On April 15, SZSE publicly solicited opinions from the market with respect to No. 3 Guidelines for Public Infrastructure Securities Investment Fund Business-Newly Acquired Infrastructure Project (Provisional) (Exposure Draft) (hereinafter referred to as the Newly Acquired Infrastructure Project Guidelines) according to the unified arrangement of CSRC. The Exposure Draft sets out specific arrangements (such as additional share offering, information disclosure, decision-making and review & approval) for the newly acquired infrastructure project of public listed infrastructure REITs (hereinafter referred to as infrastructure REITs). This is another move of SZSE to conscientiously carry out the requirements for promoting the sound development of infrastructure REITs as stated in the outline of the 14th Five-Year Plan, make further progress in the trial of infrastructure REITs, further improve the ability of the capital market to serve the real economy, and better facilitate virtuous cycle of infrastructure investment and financing.
Since the launching of the trial of infrastructure REITs, SZSE has put in place a supporting rule system consisting of "1 business measures + 2 business guidelines + 4 business guides". During the formulation of the Newly Acquired Infrastructure Project Guidelines, supporting rules for infrastructure REITs were further improved to help the existing listed infrastructure REITs to issue more shares to acquire assets through the market-oriented mechanism, optimize asset portfolios, and improve the operation quality of infrastructure REITs.
The Newly Acquired Infrastructure Project Guidelines consists of 56 articles in seven chapters. The main content is as follows. First, streamlining the whole business process. In aspects of the decision-making procedure, information disclosure and trading suspension and resumption of the newly acquired infrastructure project, it has fully drew on the practical experience in M&A, restructuring and refinancing of listed companies, highlighted the characteristics of infrastructure REITs and strictly defined the responsibilities of market players such as intermediary institutions. Second, maintaining the stability of rules. Basic requirements, strategic placement arrangements, due diligence, information disclosure and additional share offering registration requirements for the newly acquired project of infrastructure REITs have kept in line with relevant regulations for IPO. It has further enhanced the fairness, timeliness and accuracy of information disclosure, limited trading suspension time and made the market more transparent. Third, meeting the urgent needs of the market. With the focus on priorities, it has regulated the act of the newly acquired infrastructure project during additional share offering of infrastructure REITs and specified that the Guidelines are only applicable to the financing through additional share offering as reference.
The deadline for soliciting opinions on the Newly Acquired Infrastructure Project Guidelines will be 30 April 2022. Your valuable opinions will be highly appreciated. Next, SZSE will continuously push forward the trial of infrastructure REITs, constantly optimize the rule system, stimulate the market development momentum of infrastructure REITs and better serve the overall high-quality development of the real economy.
