Core Points - Heavy rainfall has caused significant damage to multiple roads in the mountainous areas of Beijing's Miyun District, with some roadbeds completely washed away [1][7] - The local authorities are prioritizing emergency repairs and have mobilized over 100 machines and 200 workers to restore the most severely affected routes [8] - Communication services have been disrupted in severely affected areas, prompting the use of drones equipped with satellite communication to provide connectivity [8] Group 1: Road Damage and Repair Efforts - The Xinyang Line (National Road 234) has experienced severe roadbed damage, complicating access to local government offices in Fengjiayu and Bulaotun towns, both of which have been heavily impacted [2][6] - Repair efforts are ongoing, with workers using ordinary stones to stabilize the roadbed, and an estimated 200 trucks of materials are needed for initial repairs, with additional materials required for further reinforcement [5][6] - The local government has identified 14 roads under management, with 7 being actively monitored due to landslides and roadbed damage [7][8] Group 2: Communication Challenges - Due to the road damage, emergency vehicles carrying satellite communication equipment are unable to reach affected areas, leading to communication blackouts [8] - China Mobile Beijing has deployed drones to provide communication services to the affected villages, utilizing satellite transmission to maintain connectivity [8]

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].