沪主板再融资过会！首轮答复说明资金缺口，审议会议现场被追问高负债合理性

Core Viewpoint - The Shanghai Stock Exchange has raised concerns regarding Longjian Road and Bridge Co., Ltd.'s accounts receivable risks and the adequacy of its bad debt provisions, as well as the reasonableness of its refinancing fundraising scale [1][5]. Refinancing Review Results - Longjian Road and Bridge Co., Ltd. has received approval for its refinancing application from the Shanghai Stock Exchange [2]. Financial Details - The company plans to raise a total of up to 1 billion yuan (approximately 100 million) through public issuance of convertible bonds, with the funds allocated to various projects and debt repayment [6][9]. - The total investment for the projects includes 653.04 million yuan for the G1111 project and 183.45 million yuan for the Dan-A highway project, with 45 million yuan allocated for repaying bank loans [6][9]. Debt and Cash Flow Analysis - The company has been questioned about the rationale behind its high cash reserves and debt levels, as well as its debt repayment capabilities [6][10]. - As of June 30, 2023, the company reported a total funding gap of approximately 512.95 million yuan, with the planned fundraising of 100 million yuan addressing part of this gap [9]. Accounts Receivable and Bad Debt Provisions - The company’s accounts receivable accounted for 30.35% to 24.58% of current assets over the reporting periods, with a lower bad debt provision ratio compared to industry peers [10][13]. - The company asserts that its bad debt provision policies are in line with accounting standards and comparable to industry practices, indicating that the provisions are adequate [10][14]. - The aging of accounts receivable shows that 84.76% to 86.74% of receivables are within three years, suggesting a reasonable aging profile [11][13]. Project Implementation and Control - The company has confirmed that the fundraising projects will be implemented by its subsidiaries, which possess the necessary qualifications and licenses [8][11]. - The company will enter into loan agreements with its subsidiaries to ensure effective control over the use of raised funds, with interest rates based on the latest loan market rates [8][11].