On December 27, under the guidance of the China Securities Regulatory Commission, the SSE revised and published the Guidelines for Review of Corporate Bond Issuance and Listing on Shanghai Stock Exchange No. 2—Special Corporate Bonds (2024 Revision) (hereinafter referred to as "the Guidelines"). This revision is an important measure by the SSE to implement national strategies and support the real economy. It aims to better guide funds toward key areas of national strategic importance and effectively serve enterprises in industries such as sci-tech innovation and green development.
The Guidelines document enhances the financing systems for special corporate bonds, including sci-tech innovation bonds, green bonds, rural revitalization bonds, support bonds for micro, small, and medium-sized enterprises (MSMEs), and short-term bonds. Firstly, it emphasizes on strengthening precise support for sci-tech innovation and fostering the growth of new quality productive forces. Support will be given to review optimization measures for "hard-tech" enterprises engaged in tackling critical core technologies. The scope of issuers for sci-tech innovation bonds related to sci-tech innovation investment and sci-tech innovation incubation will be appropriately expanded, along with the improvement of evaluation criteria for sci-tech enterprise issuers in the sci-tech innovation bond sector. Secondly, it proposes enhancing the institutional adaptability and inclusivity of green bonds and rural revitalization bonds. The period for using the capital raised from green bonds to replace self-funded expenditures of green projects will be extended to 12 months. Additionally, support will be provided for enterprises registered in national rural revitalization demonstration counties and agriculture-related enterprises in issuing rural revitalization bonds, which will be primarily used to support related fields of rural revitalization. Thirdly, it aims to improve the usage flexibility of funds raised from bonds to support MSMEs. Methods for raising capital to support MSMEs will be expanded, allowing support for MSMEs' self-funded expenditures incurred within three months prior to the issuance of replacement funds. Fourthly, it recommends addressing the current fund management needs of high-quality listed companies. Listed companies that have obtained an "A" rating in their information disclosure evaluations for the past two years will be supported in issuing short-term bonds. Next, the SSE will in line with the deployments of the China Securities Regulatory Commission, maintaining a commitment to both tradition and innovation. We will proactively take responsibility to ensure the effective implementation of the Guidelines and to promote awareness of the policies. Additionally, the SSE will continue to optimize the rules and systems related to corporate bonds, making it easier for real enterprises to effectively utilize bond financing tools. This effort aims to enhance the quality and efficiency of services for the real economy and national strategies while promoting the high-quality development of the SSE's bond market.
