1. Small and medium-sized enterprises like private placement bond have no rigid requirements on the issuer's net assets and profitability, and the lead underwriter will grasp the issuer's solvency and capital utilization.

2. The elements of SME private debt are determined by the issuer, underwriter and investor through negotiation, and the rights and obligations of all parties are determined through contracts.

3. private placement bond, a small and medium-sized enterprise, adopts the filing and issuance system of the exchange, and the Shanghai Stock Exchange checks the integrity of the filing materials.