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On October 26, the first special bailout bond was successfully issued by way of bookkeeping on SZSE. SZSE spokesperson answered questions from reporters on the issues of market concern.
1. Q: Would you please brief us about today's bookkeeping issuance of the first bailout special bond of "18 SZ Bailout 01"?
A: Shenzhen Investment Holdings Co., Ltd. issued the 2018 bailout special bonds by public bookkeeping at 9:00 today. The final issue volume is CNY1 billion, with a term of 3 + 2 years and a coupon rate of 3.97%. The subscription multiple is 4.6. Investors including major bond market investors such as banks, insurance, securities, funds and trusts were eager to subscribe. This fully reflects the market's recognition of such issuance to help private listed companies resolve the risks of equity pledge and support their development.
2. Q: Please tell us how the special funds financed with the raised funds from this issuance will play the role in supporting the liquidity risks of private enterprises.
A: The raised funds of this issuance total CNY1 billion. It will be used to set up a special equity investment fund to help the de facto controllers of Shenzhen's A-share listed companies, which are based on their main business and with good business performance, resolve the liquidity problems arising from stock pledges. The special equity investment funds will attract social capital participation through the principle of commercialization, and achieve certain scaling up. By signing relevant agreements involving pledge risk stocks with the qualified actual controllers, the fund management institution will realize distribution and exit mechanisms according to the agreed earnings based on the principle of marketization. It will earnestly implement the measures and requirements to promote the steady development of Shenzhen's listed companies.
3. Q: Please tell us what measures SZSE will continue to take to support the development of private enterprises?
A: Next, SZSE will resolutely implement the requirements of the "Sixth Stability" requirements of the CPC Central Committee and the State Council. We will earnestly maintain the steady operation of the market, and prevent and resolve risks in key areas under CSRC's leadership. Besides, we will continue to give play to SZSE's characteristics and advantages in serving private enterprises, innovative enterprises, and SMEs and fully activate the direct financing function of our bond market. SZSE will deepen the innovation of the bond market and improve its supporting system. In addition, we will implement the policy of dedicated staff and audits for the review of such bonds and their green channels and promptly introduce credit enhancement tools, so as to broaden the funding channels for resolving the liquidity risks of private enterprises and create a good financing environment for supporting the steady development of private enterprises.
