co., Ltd.'s Public Issuance of Corporate Bonds to Qualified Investors" (License of the Securities Regulatory Commission)
[2015] No. 3149), the issuer is permitted to publicly issue no more than RMB to qualified investors
2.5 billion company bonds .



Second, the basic situation of each bond


(One)
1.6 billion Yang
01 main terms


1. Issuer: Yiyang Group Co., Ltd.



2. Bond Name: Yiyang Group Co., Ltd. Public Offering
2016 Corporate Bonds (First Phase)
(Variety one)
, Bond referred to as "1.6 billion Yang
01 ".



3. Issue scale:
209 million yuan.



4. Bond maturity:
4 year term
At the end of 2 years, the issuer adjusted the coupon rate option and the investor's resale option.



5. Value date: The value date of the bond is
2016 year
January
27th. The issuer should
2018 year
1
month
29th payment of bonds
Interest for 2018, the issuer should
2019 year
January
28th payment of this bond
For the 2019 interest, as of the date of this interim trusteeship management report, the issuer has not paid.



6. Expiry date:
2020
January
On the 27th, according to the public offering of Yiyang Group Co., Ltd.
2016
Corporate bonds
The first bondholders' meeting in 2017 resolved that the issuer had not issued effective guarantees within the required time.
2017 year
November
Expires early on the 14th. According to the resale registration of bondholders, the issuer should
2018 year
January
The full resale proceeds of the bonds were paid on the 29th. As of the date of this interim trustee management affairs report, the issuer has not paid.



7. Guarantees: There is no guarantee for bonds in this period.



8. Credit rating and credit rating agencies: After comprehensive assessment by United Credit Rating Co., Ltd., the issuer's main credit rating is
C grade, the credit rating of this bond is
C grade.




9. Bond trustee: Zhongshan Securities Co., Ltd.



10. Lead underwriters: Zhongshan Securities Co., Ltd., Huatai United Securities Co., Ltd.


11. Place for listing and trading: Shanghai Stock Exchange.



(two)
1.6 billion Yang
03 main terms


1. Issuer: Yiyang Group Co., Ltd.



2. Bond Name: Yiyang Group Co., Ltd. Public Offering
2016 Corporate Bonds (second instalment).

Bond referred to as "1.6 billion Yang
03 ".



3. Bond maturity: The current bond is
5 year term
At the end of 3 years, the issuer adjusted the coupon rate option and the investor's resale option.



4. Issuance scale: The current bond scale is
755 million yuan.



5. Guarantees: The bonds are unsecured.



6. Value date: The value date of the bond is
2016 year
March
2 days. The issuer should
2018 year
3
month
2 days to pay this bond
Interest for 2018, the issuer should
2019 year
March
4 days payment of this bond
For the 2019 interest, as of the date of this interim trusteeship management report, the issuer has not paid.



7. Expiry date:
2021
March
On the 2nd, according to the public offering of Yiyang Group Co., Ltd.
2016 year
Corporate bonds
The first bondholders' meeting in 2017 resolved that the issuer had not issued effective guarantees within the required time.
2017 year
November
It was announced to expire early on the 16th.



8. Credit rating and credit rating agencies: After comprehensive assessment by United Credit Rating Co., Ltd., the issuer's main credit rating is
C grade, the credit rating of the current bond is
C grade.



9. Bond trustee: Zhongshan Securities Co., Ltd.



10. Lead underwriters: Zhongshan Securities Co., Ltd., Huatai United Securities Co., Ltd.


11. Place for listing and trading: Shanghai Stock Exchange.



(three)
1.6 billion Yang
04 main terms


1. Issuer: Yiyang Group Co., Ltd.




2. Bond Name: Yiyang Group Co., Ltd. Public Offering
2016 Corporate Bonds (Third Issue).

Bond referred to as "1.6 billion Yang
04 ".



3. Bond maturity: The current bond is
5 year term
At the end of 3 years, the issuer raised the coupon rate option and investor resale option.



4. Issuance scale: The current bond scale is
1.210 billion yuan.



5. Guarantees: The bonds are unsecured.



6. Value date: The value date of the bond is
2016 year
April
21st. The issuer should
2018 year
4
month
23rd payment of this bond
Interest for 2018, the issuer should
2019 year
April
23rd payment of this bond
For the 2019 interest, as of the date of this interim trusteeship management report, the issuer has not paid.



7. Expiry date:
2021
April
On the 21st, according to the public offering of Yiyang Group Co., Ltd.
2016
Corporate bonds
The first bondholders' meeting in 2018 resolved that the issuer had not issued effective guarantees within the required time.
2018 year
May
It was announced to expire early on the 11th.



8. Credit rating and credit rating agencies: After comprehensive assessment by United Credit Rating Co., Ltd., the issuer's main credit rating
C grade, the credit rating of the current bond is
C grade.



9. Bond trustee: Zhongshan Securities Co., Ltd.



10. Lead underwriters: Zhongshan Securities Co., Ltd., Huatai United Securities Co., Ltd.


11. Place for listing and trading: Shanghai Stock Exchange.



(four)
1.6 billion Yang
05 main terms


1. Issuer: Yiyang Group Co., Ltd.



2. Bond Name: Yiyang Group Co., Ltd. Public Offering
2016 corporate bonds (fourth instalment).

Bond referred to as "1.6 billion Yang
05 ".



3. Bond maturity: The current bond is
5 year term
At the end of 3 years, the issuer raised the coupon rate option and investor resale option.



4. Issuance scale: The current bond scale is
326 million yuan.




5. Guarantees: The bonds are unsecured.



6. Value date: The value date of the bond is
2016 year
July
11th. The issuer should
2018 year
7
month
11th payment of this bond
2018 annual interest,
The issuer should
2019 year
July
11th payment of this bond
2019 interest,
As of the date of this interim entrusted management affairs report, the issuer has not repaid.



7. Expiry date:
2021
July
On the 11th, according to the public offering of Yiyang Group Co., Ltd.
2016
Corporate bonds
The first bondholders' meeting in 2018 resolved that the issuer had not issued effective guarantees within the required time.
2018 year
May
It was announced to expire early on the 11th.



8. Credit rating and credit rating agencies: After comprehensive assessment by United Credit Rating Co., Ltd., the issuer's main credit rating is
C grade, the credit rating of the current bond is
C grade.



9. Bond trustee: Zhongshan Securities Co., Ltd.



10. Lead underwriters: Zhongshan Securities Co., Ltd., Huatai United Securities Co., Ltd.


11. Place for listing and trading: Shanghai Stock Exchange.




Chapter II Specific Situation of Major Events


Public Offering of Zhongshan Securities as Yiyang Group Co., Ltd.
The trustees of the 2016 corporate bonds (hereinafter referred to as the "bonds") continue to pay close attention to matters that have a significant impact on the rights of bondholders.



I. Progress of the issuer's litigation matters

Tianhe International Financial Leasing Co., Ltd. (hereinafter referred to as "Tianhe International") v. Yiyang Group Co., Ltd. (hereinafter referred to as "Yiyang Group"), Hong Kong Yiyang Industrial Co., Ltd. (hereinafter referred to as "Hong Kong Yiyang")
Yiyang Xintong Co., Ltd. (hereinafter referred to as "Yiyang Xintong") and Deng Wei's financial lease contract dispute,
Guangdong Higher People's Court has
2017 year
The case was accepted in December.

The case is currently under review.



Given:


(
1)
2017 year
In December, Trina International filed a lawsuit with Guangdong Higher People's Court against Yiyang Group, Hong Kong Yiyang, Yiyang Xintong and Deng Wei [Case No: (
2017) Early Cantonese
No. 104], the case is currently being tried;


(
2)
In the case, the Guangdong Higher People's Court froze part of the oil sales payment that China National Petroleum Corporation should pay to Hong Kong Yiyang;


(
3)
Yiyang Group
2019 year
March
On the 21st, the Harbin Intermediate People's Court ruled to accept bankruptcy and reorganization;


(
4)
Yiyang Group's restructuring investors promised to give Trina International the principal amount of rent
10% cash as compensation.



After negotiation, Yiyang Group, Hong Kong Yiyang, Yiyang Xintong and Deng Wei reached a settlement with Trina International, and
2019 year
December
The "Reconciliation Agreement" was signed on the 24th, the main contents are as follows:


(
1)
Tianhe International agrees that on the premise that Yiyang Group and Hong Kong Yiyang fulfill their obligations under this agreement,
Voted in favour of the draft reorganization plan;


(
2)
In addition to the compensation provided to Tianhe International as stipulated in the Yiyang Group's reorganization plan, the reorganization investors of Yiyang Group paid Tianhe International an additional amount of the principal amount of its rent.
10%, or RMB
30 million yuan as compensation



(Except for arrangements for this part of the reorganization plan of Yiyang Group). Trina International waives the guarantee, fault or other liabilities of Yiyang Xintong. The compensation agreed in this article shall be paid in
2020
January
The reorganization investor of Yiyang Group completed the payment before 20 days. If it cannot be performed, Deng Wei or his designated person will compensate Tianhe International
30 million yuan;


(
3)
The litigation costs, attorneys' fees, security fees, guarantee fees and other reasonable fees claimed by Trina International in the litigation shall be paid in full by Trisun International to Trina International in accordance with the amount confirmed by the manager of Trisun International;


(
4)
If the manager of Yiyang Group confirms that the amount of Tianhe International's debt is inconsistent with this agreement, subject to the confirmation of the manager of Yiyang Group, Tianhe International agrees to be repaid by cash plus debt to equity in accordance with the provisions of Yiyang Group's reorganization plan ;


(
5)
Trina International, Yiyang Group, Hong Kong Yiyang, Yiyang Xintong and Deng Wei all agreed to settle,
And from the date the agreement is signed
Submit this agreement to the Guangdong Higher People's Court within 5 days, and a mediation letter will be issued by the Guangdong Higher People's Court. The parties agreed to apply to the Guangdong Higher People's Court for a non-public mediation letter.



two,
Progress of the incident 2


Tianjin Daye Hengtong Asset Management Co., Ltd. (
Hereinafter referred to as "Chase Assets"

)
The case concerning the dispute over the financial loan contract of Yiyang Group Co., Ltd., Deng Wei, and Yiyang Xintong Co., Ltd. was filed and accepted by the Beijing Fourth Intermediate People's Court (hereinafter referred to as "Beijing Fourth Intermediate Court").



Yiyang Xintong Received Civil Judgment from Beijing Fourth Intermediate Court [(
2018) Beijing
04 Early Republic of China
No. 207].



A few days ago, Yiyang Xintong received the Certificate of Effectiveness issued by the Fourth Intermediate People's Court of Beijing. The main contents are as follows:


This court heard the dispute between the plaintiff Tianjin Daye Hengtong Asset Management Co., Ltd. and the defendant Yiyang Group Co., Ltd. in a financial loan contract dispute.
2018) Beijing
04 Early Republic of China
No. 207], at
2019 year
11
month
Made on the 18th
(2018) Beijing
04 Early Republic of China
Civil Judgement No. 207, the last party
2019 year
11
month
On the 20th, the service document was signed and the parties did not appeal within the statutory appeal period, so [(
2018)
Beijing
04 Early Republic of China
No. 207] Civil Judgment (hereinafter referred to as "the judgment of the first instance")
2019 year
December
Effective on the 6th, hereby certify.




Bank account funds are frozen

1. Freezing of new funds and overall freezing of funds:


Unit: 10,000 yuan


Serial number


Types of


Number of new accounts


The account was frozen


1


General settlement account


3


847.5




As of
2019 year
December
On the 31st,
Yiyang Xintong Co., Ltd. was applied to freeze bank accounts
49
Involving
1 basic account,
3 fundraising accounts and
45 general settlement accounts, actually frozen by the court
1.012 billion yuan, accounting for the audited net assets of Yiyang Xintong in the previous year
-131.4%; funds have been deducted by the court
RMB 80.743 million, which has been auctioned by the court
62.96 million yuan, the proportion of total assets executed in the audited net assets of the previous year is
-18.7%.



The channel through which Yiyang Xintong received the fund freeze was self-examination by Yiyang Xintong.



The reasons for the freezing of the funds were confirmed to be related to the debt dispute of the holding of Dongyiyang Group Co., Ltd.
Freeze conducted by Hefei Intermediate People's Court of Anhui Province.



According to the matters related to the freezing of the funds of Yiyang Xintong announced by Yiyang Xintong, the basic accounts, special funds raised accounts and general settlement accounts of Yiyang Xintong have been involved, and up to
10.12 billion yuan in cash was frozen, which caused a significant adverse impact on the production and operation of Yiyang ICT, making it extremely difficult to allocate funds.

Yiyang Xintong is actively urging the controlling shareholder to repay as soon as possible, and to resolve issues related to the freezing of funds in the bank account of Yiyang Xintong as soon as possible.



4. The actual controller signs a settlement agreement with the creditor


Dongyiyang Group Co., Ltd., a holding company of Yiyang Xintong Co., Ltd., found in the process of restructuring the claims, that there were unsecured guarantee claims related to Yiyang Xintong.



One of the above unsecured creditors: Wang Pin and Deng Wei, the actual controller of Yiyang Xintong, signed the "Reconciliation Agreement" on the relevant claims
,Details are as follows:


Basic information of the settlement agreement:


(
1)
Yiyang Group
2019 year
March
On the 21st, it was ruled by Harbin Intermediate People's Court to accept bankruptcy and reorganization.




(
2)
Deng Wei promised to give Wang Pin the right to claim the principal amount
10% cash as compensation.



After negotiation, Deng Wei and Wang Pin reached a settlement.
And
2019 year
December
Signed the "Reconciliation Agreement" on the 27th,
The main contents are as follows:


(
1)
Wang Pin agreed to vote in favour of the draft reorganization plan of Yiyang Group on the premise that Deng Wei fulfilled his obligations under this agreement;


(
2)
Except for the liquidation provided to Wang Pin as stipulated in the Yiyang Group's reorganization plan, Deng Wei or through his designated third party shall pay Wang Pin his claim amount
10%, ie
1.8 million yuan as compensation (except for arrangements for this part of the reorganization plan of Yiyang Group), Wang Pin agreed to waive the contingent guarantee, fault or other of Yiyang Xintong on the premise of Deng Wei's compensation arrangement. responsibility. The compensation agreed in this article shall be paid in
2020
March
Payment shall be completed by Deng Wei or a third party designated by Deng Wei before the 31st.



According to the issuer's announcement,
If Deng Wei or his designated third party fails to
2020
March
The compensation agreed in the settlement agreement was paid to Wang Pin before 21 days, and there is uncertainty about the actual performance of the settlement agreement.



Zhongshan Securities will continue to pay close attention to the public offering of Yiyang Group Co., Ltd.
The repayment of the principal and interest of corporate bonds in 2016 and other matters that have a significant impact on the interests of bondholders will be strictly in accordance with the "Administrative Measures for the Issuance and Transaction of Corporate Bonds ", the "Code of Conduct for Corporate Bond Trustees,"
The "Prospectus" and "Trusted Management Agreement" and other provisions and agreements fulfill the duties of bond trustees.




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