On May 23rd, the Shanghai Stock Exchange and Shenzhen Stock Exchange issued the pilot measures for SMEs' business in private placement bond. The private debt of SMEs was issued by filing system, and the exchange completed the filing within 1 working days after receiving the filing materials. After filing, it can be issued selectively within 6 months.

(1) Different trading platforms: After the bonds are issued, the bonds issued by the Shanghai Stock Exchange can be transferred in private placement bond on the integrated electronic platform of fixed-income securities of the Shanghai Stock Exchange or securities companies. Shenzhen Stock Exchange provides transfer services for private placement bond on its comprehensive agreement trading platform.

(2) In terms of the scope of investors, the two rules are slightly different, and the Shenzhen Stock Exchange does not accept individual investors.

On this basis, the scope of investors allowed by the Shanghai Stock Exchange has increased individual investors with total assets of not less than 5 million yuan, and they are required to have more than two years of securities investment experience and understand and accept private placement bond risks.

according to the regulations of Shenzhen Stock Exchange, the investors of SME private debt should be financial institutions such as banks, securities companies, fund companies, trust companies and insurance companies, as well as financial products issued by these financial institutions, enterprise legal persons with registered capital of not less than RMB 1 million, and partnership enterprises with subscribed capital of not less than RMB 5 million and paid-in capital of not less than RMB 1 million.