China News Service, Chengdu, June 4 (Du Cheng) Sichuan-listed company Blu-ray Development (600466. SH) issued a 32-page announcement on the 4th, responding to 12 questions in the Shanghai Stock Exchange’s regulatory letter, which involved production, operation, Liabilities, other receivables, etc.

A week ago, Blu-ray Development received a supervisory work letter from the Shanghai Stock Exchange, which made Blu-ray, which was originally in a financial crisis, attracted public attention.

  In response to the questioned debt situation, the Shanghai Stock Exchange stated in the inquiry letter that the leverage ratio of Blu-ray development has increased: at the end of 2020, the company’s debt-to-asset ratio was 82.04%, a year-on-year increase of 1.42%, and the debt-to-asset ratio after deducting advance accounts 73.03%, which also increased year-on-year.

  At the same time, the Shanghai Stock Exchange also expressed concern about the cash debt repayment pressure of Blu-ray Development.

According to the Shanghai Stock Exchange, in 2020, Blu-ray Development’s debt of 73.366 billion yuan is expected to mature within one year, and its monetary capital is only 29.743 billion yuan, of which 850 million yuan is restricted, including 245 million yuan that is restricted by pledges.

  In response, Blu-ray Development stated that as of the end of 2020, the scale of interest-bearing liabilities in Blu-ray’s consolidated statement was 72.985 billion yuan, short-term cash debt ratio was 1.06, net asset-liability ratio was 88%, deductible asset-liability ratio was 73%, and overall interest-bearing liabilities The scale is moderate and the debt risk is controllable.

  In addition to the debt repayment dilemma, the development of Blu-ray has also become the top priority in the inquiry letter of the Shanghai Stock Exchange.

According to the data, from 2016 to 2020, the sum of the net cash flow of operating activities and investment activities of Blu-ray Development has continued to be negative, and its losses have continued to expand, respectively-4.812 billion yuan, 1.972 billion yuan, and -95.49 yuan. 100 million yuan, -5.819 billion yuan and -10.917 billion yuan.

  In response, Blu-ray Development responded that although the expansion of the land bank area will cause temporary net outflows of operating and investment cash from 2016 to 2020, it will not have a significant impact on the company's production, operation and sustainable operation capabilities.

  Blu-ray Development also issued an announcement on the same day on the 4th that Blu-ray Development Chairman Yang Keng resigned as chairman of the eighth board of directors, re-elected Yang Wuzheng as chairman of the eighth board of directors, and re-elected Chen Lei as vice chairman of the eighth board of directors.

  On the previous May 31, Blu-ray Group and Yang Keng signed the "Share Transfer Agreement" to adjust the shareholding structure of Blu-ray Development: Blu-ray Group intends to transfer 169,499,198 shares of the company held by Yang Keng through agreement transfer. (Accounting for 5.58% of the company’s total shares).

After the equity structure adjustment, the Blu-ray Group held 1,769,642,241 shares of Blu-ray Development, accounting for 58.31% of the company's total shares, and Yang Keng's shares were cleared.

  Blu-ray Development issued an announcement on the next day that the shareholders’ equity structure adjustments will not cause changes to the company’s controlling shareholder and actual controller. The company’s controlling shareholder is still Blu-ray Group, and the actual controller is still Yang Keng.

  According to informed sources, after Yang Keng stepped down as the chairman of Blu-ray Development, he will continue to serve as the chairman of the board of the Blu-ray Group, and as a "post-95" Yang Wu is the beloved son of Yang Keng.

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