Chapter 1 General Provisions Article 1 In order to further develop the money market, expand direct financing channels for enterprises, regulate the issuance and trading of short-term financing bonds, and protect the legitimate rights and interests of the parties to short-term financing bonds, according to the "People's *The Law of the People's Republic of China on the People's Bank of China and relevant laws and administrative regulations, these Measures are formulated. Article 2 These Measures apply to short-term financing bonds issued within the territory of the People's Republic of China and by non-financial enterprises with legal person status (hereinafter referred to as enterprises) within the territory of the People's Republic of China. Article 3 The term “short-term financing bonds” (hereinafter referred to as financing bonds) as mentioned in these Measures refers to securities issued and traded by enterprises in the inter-bank bond market in accordance with the conditions and procedures stipulated in these Measures and with an agreement to repay principal and interest within a certain period of time. . Article 4 The People's Bank of China shall supervise and manage the issuance, trading, registration, custody, settlement and redemption of financing bonds in accordance with the law. Article 5 The issuance of financing bonds shall comply with the conditions stipulated in these Measures. Article 6: Financing bonds are issued to institutional investors in the inter-bank bond market and are only traded in the inter-bank bond market. Financing bonds are not issued to the public. Article 7 The issuance and trading of financing bonds shall follow the principles of openness, fairness, impartiality, integrity and self-discipline. Article 8 Enterprises that issue financing bonds shall make true, accurate, complete and timely information disclosures in accordance with regulations. Article 9 The investment risks of financing bonds shall be borne by the investors themselves. Chapter 2 Issuance, Registration, and Custody Article 10 An enterprise applying for the issuance of financing bonds shall meet the following conditions:
(1) It is an enterprise legal person established in accordance with the law within the territory of the People's Republic of China;
(2) Have a stable source of debt repayment funds and make profits in the most recent fiscal year;
(3) Have good liquidity and strong ability to repay debts upon maturity;
< p>(4) The funds raised from the issuance of financing bonds are used for the production and operation of the enterprise;(5) There have been no illegal or major violations in the past three years;
(6) The past three years There is no delay in payment of principal and interest for the financing bonds issued in 2018;
(7) Having a sound internal management system and a management system for the use and repayment of raised funds;
(8) The People's Bank of China Other conditions specified. Article 11 Any enterprise that issues financing bonds shall obtain a credit rating from a rating agency that is registered for industry and commerce in China and has bond rating capabilities, and the rating results shall be disclosed to the inter-bank bond market.
Listed companies that have received credit ratings within the past three years and have follow-up rating arrangements can be exempted from credit ratings. Article 12: Balance management shall be implemented for financing bonds issued by enterprises. The balance of financing bonds to be repaid shall not exceed 40% of the company's net assets. Article 13 The maximum term of financing bonds shall not exceed 365 days. Enterprises that issue financing bonds can independently determine the term of each financing bond within the above-mentioned maximum period. Article 14 The interest rate or issuance price of financing bonds shall be determined through negotiation between the enterprise and the underwriting agency. Article 15 An enterprise applying for the issuance of financing bonds shall submit the following filing materials to the People's Bank of China through the lead underwriter:
(1) Filing report for the issuance of financing bonds;
(2) The resolution of the board of directors agreeing to the issuance of financing bonds or a document with the same legal effect;
(3) Recommendation letter from the lead underwriter (with due diligence report attached);
(4) Financing bond financing Prospectus (with issuance plan);
(5) Full text of credit rating report and description of follow-up rating arrangements;
(6) Enterprise audited by certified public accountants in the past three fiscal years The full text of the balance sheet, profit and loss statement, cash flow statement and audit opinion;
(7) Legal opinion issued by the lawyer (with lawyer’s work report attached);
(8) Debt repayment Special report on plans and safeguard measures;
(9) Cash flow analysis report on payment of principal and interest of financing bonds;
(10) Underwriting agreement and underwriting syndicate agreement;
(11) A copy of the "Enterprise Legal Person Business License" (duplicate);
(12) Other documents required by the People's Bank of China. Article 16 The People's Bank of China shall, within 20 working days from the date of accepting the filing materials that meet the requirements, issue a filing notice to the enterprise in accordance with the prescribed conditions and procedures, and determine the maximum balance of financing bonds issued by the enterprise. Article 17 The issuance of financing bonds shall be underwritten by qualified financial institutions. Enterprises shall independently select the lead underwriter. Any change of the lead underwriter shall be reported to the People's Bank of China for filing. If it is necessary to organize an underwriting syndicate, the lead underwriter shall organize the underwriting syndicate. Enterprises are not allowed to sell financing bonds on their own. The underwriting method and related fees are determined through negotiation between the enterprise and the underwriting agency. Article 18 An enterprise shall submit the relevant issuance materials of the current financing bonds to the People's Bank of China for filing five working days before the issuance date of each financing bond. Article 19 An enterprise shall publish the prospectus for the current financing bonds through the China Money Network and the China Bond Information Network three working days before the issuance date of the financing bonds. The prospectus must be issued with a legal opinion by a lawyer. The content of the prospectus should be specific and clear, and the rights and obligations of the parties to the financing bonds should be stipulated in detail. Article 20: Financing bonds shall be registered and custodianized at China Central Depository and Clearing Co., Ltd. (hereinafter referred to as CCDC) using real-name accounting, and CCDC shall be responsible for providing relevant services.
Article 21 After the issuance of financing bonds is completed, the enterprise that issued the financing bonds (hereinafter referred to as the issuer) shall announce the current financing bonds to the market through the China Money Network and the China Bond Information Network on the working day following the completion of the registration of creditor's rights and debts. The actual issuance size, actual issuance interest rate, term and other issuance conditions. CCDC should regularly summarize issuance announcements and report the issuance status of financing bonds to the People's Bank of China.