China Trading Stocks

[kindama]

Did you read the T-3?

http://www.sec.gov/Archives/edgar/data/1385424/000119312515011511/d851414dex99t3c1.htm

In particular:

in connection with the principal payment due on Initial Maturity Date, at the option of the Super Majority Holders, which may be exercised one or more times, notifying the Company, the Trustee and the Conversion Agent in writing 15 Business Days prior to the Initial Maturity Date (or any subsequent Maturity Date as extended by the Super Majority Holders as permitted herein, as the case may be), (i) the relevant Maturity Date will be extended as stated in the written notice of the Super Majority Holders and/or (ii) the Company shall make the payment of principal and interest due on the Maturity Date with ADSs at VWAP for 20-trading-day period immediately prior to (but excluding) the relevant Maturity Date, as so extended, in which case the Company shall issue to the Holder within five Business Days following the relevant Maturity Date certificates evidencing the relevant number of Ordinary Shares on the basis of the Conversion Price at the Conversion Rate or Interest Conversion Rate, as the case may be, equal to the price per Ordinary Share by referring to the VWAP of ADSs for the 20-trading-day period immediately prior to (but excluding) such Maturity Date (except for any cash payment in lieu of a fractional Ordinary Share or ADS which may be payable under SECTION 9.02(b)), with further deposit of such Ordinary Shares for the issuance of ADSs by the ADS Depositary to comply with provisions of SECTION 4.13, SECTION 9.01 and SECTION 9.02 (as applicable); provided, however, that, to the extent that any of the Ordinary Shares contemplated under this SECTION 2.13 shall constitute a Restricted Security, if issued or delivered, the Company shall issue such Ordinary Shares with the certificates to bear the Private Placement Legend until the Ordinary Share Restriction Termination Date;