Statement
This report is prepared in accordance with the "Administrative Measures for the Issuance and Trading of Corporate Bonds," the "Code of Conduct for Bond Trustees," the "Bond Trustee Agreement for the 2015 Corporate Bonds Issued by CNPC Jinhong Energy Investment Co., Ltd.," and other relevant regulations, public information disclosure documents, and relevant information provided by Jinhong Holding Group Co., Ltd. (hereinafter referred to as the "Issuer," "Jinhong Holding," or "the Company"), by Bohai Securities Co., Ltd. (hereinafter referred to as "Bohai Securities"), the trustee for this corporate bond.
This report does not constitute a recommendation for investors to take or not take any action. Investors should make independent judgments on relevant matters and should not use any content of this report as a commitment or statement made by Bohai Securities.
Bohai Securities Co., Ltd. Report on the Progress of Default Disposal of CNPC Jinhong Energy Investment Co., Ltd. 2015 Corporate Bonds
I. Basic Information of This Bond
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Bond Name: CNPC Jinhong Energy Investment Co., Ltd. 2015 Corporate Bonds.
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Bond Abbreviation and Code: 15 Jinhong Bond, 112276.SZ.
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Issuance Size: RMB 800 million.
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Bond Balance as of the End of the Second Quarter of 2026: RMB 167.8282 million.
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Interest Accrual Date: August 27, 2015.
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Coupon Rate: 6.00% (adjusted to 4.75% through a debt repayment plan).
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Maturity: 5(3+2) years (extended to June 30, 2024, through a debt repayment plan).
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Credit Rating at Issuance: Long-term issuer rating was AA, with a stable outlook; the rating for the "15 Jinhong Bond" was AA.
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Latest Credit Rating and Rating Agency: According to the "Announcement on the Rating Results of the Issuer and Related Bonds of Jinhong Holding Group Co., Ltd." issued by United Credit Ratings Co., Ltd. on June 15, 2026, United Credit Ratings maintained the long-term issuer rating of Jinhong Holding Group Co., Ltd. at "C" and the bond rating of "15 Jinhong Bond" at "C."
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Bond Delisting Status: This bond matured on August 27, 2020.
II. Progress of Default Disposal of "15 Jinhong Bond"
(I) Default of "15 Jinhong Bond"
According to the "Announcement on the Failure of Jinhong Holding Group Co., Ltd. to Repay '15 Jinhong Bond' on Time," the issuer, due to difficulties in capital turnover, failed to repay the interest and related put option payments due on the "CNPC Jinhong Energy Investment Co., Ltd. 2015 Corporate Bonds" on time. As of August 27, 2018, the issuer had still failed to pay the principal of RMB 394,374,600.00 for the registered put bonds of "15 Jinhong Bond," as well as the interest payment of RMB 40,000,000.00, totaling RMB 434,374,600.00. This constituted a default.
As of September 26, 2018, the issuer's substantive default situation had not been rectified. The trustee, Bohai Securities Co., Ltd., issued the "Announcement on the Acceleration of Maturity for the Un-put Portion of '15 Jinhong Bond' by Bohai Securities Co., Ltd.," declaring that the principal and corresponding interest of the un-put portion of "15 Jinhong Bond" were immediately due and payable, with a maturity date of September 27, 2018.