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| Notice by the National Association of Financial Market Institutional Investors of Specifying the Relevant Mechanism for Hybrid Bills for Scientific and Technological Innovation | | 中国银行间市场交易商协会关于明确混合型科创票据相关机制的通知 |
| All market participants: | | 各市场成员： |
| For the purposes of implementing the spirit of the policies of the 20th CPC National Congress for “improving the scientific and technological innovation system” and “accelerating the implementation of the innovation-driven development strategy,” and implementing the key work requirements of the State Council Executive meeting on the Action Plan for Increasing Support for the Financing of Science and technology Enterprises issued by the executive meeting of the State Council, under the guidance of the People's Bank of China, the the National Association of Financial Market Institutional Investors has launched hybrid bills for scientific and technological innovation in an innovative manner, to fill the hybrid fund gap on the bond market, realize the spectral effect from debt to equity, and improve the financing service function of the capital market for the whole life cycle of science and technology enterprises. You are hereby notified of the relevant working mechanism as follows: | | 为贯彻党的二十大关于“完善科技创新体系”“加快实施创新驱动发展战略”政策精神，落实国务院常务会议关于《加大力度支持科技型企业融资行动方案》重点工作要求，在人民银行指导下，交易商协会创新推出混合型科创票据，填补债券市场混合性资金缺口，实现从债到股的光谱效应，提升资本市场对科技型企业全生命周期的融资服务功能。现就相关工作机制通知如下： |
| I. Product definition | | 一、产品界定 |
| For the purpose of this Notice, the term “hybrid bills for scientific and technological innovation” refers to the debt financing instruments issued by enterprises with funds raised to be used in the field of scientific and technological innovation and with differentiated combined design realized by floating-interest cum rights clause, revenue sharing hooking, stock-bond hooked conversion, and other means. | | 本通知所称混合型科创票据，是指企业发行的募集资金用于科技创新领域的，通过浮息含权条款、收益分成挂钩、股债联结转换等方式实现差异化组合式设计的债务融资工具。 |
| II. Operation mode | | 二、运作模式 |
| Enterprises are encouraged to achieve the hooking effect of stocks and bonds by purchases of raised funds, clause design, term arrangement, and other means, and provide diversified relay financing services for science and technology enterprises. | | 鼓励企业通过募集资金用途、条款设计、期限安排等方式，达到股债联动效果，为科技型企业提供多元化接力式融资服务。 |
| 1. Purposes of raised funds | | （一）募集资金用途 |
| No less than 50% of the raised funds shall be used in the field of scientific and technological innovation, which may be used for the production and operation activities of scientific and technological enterprises with the title of scientific and technological innovation, and may also be used to invest in the equity of scientific and technological enterprises, to realize control or purchase stock in a subject company, and to invest in the field of scientific and technological innovation through the fund, and the fund need to satisfy the compliance requirements. | | 募集资金应不低于50%用于科技创新领域，可用于具有科技创新称号的科技型企业生产经营活动，也可用于投资科技型企业的股权，对标的公司实现控制或参股，以及通过基金投资于科技创新领域，且基金需满足合规性要求。 |
| 2. Clause design | | （二）条款设计 |
| An issuer may independently design the issuance terms under the basic framework based on its own development stage, and choose the hooked subject matter and clause design under the principle of stock-bond combination and income sharing. Lead underwriters, accounting firms, law firms and other institutions shall maximize the role of intermediary agencies, assist in the design of the issuance terms, and fully demonstrate the rationality and compliance of the terms. Basic clause design includes, but is not limited to the following patterns: | | 发行人可结合自身发展阶段，在基础框架下自主设计发行条款，并基于股债结合、收益分成的原则，选择挂钩标的、条款设计。主承销商、会计师事务所、律师事务所等机构应发挥中介机构作用，协助设计发行条款，对条款合理性、合规性进行充分论证。基础条款设计包括但不限于以下模式： |
| (1) Mode of monetizing or pledging property rights | | 1、变现或质押财产权模式 |
| ．．．．．． | | ．．．．．． |
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