Great Wall Broadband is accused of stealing money and running away? 1,000 households are disconnected and waiting

Great Wall Broadband and its former partner, Changkuan Internet, made thousands of residents in a certain community hate it extremely. In the past, the two companies collected millions of dollars from residents on the pretext of providing broadband fees. Now, the Internet at home is disconnected, Changkuan Internet has gone away, and the salespeople have collectively lost contact... According to the explanation from Great Wall Broadband, they have terminated their cooperation with Changkuan Internet, and therefore are unable to perform corresponding services. This statement made the residents even more angry. "When collecting money, the salesperson said that he was an employee of Great Wall Broadband. Now that there is a problem, he is shirk and refuse to solve it?" At present, some owners have chosen to litigate to defend their rights. It is worth noting that Dr. Peng spent 1.796 billion yuan to acquire Great Wall Broadband, which was eventually packaged and sold for less than 1 million yuan. Currently, a company called Broadband Tong claims to "take over rights protection customers." After investigation, Dr. Peng holds 99.99% of Broadband Broadband shares. In short, Dr. Peng sold Great Wall Broadband, and now his affiliated companies are in trouble. In the chaotic long-width system, who serves the owners? As the first broadband service provider to enter a certain community, Great Wall Broadband basically covered the entire community and surrounding areas as early as 2007. China Mobile, China Telecom and other operators only entered the area in recent years. According to multiple owners told Sina Technology, the reason for this incident was: "Great Wall Broadband could not continue to pay the network access fee to the local community property company. The two had a lawsuit over this matter, but in the end Great Wall Broadband lost the lawsuit. , but did not fully pay the corresponding fees to the community property. In the end, the property management company completely turned its back and dug up the optical fiber of the Great Wall Broadband-related company through optical fiber reconstruction, which ultimately resulted in a large number of residents using Great Wall Broadband being unable to use the broadband in the community.”

▲ The network cable has been cut

1. Interestingly, when the owners contacted Great Wall Broadband, they were told that the broadband company they had paid for had changed. Great Wall Broadband had terminated its cooperation with Changkuan Internet, Changkuan Telecom and other companies. relation.

2. Due to the change in the cooperative relationship, the initial explanation given by the relevant personnel of Great Wall Broadband was: "We have terminated the cooperation with these companies and will help communicate and negotiate."
3. Currently, the vast majority of residents who have been disconnected are not satisfied with Great Wall Broadband. Not satisfied with the approach. Some owners revealed that when renewing their subscription in March this year, the number they dialed was from Great Wall Broadband. Later, the renewal specialist of Great Wall Broadband contacted and provided the payment link. However, they finally disconnected and discovered that “the company they used to pay for has become Long-width interconnection.”

   

   In the eyes of most property owners, Great Wall Broadband’s approach “is very similar to the routine of registering a shell company to make money and run away.”

According to reports, currently:

1. Some property owners have initiated civil lawsuits over the issue of Great Wall Broadband running away.

2. Some owners have formed:

   • A rights protection communication group with more than 140 people
   • A refund communication group with more than 40 people
3. successively initiated complaints through national 12315, Black Cat Complaints and other platforms.

   

   "Broadband Access" has entered the market, and Dr. Peng is suspected of wading into troubled waters

Some owners told Sina Technology that according to statistics from the local neighborhood committee, more than 1,000 households were disconnected from the Internet due to the failure of the broadband company. Due to the different situations of each company, a few owners said they have received a reply from Great Wall Broadband, but some owners said they have not been able to contact Great Wall Broadband so far.

Currently, after coordination, a company called Broadband Connect has emerged, claiming to be "a rights protection customer who has taken over Great Wall Broadband" and is willing to provide network switching services for residents. However, for some users who have had their money taken away, the current reply from Broadband is that "we will register your appeal and contact the staff of the 'run away' company to negotiate a refund."

Bandband is actually Dr. Peng Telecom Media Group Co., Ltd. (abbreviation: Dr. Peng) is a holding company with a registered capital of 20 million yuan, and Dr. Peng holds 99.99% of the shares. Interestingly, Great Wall Broadband, the company at the center of the network outage, had previously had an inseparable relationship with Dr. Peng.

The relationship between Dr. Peng and Great Wall Broadband started 12 years ago. As early as early 2012, Dr. Peng spent 1.796 billion yuan through two large-scale asset acquisitions to acquire 100% of the shares of Great Wall Broadband, which had liabilities of 2.8 billion yuan at the time, turning Great Wall Broadband into a wholly-owned subsidiary. However, after the acquisition of Great Wall Broadband, it failed to follow the changes in the telecommunications industry in a timely manner and quickly launch products that met the needs of the times. Great Wall Broadband, which had a debt ratio of 104% when it was acquired, soon implicated Dr. Peng, leading to a performance crash.

In 2019, Dr. Peng exposed a huge loss of 5.75 billion yuan. At the same time, Dr. Peng made provision for impairment of goodwill of RMB 1.999 billion, provision for impairment of fixed assets of RMB 3.075 billion, and provision for bad debts and impairment losses of other assets of RMB 417 million in 2019. Subsequently, Dr. Peng packaged and sold Great Wall Broadband, which he had purchased for 1.796 billion yuan, for less than 1 million yuan.

According to previous media reports and relevant investors questioning Dr. Peng, when Great Wall Broadband was sold, a large number of Great Wall Broadband users reported that "refunds have not been received for more than half a year", and there were also "thousands of people queuing up in the QQ group" Waiting for a refund”. Now, after the Great Wall Broadband Cooperation Company ran away, it has once again come forward to "take over the rights protection issues of Great Wall Broadband", bringing Dr. Peng into the public eye again.

What is puzzling is that as a company that once sold Great Wall Broadband for 1 million, why does Dr. Peng want to go into this muddy water again? In the view of some users who have been disconnected from the Internet, "This time Broadband takes over, it may mean that Dr. Peng is once again involved in the dispute over refund difficulties."

One-yuan stock ST Dr. Peng faces the risk of delisting

Facts For Dr. Peng, who has already worn the hat of "ST", the things that make him anxious are far more than just "cutting off the Internet and running away".

In 2022, Dr. Peng, who began to suffer continuous losses due to the acquisition of Great Wall Broadband, once again suffered further losses due to the Pacific submarine optical cable project. At the same time, the internal control audit report issued by an accounting firm with a negative opinion also changed Dr. Peng from wearing a hat to Dr. ST Peng.

Subsequently, after experiencing the debt crisis, Dr. Peng moved his headquarters to Qingdao and began to focus on operational services and gradually developed cloud business. However, when the company's cloud business was improving slightly, in July 2023, Dr. ST Peng was put on file by the China Securities Regulatory Commission for suspected illegal information disclosure, which once again put the company in trouble. Subsequently, matters such as the freezing of 439 million shares (accounting for 27.09%) of the 449 million shares held by ST Dr. Peng's controlling shareholders and persons acting in concert also cast a shadow on Dr. Peng's prospects.

As of May this year, because the accounting firm issued a disclaimer of opinion on Dr. Peng in the "2023 Annual Audit Report", which violated the provisions of Article 9.3.2, Paragraph 1 (3) of the "Listing Rules", Dr. Peng's A shares The abbreviation changed from ST Dr. Peng to *ST Pengbo, and a delisting risk warning began to be implemented.

Now, Dr. Peng, whose stock price has dropped to about 1 yuan, not only faces investor claims and rights protection due to possible delisting, but also faces the risk of a large number of holding company equity being frozen or judicially disposed of. Under such circumstances, it is puzzling that Dr. Peng is still willing to step into the "murky waters" of Great Wall Broadband.

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