Sino Grandness

[specuvestor]

You know what I meant

As per my post above the exchangeable bonds burden of RMB534.74m is a pre-IPO bet gone awry consisting mainly of the compounded high interest cost of the 2 CBs over these 5 years. It would be better if the burden is not the OPMI's burden.

As for cash, they generate RMB1.5b operating cashflow last 2 years. Except they didn't repay the loan yet only repay SB1 coincidentally after Convertible Loan from Soleado and SB2 after this rights issue. Obviously the high growth is worth more than RMB534.74m so no complains.

Looks like my assumption was wrong. They didn’t even use the rights cash to repay SB2, citing the standard s-chip SAFE excuse to further delay till Jan 2018. More champion than I thought.

So.... is this considered another restructuring or no count as friendly delay because the SB2 holders trust them so much?

Pointing out the obvious, with RMB567m cash they have RMB451k interest for the quarter, while paying RMB8m interest cost cash to banks.