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At the end of May, the Shanghai Stock Exchange (SSE) publicly released the supporting rules for listing of corporate bonds, making it clear that private fund managers registered with the Asset Management Association of China (AMAC) and private fund products filed at the AMAC can, as qualified investors, participate in subscription for and trading of all bond products on the SSE. The above bond products include public corporate bonds, private corporate bonds, enterprise bonds, convertible bonds, treasury bonds, local government bonds, asset-backed securities and all other spot bonds as well as collateralized repo of bonds, pre-issuance trading of treasury bonds and other bond products that are listed or traded on the SSE.
According to statistics of the AMAC, as of the end of this March, there were 9,031 private fund managers registered with the AMAC, who managed more than 10,000 fund products and an asset of nearly RMB2 trillion in the size. Particularly, the bond-oriented private funds have developed rapidly in recent years. According to statistics from Wind Information Co., Ltd., in 2014 the number of the bond-oriented sunshine private funds grew to 600. The release and implementation of the new rules for corporate bonds, which confirms that private fund managers and private funds can participate in the exchange-traded bond market as qualified investors, will further make the above-mentioned private funds, especially the bond-oriented private funds, more active in investing in the bonds on the SSE.
An SSE official said that the private funds have become an important investment group on the exchange-traded bond market. The SSE has planned to organize a special training for the private fund managers in the near future, so as to guide the related private funds in investing in the exchange-traded bond market. Next, the SSE will continue to improve the supporting rules for bonds and the construction of the market infrastructure, expand the issuance size of exchange-traded bonds, optimize the trading mechanism, and provide better services for the participation of private funds and other market participants in the exchange-traded bond market.
