AsiaNet 76748 （2327）

Yangtze River Port and Logistics Limited (YRIV)、Hindenburg's Researchの報告書について正確な詳細を提供

【ニューヨーク2018年12月13日PR Newswire＝共同通信JBN】中国・長江の中流にある武漢で港湾物流プロジェクトを通して不動産開発事業に携わる国際インフラ企業のYangtze River Port and Logistics Limited（ナスダック:YRIV）（「同社」）は13日、Hindenburg Researchの2018年12月6日付の報告書での同社に対するすべての指摘を全面的に否定した。特に、同社は報告書で示された明白に間違った指摘に幅広く反論したい。

1. 無価値な水増し資産

「プロジェクトの未着工部分の計画の物流センターは、YRIVが現地村から120万平方メートルの土地を借りて建設すると述べている。YRIVの最新四半期財務諸表では、土地の権利は2億9900万ドルの価値があり、同社の資産総額の77%以上を占めるとされている。村から120万平方メートルを借りたと主張するが、われわれが政府筋から入手した地図は、当該村の全面積が61万平方メートルしかないことを示している。さらに、問題の村の役人との会話からは、同社の主張とは異なり、YRIVは全く土地を借りていないことが判明した」

＊同社の最新四半期財務諸表で示された2億9900万ドルという価値は、120万平方メートルの土地には関係ない。そうでなく、2億9900万ドルと報告した価値は、商業用地（鉄鋼流通パーク）の6区画の未使用部分の土地使用権に関係している。当初、総面積51万5600平方メートルの商業用地6区画の土地使用権は3億800万ドルと記帳してあった。総面積のうち7万9200平方メートルは商業ビル（床面積9万2700平方メートル）の建設に利用され、43万6400平方メートルの未使用地が残った。われわれが2億9900万ドルの価値と報告したのは、この未使用土地のことである。現在では、地方不動産市場はかなり値上がりしているため、同社が土地使用権証書を入手してコスト価値を会計処理した51万5600平方メートルの土地は、ほぼ2倍の6億ドルの価値があると、われわれは推定している。

＊報告書に書かれている120万平方メートルの同社のリース用地は、チュンフェン村だけでなく、ジュンミン村とジャンジ村も含む。取引はチュンフェン村が代表して行った。

2.未公開の判決

報告書で示された11件の未公開の判決は以下の通りである。

Photo - https://mma.prnewswire.com/media/797758/Yangtze_River_Port_and_Logistics___Legal_Chart_Infographic.jpg

＊1-6項目は、同社の子会社Wuhan Yangtze River Newport Logistics Co., Ltd.（「Wuhan Newport」）による住居フラットの販売に起因する訴訟と判決についてである。これらの住居フラットは2015年かそれ以前に販売された。関係の販売契約によると、Wuhan Newportが当初の開発計画に従って、販売・購入後の1年以内に地域開発に失敗すれば、Wuhan Newportは住居フラットを購入者から最初の契約価格で買い戻さねばならなかった。この手続きは、2017年と2018年に当該の物件が値上がりして、価値が2倍になる前に、購入者によって設けられた。その結果、現在購入者はこの判決を実行し、物件をWuhan Newportに売り戻すのをためらっている。2015年12月31日に終わった年間報告の財務諸表に同社は、物件購入の引当金を計上している。判決はすで言い渡されているので、同社はこの判決を進行中の「法的手続き」では公表しなかった。

＊7項目は、報告書で言及された中国建設銀行の鋼城支店による2014年5月28日の2億9000万元の融資に関するものだ。金利を加えると約3億2500万元で、そうした融資には加えない。この融資と金利支払い債務は、2017年12月31までの年間報告の財務諸表で公表され、説明されている。

10. 融資債務

銀行名                  期間              2017年12月31日  2016年12月31日

中国建設銀行       2014年5月30日から

                   2020年5月29日まで     $44,221,399        $41,456,074

同社は同行と融資の再編を交渉している途中であり、この間はすべての支払いが停止する。また交渉の結果、銀行は強制手続きを実行しない。上記の1-6項目と同様に、判決はすで言い渡されているので、同社はこの判決を進行中の「法的手続き」には公表しなかった。

＊8-11項目は、同社の子会社になる前のWuhan Newportが、自社の大株主の取得した融資の保証人になったことに対する判決についてである。判決が出た後、この株主はすべての融資を単独で引き受けてWuhan Newportには訴求させないと書面で約束し、債権者と返済計画を交わした。従ってWuhan Newportには強制手続きは実施されず、PRC counselの法的意見にあるように、Wuhan Newportの法的・金銭的責任はない。

3. YRIVが調達した資金がプロジェクトの推進ではなく、会長や大手株主への支払いに当てられた。

報告書は同社が財務諸表で「関係筋のために」多額の負債を一貫して計上していたと指摘している。これによって多額の金利が発生し、次第に「前払い金」を増やしていったようだ。資金が調達されると、同社のプロジェクトの推進に使われるのではなく、想定される関連筋への「前払い金」の返済に資金は使われている。

＊2015年12月の逆さ合併が完了して以来、同社は転換社債により短期融資19本、総額854万6000ドルを取得した。こうした融資の資金は主に、もう一つの法人Wuhan Economic Development Port Limited（「Wuhan Port EDP」）を買収する先払い預託金に充てた。Wuhan Port EDPの買収は頓挫したため、同社は融資の資金から転換社債の払い戻しを始めた。2018年11月末時点で同社は903万1000ドルを払い戻し（元本は784万6000ドル、金利は118万4000ドル）、未返済元本は69万9000ドルになった。

＊報告書と反対に、同社の最高経営責任者（CEO）のシャンジャオ・リー氏はこうした融資から1セントも受け取っておらず、同社の支払い分の903万1000ドルに最高で48万5000ドルを融通し、加えて、返済期限前の元本69万9000ドルとその金利の将来の償却に資金を出す。

＊Hindenburgは以下のように、2018年9月30日までの同社の四半期報告（フォーム10-Q）から引用している。

Photo - https://mma.prnewswire.com/media/797757/Yangtze_River_Port_and_Logistics___Financials_Infographic.jpg

報告書は、リュウ氏に対し約620万ドルの「融資」が総額返済されたと結論付けた。これは事実ではない。報告書は赤い円で強調表示した数値に焦点を当てたが、緑の円で強調表示した金額の増加を無視している。これはリュウ氏から同社への貸付金を表す。前述した数値の正味の効果はリュウ氏から当社への純貸付を示している。加えて、報告書に記載されているように「19の転換社債の総額は850万ドルに達し、うち339万ドルは未払いで515万ドルは償還済みである」。したがって、リュウ氏が社債で生じる収入から620万ドルを受け取ったということはあり得ない。

同社のリュウ・シャンヤオ会長兼最高経営責任者（CEO）は「報告書は名誉棄損に値する数多くの事実誤認および誤解を招く憶測を含んでおり、当社はそうした憶測を断固として否定する。この報告書は、主として当社に対して行われた過去の申し立ての繰り返しであり、当社に対する偏見を助長する特定の個別情報のみに焦点を当てている」と述べた。

「当社はHindenburgに対し接触を許可したことはなく、Hindenburgが申し立てについての明確化および説明を求めて当社に接触したこともない。これらの憶測は当社に深刻な損害を与えており、当社は自社を弁護し株主の利益を守るために必要な行動を起こす決意である。さらに、このような無責任で根拠がなく中傷的な報告書を作成したHindenburgに対する当社の手段を検討するよう弁護士に指示した。これにはHindenburgに対する法的手続きの開始を含むが、これに限定しない。当社は高水準のコーポレートガバナンスにコミットしており、当社の財務諸表と事業活動の整合性を堅持している。当社は他の申し立てについて特別の内部調査を実施する予定であり、その調査結果を後日報告する」。

▽Yangtze River Port and Logistics Limitedについて

Yangtze River Port and Logistics Limitedは、揚子江中流の港湾物流プロジェクトにより、主として不動産開発事業に従事している。Yangtze River Port and Limitedは、中国の最新の「一帯一路」構想の下で実施される大型のインフラストラクチャー開発プロジェクトであり、中国、中東、欧州間の重要な交易の窓口である武漢に戦略的に位置すると考えられている。物流センターはさまざまな大きさの貨物船に多数の船積みバースを提供することも見込まれる。Yangtze River Port and Limitedは国内外の企業に武漢の自由貿易区への直接アクセスを提供することが期待されている。このプロジェクトには、商業ビル、専門物流サプライチェーン・センター、揚子江、武漢－新彊－欧州鉄道および陸上輸送への直接アクセス、倉庫および加工センター、IT支援サービスなどが含まれる。

詳細はhttp://www.yerr.com.cn を参照。

▽問い合わせ先

James Coleman

Executive Director

jcoleman@yerr.com.cn

+1 646-861-3315

ソース：Yangtze River Port and Logistics Limited

Yangtze River Port and Logistics Limited (YRIV) Provides the Accurate Details Regarding Hindenburg's Research Report

PR76748

NEW YORK, Dec. 13, 2018 /PRNewswire=KYODO JBN/ --

Yangtze River Port and Logistics Limited (Nasdaq: YRIV) (the "Company"), an

international infrastructure company that engages in the business of real

estate development via a port logistic project located in the middle reaches of

China's Yangtze River in Wuhan, China, today categorically refutes all the

allegations made against the Company in Hindenburg Research's report dated

December 6, 2018 (the "Report").  In particular, the Company wishes to broadly

address certain patently false allegations made in the Report:

1. Worthless/Overinflated Assets

"The unconstructed part of the project is a planned "Logistics Center" that

YRIV states it will build on 1.2 million square meters of land leased from a

local village. On YRIV's latest quarterly balance sheet, the rights to the land

are reported as having a value of $299 million, comprising over 77% of the

company's total assets… Despite claiming to lease 1.2 million square meters

from the village, our government-sourced maps…show that the total area of the

village is only 610 thousand square meters. Moreover, conversations with

officials from the village in question revealed that contrary to the company's

claims, YRIV has not leased any land from them."

    - The value of $299 million reflected in the Company's latest quarterly

      balance sheet is not related to the 1.2 million square meters of land.

      Instead, the reported value of $299 million relates to the value of land

      use rights of the unused portion of 6 parcels of commercial land (steel

      logistics park). Originally, the value of these land use rights of the 6

      parcels of commercial land totaling 515,600 square meters, was booked at

      a cost of $308 million, of which 79,200 square meters of land have been

      used for constructing commercial buildings with 92,700 square meters of

      floor area, leaving 436,400 square meters of unused land. It is this

      unused piece of land that we have reported a value of $299 million. As of

      today, due to the significant appreciation of the local real estate

      market, we estimate that the 515,600 square meters of land that the

      Company has obtained land use right certificates for and was accounted at

      cost value, has nearly doubled to a value of nearly $600 million.

    - The Company's lease of 1.2 million square meters of land mentioned in the

      Report comprises land not only from the Chunfeng Village but also Junmin

      Village and Jiangdi Village, which were brokered and represented through

      Chunfeng Village.

2. Undisclosed Legal Judgments

A list of the 11 undisclosed legal judgments mentioned in the Report is set

forth below:

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https://mma.prnewswire.com/media/797758/Yangtze_River_Port_and_Logistics___Legal_Chart_Infographic.jpg

    - Items 1-6 relate to the litigation and judgements arising from the sale

      of commercial house flats by the Company's subsidiary, Wuhan Yangtze

      River Newport Logistics Co., Ltd. ("Wuhan Newport"). These commercial

      house flats were sold in or before 2015. According to the relevant

      contracts of sale, if Wuhan Newport fails to develop the area in

      accordance with its original development plan within one year after the

      sale and purchase, Wuhan Newport would have to repurchase the commercial

      house flats at the original contracted price back from the purchasers.

      These proceedings were instituted by the purchasers before the said

      properties appreciated and doubled in value between 2017 and 2018.

      Consequently, the purchasers are now reluctant to enforce the judgments

      and sell back the properties to Wuhan Newport. The Company has already

      made provisions for the purchase of the properties in the financial

      statements in its annual report for the year ended December 31, 2015.

      Because the judgments were already rendered, the Company has not

      disclosed these judgements as ongoing "Legal Proceedings".

    - Item 7 refers to the loan of RMB 290 million due to China Construction

      Bank Gangcheng Branch dated May 28, 2014 mentioned in the Report, plus

      interest totaling approximately RMB 325 million, and not in addition to

      such loan. The loan and interest payable obligations have been disclosed

      and accounted for in the Company's financial statements in its annual

      report for the year ended December 31, 2017.

10. LOANS PAYABLE

Bank name                   Term               December 31,        December 31,

                                                  2017                2016

China                 From May 30, 2014                             

Construction Bank      to May 29, 2020       $  44,221,399       $  41,456,074

      The Company is in the process of negotiating a loan restructure with the

      bank and in the meantime, all payments due are suspended. Also, as a

      result of negotiations, the bank has not instituted enforcement

      proceedings. As in the above Items 1-6, because a judgement has already

      been rendered, the Company has not disclosed it as an ongoing "Legal

      Proceedings".

    - Items 8-11 refer to judgements obtained against Wuhan Newport as a

      guarantor for certain loans taken out by a large shareholder of Wuhan

      Newport before it became a subsidiary of the Company. Since the judgments

      were rendered, the shareholder has undertaken in writing to be solely

      responsible for all these loans without recourse to Wuhan Newport and has

      entered into a repayment plan with his creditor(s). Accordingly, no

      enforcement actions have been instituted against Wuhan Newport and in

      accordance with legal opinion from PRC counsel, there are no legal or

      financial liability accorded to Wuhan Newport.

3. Money from YRIV's Capital Raises Has Been Used to Pay the

Chairman/Controlling Shareholder Rather Than Advance Company's Projects

The Report alleges that the Company has consistently reported large liability

balances "due to related parties" on its financial statements. These, in turn,

seem to accrue large interest rates which simply get added to the "advances"

over time. When capital is raised, cash is then used to pay back the supposed

related-party "advances", rather than being employed to further the company's

projects.

    - Ever since the closing of the reverse merger in December 2015, the

      Company has taken out 19 short-term loans via convertible notes totaling

      $8.546 million. The money from these loans was mainly used for paying the

      proposed upfront deposit payments for acquiring another entity, Wuhan

      Economic Development Port Limited ("Wuhan Port EDP"). Because the

      acquisition of Wuhan Port EDP as aborted, the Company began repaying the

      convertible notes from the loan proceeds. As of the end of November 2018,

      the Company has repaid $9.031 million ($7.846 million in principal plus

      $1.184 million in interest), leaving an unpaid principal of $699,000.

    - Contrary to the Report, the Company's CEO, Mr. Xiangyao Liu has not only

      not received a penny from these loans but has advanced as much as

      $485,000 towards the payment of the $9.031 million by the Company and

      will likewise advance the forthcoming redemption of an unexpired

      principal of $699,000 plus interest.

    - Hindenburg quoted the following from the Company's Quarter Report on Form

      10-Q for the quarter ended September 30, 2018:

Photo -

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The Report concluded that there was a total repayment of "loans" of

approximately $6.2 million to Mr. Liu. This is not the case. The Report focused

on the numbers highlighted in the red circles but neglected the increased

amounts highlighted in the green circles which showed increased advances from

Mr. Liu to the Company. The net effect of the aforementioned numbers shows a

net advance from Mr. Liu to the Company. In addition, as mentioned in the

Report, "the total amount of those 19 convertible notes amounted to $8.5

million, of which $3.39 million is outstanding while $5.15 million has been

redeemed." As such, there is no way that Mr. Liu would have received $6.2

million from the proceeds of the notes.

"The Report contains numerous errors of facts and misleading speculations that

are libelous and we categorically deny such speculations. This Report is

largely a rehash of prior allegations made against us and only focuses on

certain discrete information to cultivate a distorted view of the Company",

said Mr. Xiangyao Liu, Chairman and Chief Executive Officer of the Company. "We

have not granted access to Hindenburg nor has Hindenberg ever contacted us to

seek any clarification or explanation to the allegations made. These

speculations have caused significant damage to our Company and we are resolved

to take such actions necessary to defend ourselves and protect the interests of

our shareholders. Additionally, we have instructed counsel to explore our

recourse against Hindenburg for making such irresponsible, baseless and

libelous statements, including but not limited to instituting legal proceedings

against them. We are committed to a high level of corporate governance and

stand by the integrity of our financial statements and business operations. We

will be conducting a special internal investigation into the other allegations

made and will report the outcome of such investigation in due course."

About Yangtze River Port and Logistics Limited

Yangtze River Port and Logistics Limited primarily engages in the business of

real estate development with a port logistic project located in the middle

reaches of the Yangtze River. Yangtze River Port and Limited is a large

infrastructure development project implemented under China's latest "One Belt

One Road" initiative and is believed to be strategically positioned in Wuhan, a

crucial trading window between China, the Middle East and Europe. The logistics

center is also expected to provide a number of shipping berths for cargo ships

of various sizes. Yangtze River Port and Limited is expected to provide

domestic and foreign businesses a direct access to the Free Trade Zone in

Wuhan. The project will include commercial buildings, professional logistic

supply chain centers, direct access to the Yangtze River, Wuhan-Xinjiang-Europe

Railway and ground transportation, storage and processing centers, IT

supporting services, among others.

For additional information please go to: http://www.yerr.com.cn

Forward-Looking Statements:

This document includes "forward-looking" statements, as that term is defined in

the Private Securities Litigation Reform Act of 1995 or by the Securities and

Exchange Commission in its rules, regulations and releases. Forward-looking

statements are any statements other than statements of historical fact,

including statements regarding Company's expectations, beliefs, hopes,

intentions or strategies regarding the future. Among other things, these

forward-looking statements may include statements regarding the change of

Company's plan of operation, future opportunities as a result of the matter

referenced in the above statements; and any other statements regarding

Company's future beliefs, expectations, plans, intentions, financial condition

or performance. In some cases, forward-looking statements can be identified by

the use of words such as "may," "will," "expects," "should," "believes,"

"plans," "anticipates," "estimates," "predicts," "potential," "continue," or

other words of similar meaning. Forward-looking statements are subject to risks

and uncertainties that could cause actual results to differ materially from

those discussed in, or implied by, the forward-looking statements. Factors that

might cause such a difference include, but are not limited to, general economic

conditions, our financial and business prospects, our capital requirements, our

financing prospects, our relationships with employees, and our ability to

realize the anticipated benefits of such transaction, and those disclosed as

risks in other reports filed by us with the Securities and Exchange Commission,

including those described in our most recently filed Quarterly Report on Form

10-Q, Annual Report on Form 10-K and subsequent amendment on Form 10-K/A,

current report on Form 8-K, and other filings with the SEC.

We caution readers that any such statements are based on currently available

operational, financial and competitive information, and they should not place

undue reliance on these forward-looking statements, which reflect management's

opinion only as of the date on which they were made. Except as required by law,

we disclaim any obligation to review or update these forward-looking statements

to reflect events or circumstances as they occur.

CONTACT:

James Coleman

Executive Director

jcoleman@yerr.com.cn

+1 646-861-3315

SOURCE: Yangtze River Port and Logistics Limited