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Notice of the Shanghai Stock Exchange on Issues Concerning the Issuance and Implementation of the Pilot Measures of the Shanghai Stock Exchange for the Issuance of Private Placement Bonds of Small and Medium Enterprises
All market participants:
In order to regulate the private placement bonds of small and medium enterprise, expand financial channels for micro, small and medium enterprises, provide services for the development of real economy and protect the investors' legitimate rights and interests, the Shanghai Stock Exchange (hereinafter referred to as the “SSE”) has formulated the Measures of Shanghai Stock Exchange for the Pilot Program for the Issuance of Private Placement Bonds of Small and Medium Enterprise, which are hereby issued for implementation upon approval by the China Securities Regulatory Commission.
During the pilot period, the issuers of the private placement bonds of small and medium enterprise are restricted to those micro, small and medium enterprises that satisfy the requirements of the Notice on Issuing the Provisions on the Classification Standards for Small and Medium-sized Enterprises (No. 300 [2011] of the Ministry of Industry and Information Technology) and are not listed on the SSE and Shenzhen Stock Exchange, temporarily excluding real estate enterprises and financial enterprises.
Shanghai Stock Exchange
May 22, 2012
Annex:
Measures of the Shanghai Stock Exchange for the Pilot Program for the Issuance of Private Placement Bonds of Small and Medium Enterprises
| | 上海证券交易所关于发布实施《上海证券交易所中小企业私募债券业务试点办法》有关事项的通知
各市场参与人：
为规范中小企业私募债券业务，拓宽中小微型企业融资渠道，服务实体经济发展，保护投资者合法权益，上海证券交易所（以下简称“本所”）制定了《上海证券交易所中小企业私募债券业务试点办法》，经中国证监会批准，现予发布实施。
试点期间，中小企业私募债券发行人限于符合《关于印发中小企业划型标准规定的通知》（工信部联企业〔2011〕300号）规定、且未在本所和深圳证券交易所上市的中小微型企业，暂不包括房地产企业和金融企业。特此通知。
上海证券交易所
二○一二年五月二十二日
附件
上海证券交易所中小企业私募债券业务试点办法
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Chapter I General Provisions
| | 第一章 总则
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Article 1 These Measures are formulated in accordance with the Company Law, the Securities Law and other laws and administrative regulations as well as the relevant business rules of the Shanghai Stock Exchange (hereinafter referred to as the “SSE”) in order to regulate the private placement bonds of small and medium enterprise, expand financial sources for micro, small and medium enterprises, provide services for the development of real economy and protecting the legitimate rights and interests of investors.
| | 第一条 为规范中小企业私募债券业务，拓宽中小微型企业融资渠道，服务实体经济发展，保护投资者合法权益，根据《公司法》、《证券法》等法律、行政法规以及上海证券交易所（以下简称“本所”）相关业务规则，制定本办法。
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Article 2 The term “private placement bonds of small and medium enterprises” (hereinafter referred to as “private placement bonds”) as mentioned in these Measures means the corporate bonds non-publicly issued and transferred by micro, small and medium enterprises within the territory of China, with principal and interest repaid within an agreed time limit.
| | 第二条 本办法所称中小企业私募债券（以下简称“私募债券”），是指中小微型企业在中国境内以非公开方式发行和转让，约定在一定期限还本付息的公司债券。
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Article 3 Issuers shall non-publicly issue private placement bonds to qualified investors with the corresponding capacity to identify and bear risks and shall not adopt means of advertising, public inducement or public issuance in any disguised form.
The total investors of each issue of private placement bonds shall not exceed 200.
| | 第三条 发行人应当以非公开方式向具备相应风险识别和承担能力的合格投资者发行私募债券，不得采用广告、公开劝诱和变相公开方式。
每期私募债券的投资者合计不得超过200人。
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Article 4 Issuers shall fully disclose risks to investors and formulate repayment guarantees and other investor protection measures so as to strengthen the protection of the rights and interests of investors.
Issuers shall ensure the authenticity, accuracy and integrity of the issuance documents and disclosed information, which shall not contain any false records, misleading statements or material omissions.
| | 第四条 发行人应向投资者充分揭示风险，制定偿债保障等投资者保护措施，加强投资者权益保护。
发行人应当保证发行文件及信息披露内容真实、准确、完整，不得有虚假记载、误导性陈述或重大遗漏。
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Article 5 Private placement bonds shall be underwritten by securities companies. When providing services for businesses relating to private placement bonds, securities companies and relevant intermediaries shall follow the principles of equality, free will and good faith, strictly observe the norms of practice and professional ethics, and perform their obligations in accordance with the relevant provisions and agreements.
| | 第五条 私募债券应当由证券公司承销。证券公司和相关中介机构为私募债券相关业务提供服务，应当遵循平等、自愿、诚实守信的原则，严格遵守执业规范和职业道德，按规定和约定履行义务。
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Article 6 Where private placement bonds are transferred in the SSE, they shall be filed with the SSE prior to the issuance. The acceptance of filing by the SSE does not represent any judgment or guarantee regarding the issuers' operating risks, solvency risks, and litigation risks or the investment risks or proceeds in private placement bonds. The investment risks of private placement bond shall be borne by investors themselves.
| | 第六条 私募债券在本所进行转让的，在发行前应当向本所备案。本所接受备案并不对发行人的经营风险、偿债风险、诉讼风险以及私募债券的投资风险或收益等作出判断或保证。私募债券的投资风险由投资者自行承担。
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Article 7 The SSE shall provide services for information disclosure and transfer of private placement bonds and shall implement self-disciplinary management.
| | 第七条 本所为私募债券的信息披露和转让提供服务，并实施自律管理。
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Article 8 The registration and settlement of private placement bonds shall be conducted by the China Securities Depository and Clearing Corporation Limited in accordance with its business rules.
| | 第八条 私募债券的登记和结算，由中国证券登记结算有限责任公司按其业务规则办理。
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Chapter II Filing and Issuance
| | 第二章 备案及发行
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Article 9 Private placement bonds filed with the SSE shall meet the following conditions:
| | 第九条 在本所备案的私募债券，应当符合下列条件：
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1. the issuer shall be a limited liability company or a joint-stock limited company registered within the territory of China;
| | （一）发行人是中国境内注册的有限责任公司或者股份有限公司；
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2. the interest rate of issuance shall not exceed 3 times the bank's benchmark interest rate over the same period;
| | （二）发行利率不得超过同期银行贷款基准利率的3倍；
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3. the term shall be one year or more; and
| | （三）期限在一年（含）以上；
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4. other conditions as required by the SSE.
| | （四）本所规定的其他条件。
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Article 10 To carry out underwriting business, securities companies shall comply with the laws, administrative regulations and the relevant supervisory regulations of the China Securities Regulatory Commission (CSRC) and the relevant provisions of the Securities Association of China.
| | 第十条 证券公司开展承销业务，应当符合法律、行政法规、中国证监会有关监管规定和中国证券业协会的相关规定。
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Article 11 Before the issuance of a private placement bond, the underwriter shall file the issuance materials with the SSE. The filing materials shall include:
| | 第十一条 私募债券发行前，承销商应当将发行材料报送本所备案。备案材料应当包含以下内容：
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1. a filing registration form;
| | （一）备案登记表；
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2. photocopies of the issuer's articles of association and business license (duplicate);
| | （二）发行人公司章程及营业执照（副本）复印件；
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3. the resolution made by the issuer's competent internal body on matters relating to the issuance of the current private placement bond;
| | （三） 发行人内设有权机构关于本期私募债券发行事项的决议；
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4. the underwriting agreement of private placement bond;
| | （四）私募债券承销协议；
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5. the prospectus of private placement bond;
| | （五）私募债券募集说明书；
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6. the due diligence report of the underwriter;
| | （六）承销商的尽职调查报告；
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7. the trust agreement of private placement bond and the private placement bondholders' meeting rules;
| | （七）私募债券受托管理协议及私募债券持有人会议规则；
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8. the issuer's financial reports for the last two full fiscal years audited by an accounting firm with securities and futures-related qualifications;
| | （八）发行人经具有执行证券、期货相关业务资格的会计师事务所审计的最近两个完整会计年度的财务报告；
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9. legal opinions issued by a law firm regarding the issuance of current private placement bond;
| | （九）律师事务所出具的关于本期私募债券发行的法律意见书；
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10. the letter of commitment from the issuer's directors, supervisors and senior managers as to the authenticity, accuracy and integrity of the issuance application documents; and
| | （十）发行人全体董事、监事和高级管理人员对发行申请文件真实性、准确性和完整性的承诺书；
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11. other documents as prescribed by the SSE.
| | （十一）本所规定的其他文件。
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Article 12 A prospectus of private placement bond shall, at a minimum, contain the following:
| | 第十二条 私募债券募集说明书应当至少包含以下内容：
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1. basic information on the issuer;
| | （一）发行人基本情况；
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2. the issuer's financial conditions;
| | （二）发行人财务状况；
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3. basic information on and issuance terms of the current private placement bond, including the name of the private placement bond, the total amount of the current issue, term, face value, issue price or method for determination of interest rate, the debt service period and methods, and so on;
| | （三）本期私募债券发行基本情况及发行条款，包括私募债券名称、本期发行总额、期限、票面金额、发行价格或利率确定方式、还本付息的期限和方式等；
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4. the underwriting institution and underwriting arrangements;
| | （四） 承销机构及承销安排；
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5. the use of the raised funds and procedures for changing the use of funds during the duration of private placement bond;
| | （五）募集资金用途及私募债券存续期间变更资金用途程序；
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6. the scope of and constraints on the transfer of private placement bond;
| | （六）私募债券转让范围及约束条件；
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7. the specific information to be disclosed and the methods of information disclosure;
| | （七）信息披露的具体内容和方式；
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8. arrangements for debt repayment safeguard mechanisms, dividend distribution policies, trust management of private placement bond, private placement bondholders' meetings and other investor protection mechanisms;
| | （八）偿债保障机制、股息分配政策、私募债券受托管理及私募债券持有人会议等投资者保护机制安排；
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9. information on the guarantee of private placement bond (if any);
| | （九）私募债券担保情况（若有）；
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10. specific arrangements regarding the credit ratings and follow-up ratings of private placement bond (if any);
| | （十）私募债券信用评级和跟踪评级的具体安排（若有）；
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11. risk factors of the current private placement bond and disclaimers;
| | （十一）本期私募债券风险因素及免责提示；
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12. arbitration or other dispute resolution mechanisms;
| | （十二）仲裁或其他争议解决机制；
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13. the issuer's statement concerning the use of the funds raised from the current private placement bond complying with the law and regulations and issuance procedures complying with the rules;
| | （十三）发行人对本期私募债券募集资金用途合法合规、发行程序合规性的声明；
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14. commitment made by the issuer's directors, supervisors and senior managers as to the authenticity, accuracy and integrity of the issuance documents; and
| | （十四）发行人全体董事、监事和高级管理人员对发行文件真实性、准确性和完整性的承诺；
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15. other important matters.
| | （十五）其他重要事项。
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Article 13 The SSE shall check the filing materials for completeness. Where the filing materials are complete, the SSE shall issue a Notice on the Acceptance of Filing within 10 workdays from the day the materials were accepted.
．．．．．． | | 第十三条 本所对备案材料进行完备性核对。备案材料完备的，本所自接受材料之日起10个工作日内出具《接受备案通知书》。
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