Shenzhen Stock Exchange (“SZSE”) recently promulgated the Guidelines for Bond Business No.1 – Listing Pre-approval, Issuance and Listing Business of Public Offering Corporate Bonds, Guidelines for Bond Business No.2 – Issuance, Transfer Application and Investor Eligibility Management Business of Private Placement Corporate Bonds and Answers to Questions Related with Issuance and Listing/Transfer of Corporate Bonds, so as to regulate the pre-approval, issuance and listing business of corporate bonds, and improve the information disclosure quality and standardized operation level of issuers and intermediary organizations.
The Guidelines for Bond Business has given detailed introduction to related business processes, application requirements, application materials or format requirements for contents of information disclosure before listing/transfer of corporate bonds. Guideline No.1 has raised the standardization requirements for the handling procedures, application materials preparation and so on in the pre-approval, issuance and listing business processes of public offering corporate bonds, including refining the treatment arrangements for special circumstances in pre-approval, audit requirements in case of major assets restructuring, scope of verification opinions of intermediary organizations and time limit for submitting issuance and listing application. Guideline No.2 has regulated the transfer eligibility confirmation, issuance, transfer and other related business processes of private placement corporate bonds, application materials, requirements for preparation of information disclosure announcements and investor eligibility management business process, etc., and added the issuance prepositional procedure regarding reporting of lead underwriters on whether issuers have any major events or not and relevant materials to SZSE before the issuance of private placement corporate bonds. And the Answers to Questions Related with Issuance and Listing/Transfer of Corporate Bonds has clearly delivered answers to common problems of market generality and policy tendency to the market in the form of questions and answers.
Related officer of SZSE said, SZSE has constantly perfected relevant business rules, optimized audit efficiency and enhanced audit transparency to coordinate the corporate bonds issuance system reform of China Securities Regulatory Commission (“CSRC”), the issuance volume of SZSE listed corporate bonds has increased rapidly in 2015, the financing cost has been significantly reduced, and the financial service efficiency for real economy has been effectively enhanced. The Guidelines for Bond Business is an important measure of SZSE to further promote the construction of standardized and transparent system for corporate bonds information disclosure and guide intermediary organizations to be diligent and responsible after the Rules for Listing of Corporate Bonds and relevant matching rules promulgated by SZSE in May 2015 according to CSRC’s Management Measures on Issuance and Transaction of Corporate Bonds. With the further development of corporate bond business, SZSE will constantly sum up experience, timely perfect matching business rules system, enhance the operability of business rules and transparency of relevant supervision, and strengthen the publicity, demonstration and guidance for issuers and relevant intermediary organizations by establishing routine special training on corporate bonds, etc..
