Investors who have not caught up with the Shanghai Airlines Conference: registration time is only half an hour, who has the time?
“I have to provide a lot of materials to participate in the meeting. I just got off work at the time, and the registration was over in half an hour. Who can make itOn April 15, investor Mr. Zhai talked about the emotional sentiment of the HNA Group bondholders’ conference call the night before.Mr. Zhai introduced that at 18:30 on April 14, he received an email notification that an hour and a half later, at 20:00, he would attend the HNA Group bondholders meeting.Too late to prepare materials, he gave up attending the meeting.Like him, there were several bondholders who were too late to prepare meeting materials.That night, the meeting “as scheduled” antiques.However, some investors broke out at the meeting, and some investors expressed their inability to understand the HNA Group’s “surprise” attendance, and questioned the rationality of the meeting and the convener.On April 15, the HNA Group public development letter of apology.HNA Group said that due to the large number of investors, there are certain deficiencies in the meeting notice and preparation work, and there are multiple hasty procedures in the meeting.It may be that April 14 coincided with the day before the “13 HNA Bonds” were redeemed.The meeting is to agree on the issue of the bond renewal.The HNA Group’s letter of apology also stated that in order to properly respond to the impact of the epidemic and maintain sustainable business operations, it is planned to negotiate with the “13 HNA Bond” bond investors due on April 15 to extend the maturity of principal and interest for one year.On the evening of April 15th, HNA Group announced that there were 32 holders attending the bond owner meeting.For the “13 HNA Bonds” principal and interest are deferred for one year, during the deferral period, the deferred principal is calculated at the benchmark interest rate, the deferred index does not count the substitution of compound interest, and the agreed holders (including the holder’s agent) total3 persons, holding a total of “13 HNA Bonds” face value summary 3.4.5 billion US dollars, accounting for 98% of the effective voting rights held by the bond owners attending the meeting.26%.Although there were 29 bondholders who opposed it, the so-called pass.Investor: Receive notice of participation after work, register within half an hour. On April 9th, HNA Group issued an announcement that the company applied to the Shanghai Stock Exchange for corporate bonds (bond code: sh124286, bond abbreviation: 13) due to major issues to be confirmed.HNA Bonds) suspension from the market opening on April 10 to April 15.On April 15, Japan should be the end date for the redemption of the “13 HNA Bonds”.The day before the redemption, the bond holders of the “13 HNA Bonds” received a meeting announcement email from HNA Group at 18:30.Investors are notified by email that the meeting will be held at 20:00 that evening, and the registration time for the meeting will be no later than 19:00, that is, registration will be held within half an hour.Mr. Zhai said that it was difficult for him to accept at that time: “Normal institutions are off work at 18:30, and the holders are required to reply before 19:00, and registration for the conference has to be stamped with many chapters.What means?”The reporter saw that to participate in the bondholders’ meeting, investors need to provide a copy of their ID card and a copy of the securities account card holding the current bond within half an hour.A person in charge of private equity in Shanghai was also unable to catch up with the nautical bondholder meeting.He told reporters about his emergency operations.At 14:46 in the afternoon on the 14th, he received a call from HNA Group, saying that the meeting of the announcement bond holders will be held between 18:00 and 19:00 that night, and he needed to provide the mailbox to kill the reception meeting and the materials needed to participate.Wait.The person in charge said, “The phone said that the materials will be sent to me before work in the afternoon, but I didn’t send them until 17:40, so I called and asked HNA that the meeting would open in less than 20 minutes. Why?Participant materials have not been sent to me.HNA said that all emails have not been sent, and will be sent today. The meeting time may be delayed.”At 18:30, the person in charge received an email from HNA Group. After opening, he found that the materials for the conference should be submitted by 19:00, including a copy of the business license and a copy of the legal representative ‘s ID card.”Organize these within half an hour and send them to HNA’s mailbox. The time is too short. They leave work at half past six. Where can I get the stamp?”In a hurry, the person in charge sent the key information to HNA before 19:00 (6:50), and a copy of the business license was not sent until 19:10, but HNA did not confirm his qualifications.According to the e-mail, the meeting was originally scheduled to be from 8 to 8:30 p.m., and the designated voting time ended at 9:30 p.m., one hour later. Holders who were overdue or not served were considered abstaining.One of the indicators of the meeting was that the principal and interest of the “13 HNA Bonds” were deferred for one year. During the deferral period, the principal was calculated at the benchmark interest rate, and the deferred index did not count compound interest.An investor received a notice from the HNA Group.The bondholders questioned the preliminary rationality of the meeting and held the meeting so urgently, which caused strong dissatisfaction among the bondholders.At the meeting site, some holders expressed their anger at the HNA Group’s “surprise” participation, and caused the meeting to discuss and the rationality of the convening party.”13 HNA bonds were issued 7 years ago, when the interest payment date was set at that time, and it did n’t make sense to tell investors to hold an extraordinary meeting until the day before the payment.I think this procedure is unreasonable.Without advance notice, many creditors have no time to attend the meeting, so there is no way to vote and their rights are not guaranteed.”The person in charge of private equity called supplementary participation said so.However, the lead underwriter of this meeting, Anxin Securities, insisted that the emergency meeting is reasonable: “13 HNA bond bondholder meeting rules clearly stipulate that it is acceptable for the issuer or bond agent to convene.”” Yes, the synchronization of the HNA Group’s surprise meeting that required voting was not disclosed on the website of the Shanghai Stock Exchange, and many investors doubted the rationality of this.Some investors said: “The rules of the meeting said that for announcements without announcements, the voting and voting were corrected. The announcements were not made at least in public information channels. Is it legal now?”Anxin Securities litigation said:” We have uploaded the announcement content to the Shanghai Stock Exchange website as soon as possible, but because the channel disclosed on their website was closed earlier, it was not sent out in time.We have carried out remedial measures, called all individual investors and institutional investors, emailed, and contacted everyone.The reporter noted that the China Bond Information Network reproduced the “Notice on the Announcement of the First Holder Meeting of the Corporate Bonds of HNA Group Co., Ltd. in 2020” at 21:01 on April 14.Is it reasonable for HNA Group to participate in this surprise attack?Jiang Sisi, a securities attorney of Jingshi (Shanghai) Law Firm, told Sauna that Yeewang, the company generally issues “bondholder meeting rules” when issuing bonds, and retrieved through public channels that HNA Group has compiled and issued “HNA Group Co., Ltd.Rules for Meetings of Corporate Bondholders, but it is impossible to know the specific notice time of the bond bondholders meeting specified in the above rules by HNA Group.Under normal circumstances, the notice time for the meeting of the listed bond holders of listed companies is generally more than 15 days, and the brakes are for the creditors to understand and understand the time to prepare for the meeting.Regarding the case of HNA, Jiang Sisi believes that investors only receive email notifications at 18:30 on the day of the meeting. The notice also requires investors to register for the conference before 19:00, that is, within half an hour.Such hasty notification time violates the bondholder meeting notice, announcement procedures, and information disclosure rules formulated by the regulatory authorities.Attorney Wang Ying, a partner of Beijing Jingshi Law Firm, told reporters that HNA, as the issuer, did not follow the commitments of the debt-issuing meeting in the scale of debt-issuing procedures, and it was also inappropriate for unvoted voting.Wang Ying said that the HNA Group has experts and teams responsible for investor relations and the letter-pi system. Obviously, there will be no “not sent out in time”, which is why it is believed that the regulator will follow up.Is there any wrong behavior of Anxin Securities in this incident?The person in charge of the gradual private placement said, “As the lead underwriter, Anxin Securities should handle matters in accordance with the” Rules of Procedure for the Meeting of Bondholders, “but we cannot see this rule. According to the prospectus, the rule should be disclosed as a reference document.”An investor also told reporters that HNA’s prospectus marked the contact and contact information of lead underwriter Anxin Securities. The reporter called and found that the number did not exist.On 15th, Sauna and Yewang contacted Anxin Securities regarding the HNA meeting. The other party said that they would not respond to relevant questions.Several bonds were deferred to pay principal and interest. The “15 HNA Bond” fell twice a day. The issuer of the “13 HNA Bond” was HNA Group. The issuance time was April 15, 2013, and the issuance scale was 11.50ppm, coupon rate 7.1%, the term is 7 years.The earliest is that on April 8th, the “13 HNA Bonds” once narrowed and fell, temporarily suspended during the session, and opened again on April 9th and fell again.On the afternoon of the same day, HNA Group issued an announcement saying that the “13 HNA Bonds” was suspended until April 15.After the news that the “13 HNA Bonds” was to be postponed for one year, the “Brother Bonds” “15 HNA Bonds” fell twice during the session on April 15.On the same day, the “15 HNA Bonds” fell more than 23% during the day. Subsequently, the Shanghai Stock Exchange issued a notice that the “15 HNA Bonds” was temporarily suspended until 10:04. After the resumption, the “15 HNA Bonds” continued to fall and stopped again.It fell 31 before leaving.08%, offer 27.01 yuan.15 HNA debt market recently.Choice data shows that HNA Group currently has 8 bonds in existence with a total balance of 15.1 billion. Among them, many bonds are due within 1-3 years.Not long ago, on April 10, a renewable corporate bond of HNA Group “16 HNA Group Renewable Bond 01/16 Haiji 01” has announced deferred interest payments; in March 2019, 3.7 billion of “16The interest rate of the HNA 01 bond was paid on schedule and was completed three days later, constituting a technical default; in July, the US $ 1.5 billion “16 HNA 02” bond again constituted a default.Despite the overdue trust loans of HNA Group, the main credit rating and debt rating of the company are still AAA.The rating agency for “13 HNA Bonds” is Shanghai New Century Credit Rating Investment Service Co., Ltd., and finally no rating adjustment has been made to HNA Group.The HNA Group’s liquidity problem has been around for a long time.At the end of 2018, HNA Group’s short-term loans, non-current debt and other current debt due within one year totaled 1810.9.7 billion yuan, 902 monetary funds.4.7 billion yuan, with a capital gap of 908.500 million yuan.According to the HNA Group ‘s 2019 semi-annual report data, as of the end of June 2019, the HNA Group ‘s debt accumulated to be US $ 554.8 billion, and the non-current liabilities due within one year was US $ 78.1 billion, an increase of 5% over the beginning of the year, whileThe ratio is only 110%, which is the same as that at the end of 2018; cash, cash equivalents and short-term investments amounted to US $ 50.4 billion, a decrease of 60%.7%.Sauna, Ye Wang Zhang Zeyan Zhang Shuxin Editor Zhao Ze proofreading Liu Baoqing reporter email: zhangzeyan @ xjbnews.com; zhangshuxin @ xjbnews.com