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[转帖] China Merchants Highway REITs receives the inquiry letter and requires supplementary instructions for project assets and compliance.

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发表于2024-03-02 08:15:03 | 只看该作者 回帖奖励 |倒序浏览 |阅读模式
    

    Viewpoint News:On December 22,一线资讯 the Shenzhen Stock Exchange issued the "Inquiry and Inquiry of the Application Documents of the Listing of the China Merchants Fund China Merchants Highway Highway Highway Highway Highway Highway Highway Highway Highway Highway Highway Highway Highway 1 Asset Support Special Plan Conditions.

    According to the understanding of the new media, China Merchants Highway has carried out the application and issuance of publicly raising infrastructure securities investment funds with a wholly -owned subsidiary Anhui Baofu Expressway Co., Ltd., which is held by the wholly -owned subsidiary Anhui Baofu Expressway Co., Ltd.The announcement shows that reference to the results of asset evaluation will formulate a scale of about 4 billion yuan.

    The review and inquiry letter requires supplementary explanations on project assets, risk disclosure, project compliance, and participation institutions and expense arrangements.

    In terms of project assets, it is required to disclose the reasons for the high passenger growth rate in the first three quarters of 2023 and the negative growth of freight, the main composition of freight and its stability, and explain the reasons for the increase in traffic volume in the first three quarters of 2023; Based on the rationality of the important assumptions such as the historical operation rate rate of the project, determine the assessment parameters carefully; supplement the specific composition of various costs, historical expenditures, historical repair conditions, etc.;If the differences in the number of traffic volume exceed 5 %, the cause and reasonableness of the reasons should be disclosed; whether there is a continuation or improvement of road traffic capacity in the form of whether there is a project in the form of the project in the future.Planning plans, risk factors, and investor protection measures, etc.; Supplementary disclosure of subsequent arrangements related to the project insurance for project insurance; supplementing the trigger situation, decision -making procedure, disposal method and process, and related information disclosure arrangements of infrastructure project disposal; supplementationThe reason why Zhongcai Guanghe Company did not complete the cancellation, whether or liabilities, and the impact on the project company.

    In terms of risk disclosure, it is required to replenish the valuation situation under extreme operating situations such as decline in operating income and income growth rates less than expected, and improve the risk disclosure to set up risk slow release measures;The impact of reducing and exemption arrangements on historical cash flow.

    In terms of project compliance, people are required to replenish disclosure of landing land to the progress arrangements related to land for land; the management office, toll stations, and service areas involved in the project have not yet handled the ownership of house ownership.Reveal; supplement the disclosure of the approval of the approval of the transfer of non -public agreement transfer issued by the State -owned Assets Supervision and Administration Commission of the State Council of the State Council.

    In terms of institutions and expenses, it is required to replenish the rationality of fund management and ABS management fees; fully illustrates the reasonable and necessity of the original equity person and its operating subsidiaries as the operating management agency.Reasonableness; the fund is hired by the fund at the same time, and the relevant matters of the two law firms and two accounting firms are evaluated and demonstrated.


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