| | |
| Notice by the Shanghai Stock Exchange of Matters Concerning the Pilot Program for the Reopening of Corporate Bonds and the Expansion Issuance of Asset-Backed Securities | | 上海证券交易所关于试点公司债券续发行和资产支持证券扩募业务有关事项的通知 |
| (No. 71 [2025] of the Shanghai Stock Exchange) | | （上证发〔2025〕71号） |
| All market participants: | | 各市场参与人： |
| For the purpose of regulating the reopening of corporate bonds (including enterprise bonds; the same shall apply hereinafter) and the expansion of asset-backed securities issuance, meeting the reasonable financing needs of market participants, and further improving the liquidity of the bond market, the Shanghai Stock Exchange (the “SSE”) hereby issues the following notice on the relevant arrangements for the pilot reopening of corporate bonds and the pilot expansion of asset-backed securities issuance: | | 为规范公司债券（含企业债券，下同）续发行和资产支持证券扩募业务活动，满足市场主体合理融资需求，进一步提升债券市场流动性，上海证券交易所（以下简称本所）就试点开展公司债券续发行和资产支持证券扩募发行业务有关安排通知如下： |
| I. For the purpose of this Notice, “reopening of corporate bonds” means an act whereby the issuer of existing corporate bonds listed on the SSE conducts an incremental issuance and merges the newly issued bonds with the existing bonds for joint listing. | | 一、本通知所称公司债券续发行，是指已在本所上市挂牌的存量公司债券的发行人进行增量发行并将增量发行债券与存量债券合并上市挂牌。 |
| For the purpose of this Notice, “expansion of asset-backed securities Issuance” means an act whereby the plan manager conducts an expansion issuance under the existing asset-backed plan for real estate asset-backed securities already listed on the SSE, and merges the newly issued securities with the existing securities for joint listing. The expansion issuance shall not involve the establishment of a new asset-backed special plan. | | 本通知所称资产支持证券扩募，是指计划管理人对在本所挂牌的存量持有型不动产资产支持证券进行扩募发行并且合并挂牌。扩募发行不涉及设立新的资产支持专项计划。 |
| Following the consolidated listing, the issuance terms of the outstanding corporate bonds and asset-backed securities—including those concerning repayment of principal and interest and income distribution—and the arrangements for protecting investors' rights and interests, such as bondholders' meetings, trusteeship, liability for breach of contract, and dispute resolution, shall, in principle, remain unchanged. The corporate bond issuer and the plan manager shall ensure that both existing and new holders enjoy equal rights and fulfill obligations in accordance with the prospectus, plan prospectus, and relevant agreements. | | 合并上市挂牌后，存量公司债券、资产支持证券的还本付息、收益分配等发行条款和持有人会议、受托管理、违约责任与争议解决等投资者权益保护相关安排原则上保持不变。公司债券发行人、计划管理人应当确保原持有人和新加入的持有人按照募集说明书、计划说明书和相关协议的约定平等享有权利、履行义务。 |
| II. An issuer may apply to the SSE, using valid public offering registration documents or a private placement no-objection letter, for issuance filing to participate in the reopening of corporate bonds. If no compliant registration documents or no-objection letters are available, the issuer shall, in accordance with the Rules for Review of the Issuance and Listing of Corporate Bonds of the Shanghai Stock Exchange and other relevant provisions, submit an application to the SSE for either issuance and listing review or confirmation of listing conditions. | | 二、发行人可以使用有效期内的公开发行注册文件或者非公开发行无异议函向本所申请发行备案，参与续发行业务。没有符合规定的注册文件或者无异议函的，应当依照《上海证券交易所公司债券发行上市审核规则》等有关规定，向本所提交发行上市审核或者挂牌条件确认申请。 |
| Matters relating to the issuance and listing review, confirmation of listing conditions, and filing for the issuance of corporate bonds shall be governed by the current business rules of the SSE, unless otherwise specified in this Notice. | | 发行上市审核、挂牌条件确认以及公司债券的发行备案具体事宜，适用本所现行业务规则的规定，本通知另有规定的除外。 |
| III. Where outstanding corporate bonds contain guarantee provisions, the issuer shall, before conducting a reopening, make appropriate arrangements for any changes to the guarantee mechanism in order to effectively safeguard the lawful rights and interests of the holders. | | 三、存量公司债券附有担保条款的，发行人应当在实施续发行前对担保机制的变更做出妥善安排，切实保障持有人的合法权益。 |
| ．．．．．． | | ．．．．．． |
Dear visitor,you are attempting to view a subscription-based section of lawinfochina.com. If you are already a subscriber, please login to enjoy access to our databases . If you are not a subscriber, please subscribe . Should you have any questions, please contact us at:
+86 (10) 8268-9699 or +86 (10) 8266-8266 (ext. 153)
Mobile: +86 133-1157-0713
Fax: +86 (10) 8266-8268
database@chinalawinfo.com
| |
您好：您现在要进入的是北大法律英文网会员专区，如您是我们英文用户可直接 登录，进入会员专区查询您所需要的信息；如您还不是我们 的英文用户，请注册并交纳相应费用成为我们的英文会员 。如有问题请来电咨询；
Tel: +86 (10) 82689699, +86 (10) 82668266 ext. 153
Mobile: +86 13311570713
Fax: +86 (10) 82668268
E-mail: database@chinalawinfo.com
|
| | | |
| | | |