The Pilot Measures for Private Debt of Small and Medium-sized Enterprises clearly points out that the issuers of small and medium-sized enterprises in private placement bond during the pilot period are unlisted small and medium-sized enterprises. Specifically, it refers to the small and medium-sized enterprises that meet the requirements of the Notice on Printing and Distributing the Classification Standards for Small and Medium-sized Enterprises (Ministry of Industry and Information Technology No.300 [20 1 1]) but are not listed on the Shanghai Stock Exchange and Shenzhen Stock Exchange, excluding real estate enterprises and financial enterprises for the time being. Therefore, the introduction of private debt of small and medium-sized enterprises has expanded the scope of capital market serving the real economy. Strengthened the depth and breadth of the capital market serving private enterprises. The specific basic elements are as follows: Qualified investors who participate in the subscription and transfer of private placement bond should meet the following conditions: (1) Financial institutions established with the approval of relevant financial regulatory authorities, including commercial banks, securities companies, fund management companies, trust companies and insurance companies; (2) The wealth management products issued by the above-mentioned financial institutions to investors include but are not limited to bank wealth management products, trust products, investment-linked insurance products, fund products, asset management products of securities companies, etc. (3) An enterprise legal person with a registered capital of not less than100,000 yuan; (4) A partnership with a total capital contribution of not less than 50 million yuan and a paid-in capital contribution of not less than100000 yuan; (5) Other qualified investors recognized by this Exchange. In addition, directors, supervisors, senior managers and shareholders holding more than 5% of the issuer's shares can participate in the subscription and transfer of private placement bond issued by the company. Underwriters can participate in the subscription and transfer of private placement bond.

It should be pointed out that the number of investors in SME private debt is clearly stipulated, and the total number of investors in each private debt shall not exceed 200, resulting in the transfer of more than 200 private debt holding accounts will not be confirmed. 1. Private placement financing for SMEs is a convenient and efficient financing method.

2. Small and medium-sized private equity financing is a filing system for issuance review, and the approval cycle is faster.

3. The use of funds raised by private placement of small and medium-sized enterprises is relatively flexible, and the term is longer than that of bank loans, generally two years.

4. The comprehensive financing cost of SME private placement financing is lower than that of trust funds and private loans, and some areas can also get policy interest subsidies. 1. Private equity financing enterprises for small and medium-sized enterprises should meet the standards defined by the state policies on small and medium-sized enterprises.

2. There must be corporate tax regulations for private financing of SMEs.

3. The main business of the target enterprise applying for private equity financing of small and medium-sized enterprises cannot include real estate and financial business.

4. The annual operating income of the target enterprise handling private placement financing for small and medium-sized enterprises reaches a certain scale, and the annual turnover income of the enterprise is not less than the amount of bonds issued.

5. The target enterprise for private placement of small and medium-sized enterprises can obtain the guarantee of large state-owned enterprises or state-owned guarantee companies.

6. If the credit rating of the enterprise applying for private placement financing of small and medium-sized enterprises reaches AA or above, it shall be regarded as the restricted object. The name shall conform to the Regulations on the Administration of Name Registration, and the words "investment fund" are allowed to be used in the names of investment enterprises that have reached the scale. The trade terms in the name can use the words "venture capital fund, venture capital fund, equity investment fund and investment fund". As an administrative division, "Beijing" is allowed to be used between trade names and industry terms.

Fund type: the registered capital (contribution) of the investment fund company is not less than 500 million yuan, all of which are contributed in cash, and the paid-in capital (paid-in contribution) at the time of establishment is not less than 654.38 billion yuan; The registered capital shall be fully paid in accordance with the Articles of Association (partnership agreement) within 5 years. "

The contribution of a single investor shall not be less than 6,543,800 yuan (except for the general partner in a limited partnership).

At least 3 senior managers have experience in equity investment fund management or related business.

The business scope of fund enterprises is approved as: investment, investment management and consulting of non-securities business. (Fund enterprises may apply to engage in other business projects outside the above business scope, but shall not engage in the following business:

Issue loans;

Publicly traded securities investment or financial derivatives trading;

Raise funds in an open way;

Provide guarantees to enterprises other than the invested enterprises. )

Management fund company: investment fund management: "The registered capital (contribution) is not less than 30 million yuan, all in monetary form, and the paid-in capital (contribution) at the time of establishment"

The contribution of a single investor shall not be less than 6,543,800 yuan (except for the general partner in a limited partnership).

At least 3 senior managers have experience in equity investment fund management or related business.