(1) Different issuers: Dagong's issuers are public investors and qualified investors. If the bond is reduced from Dagong issue to small public offering, public investors can no longer buy it, but those already held in the early stage can be sold; Small public offerings are issued to qualified investors, and there is no limit on the number of subscribers or investors.
(II) Different issuance conditions: According to the provisions of the Securities Law and the Measures for the Administration of Issuance and Trading of Corporate Bonds, the financial conditions for public issuance of corporate bonds include: (654.38+0) The net assets of a joint stock limited company shall not be less than RMB 30 million, and the net assets of a limited liability company shall not be less than RMB 60 million; (2) The accumulated bond balance shall not exceed 40% of the company's net assets; (3) The average distributable profit in the last three years is enough to pay the interest of corporate bonds for one year.
In addition to the above conditions, the offer of Dagong shares should also meet the following requirements: (1) The fact that the issuer has not defaulted on its debts or delayed the payment of principal and interest in the last three years; (2) The average annual distributable profit realized by the issuer in the last three fiscal years is not less than 65438+ 0.5 times of the one-year interest of the bond; (3) The credit rating of the bonds has reached AAA.
(3) Different issuance access management: The CSRC uniformly implements administrative licensing for public issuance of corporate bonds, among which small public offerings are pre-examined by the Shanghai and Shenzhen Stock Exchanges. After the preliminary examination by the Shanghai and Shenzhen Stock Exchanges, the CSRC will simplify the examination and approval procedures according to the preliminary examination opinions of the Shanghai and Shenzhen Stock Exchanges.
(IV) Different trading methods: After Dagong is listed, it can adopt both bidding and agreement trading methods (in addition, corporate bonds traded on the Shanghai Stock Exchange can also adopt quotation and inquiry trading methods), and public investors can participate. For small public offerings that are only open to qualified investors and cannot meet any of the following conditions, the agreement transaction method is adopted (in addition, corporate bonds traded on the Shanghai Stock Exchange can also be traded by quotation inquiry method): (1) The credit rating of the bonds has reached AA or above; (2) The issuer's asset-liability ratio or weighted average asset-liability ratio (applicable to multiple entities issuing bonds in the form of collective bonds) at the latest period is not higher than 75%, or the issuer's net assets at the latest period are not less than 500 million yuan; (3) The issuer's audited annual distributable profit in the last three fiscal years shall not be less than 65,438+0.5 times of the one-year interest of bonds. For bonds issued in the form of collective bonds, the total audited annual distributable profits of all issuers in the last three fiscal years shall not be less than 65,438+0.5 times of the one-year interest of the bonds. Private placement bond listed on the Shanghai and Shenzhen Stock Exchanges can only trade by agreement, and the number of bond investors in the same period shall not exceed 200.
Tips: The above information is for reference only.
Reply time: 202 1-03-02. Please refer to the latest business changes announced by Ping An Bank in official website.
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