To improve the central enterprise bond issuance management system，Improving the efficiency of bond issuance approval，Strengthening the whole process control of bonds，Effectively prevent bond default risks，Use bond financing to promote state-owned capital and state-owned enterprises to become stronger, better and bigger，The State-owned Assets Supervision and Administration Commission of the State Council recently issued the "Administrative Measures for the Issuance of Bonds by Central Enterprises" (hereinafter referred to as the "Measures")。The "Measures" focus on improving the work system、Optimize the approval process、Strengthening process management、Provisions have been made in four aspects including strengthening risk prevention and control:

bet365 casino blackjackFirst, clarify management responsibilities，The State-owned Assets Supervision and Administration Commission reviews the group company’s annual bond issuance plan、Promote central enterprises to strengthen bond risk prevention and control，Central Enterprise Group Corporation implements management subject responsibilities、Improving the bond issuance management system、Responsible for subsidiary bond issuance and full-process management。The second is to clarify the scope of management，Expand the management scope to corporate credit bonds issued by enterprises in various bond markets，Achieve full coverage of all types of bond types。The third is to clarify the whole process control requirements，Including system construction、Formulation of bond issuance plan、Pre-review of bond issuance、Dynamic monitoring of existing bonds、Bond redemption arrangement、Investigation of liability for violations, etc.。

The second is to focus on improving the efficiency of bond issuance approval.Change the way of doing one thing at a time，Implement annual plan management for central enterprise bond issuance，Combined with annual budget management，The State-owned Assets Supervision and Administration Commission approved the annual bond issuance plan of the central enterprise group in one go，Determine bond issuance quota，The Central Enterprise Group Corporation will make its own decisions on specific issuance matters accordingly。Debt issuance matters of subsidiaries of central enterprises，The group company is responsible for approval and management。

The third is to focus on improving the management level of the entire bond issuance process.First, strictly limit the entities issuing bonds，Require central enterprises to establish a bond issuer identification mechanism，Determine the criteria or list of subsidiaries that can issue bonds。The second is to optimize the bond financing structure，Require central enterprises to reasonably determine bond types and bond periods，Gradually increase the proportion of medium and long-term bond issuance。The third is to make good use of innovative bond varieties，Require central enterprises to issue scientific and technological innovation bonds、Carbon Neutral Carbon Peak Bond、Innovative varieties such as rural revitalization bonds，Effectively serve the country’s major strategies。

The fourth is to focus on preventing bond default risks.The "Measures" put forward system requirements for risk prevention work in each link，Including annual bond issuance plan formulation and review、Management and Control of Key Risk Enterprises、Perpetual Bond Management and Control、Overseas bond financing management、Information disclosure、Use of raised funds、Bond online monitoring、Major Information Report、Major Information Report、Investigation of liability for violations, etc.。

The introduction of the "Measures"，Conducive to central enterprises making good use of the bond market to deepen reforms、High-quality development opportunities，Seize the bond issuance window in time，To build a modern industrial system、Providing financial support to achieve high-level scientific and technological self-reliance，Guaranteeing major national projects、Construction of key projects and development of the real economy。

State-owned Assets Development Property Rights Regulations [2023] No. 34

 

 

Notice on the issuance of the "Administrative Measures for the Issuance of Bonds by Central Enterprises"

All central enterprises:

The "Administrative Measures for the Issuance of Bonds by Central Enterprises" has been reviewed and approved by the 9th Committee Meeting of the State-owned Assets Supervision and Administration Commission in 2023，Now issued to you，Please follow the instructions。

State-owned Assets Supervision and Administration Commission

April 26, 2023

Measures for the Administration of Bond Issuance by Central Enterprises

bet365 casino blackjackChapter 1 General Provisions

Article 1 To perform the investor’s duties in accordance with the law，Regulating the issuance of bonds by central enterprises，Use bond financing to promote state-owned capital and state-owned enterprises to become stronger, better and bigger，Enhancing the core competitiveness of enterprises，According to the "Company Law of the People's Republic of China", "Securities Law of the People's Republic of China", "Enterprise State-owned Assets Law of the People's Republic of China" and "Interim Regulations on the Supervision and Administration of Enterprise State-owned Assets" (State Council Order No. 378) and other relevant laws and regulations，Develop these measures。

Article 2 Central enterprises as referred to in these Measures，refers to a state-funded enterprise in which the State-owned Assets Supervision and Administration Commission of the State Council (hereinafter referred to as SASAC) performs the investor's duties on behalf of the State Council。Bonds as referred to in these Measures，Refers to corporate credit bonds issued by central enterprises and their subsidiaries at all levels in domestic and overseas bond markets，Includes corporate bonds、Corporate Bond、Non-financial corporate debt financing instruments、Financial debt, etc.。

Article 3 The management of central enterprise bond issuance follows the following principles:

(1) Adhere to serving the development of the main industry。Central enterprises formulate bond issuance plans based on the development needs of the main industry，Guaranteeing major national strategies、Major Project、Construction of key projects and development of the real economy，Accelerate research on key core technologies，Create the source of original technology and the length of the modern industrial chain，To achieve high-level technological self-reliance、Provide financial support to improve the resilience and safety level of the industrial chain and supply chain。

(2) Adhere to hierarchical and classified management。The State-owned Assets Supervision and Administration Commission takes charge of capital management and controls the overall asset and liability levels of central enterprises and the group company’s bond issuance plan，Central enterprises decide on the issuance of bonds by their subsidiaries in accordance with laws and regulations，Strengthen the issuance of large-scale bonds、Key industries with high bond default risk、Supervision of key enterprises。

(3) Adhere to full process control of bonds。Strengthen system construction、Formulation of bond issuance plan、Pre-review of bond issuance、Dynamic monitoring of existing bonds、Full process management including bond redemption arrangements，Effectively improve the level of management and control，Prevent bond default risk。

Article 4 The State-owned Assets Supervision and Administration Commission has established and improved the supervision system for central enterprise bond issuance in accordance with the law，Review and approve the annual bond issuance plan of the Central Enterprise Group Corporation，Promote central enterprises to strengthen full-process bond management and control，Effectively prevent bond default risks，Pursuing liability for losses to state-owned assets and other serious adverse consequences caused by irregularities in the issuance of bonds by central enterprises。

Article 5 Central enterprises are the responsible entities for bond issuance and management，Responsible for establishing the company’s bond issuance management system and organizing its implementation，The management system should include the following contents:

(1) Bond issuance management principles.

(2) Work processes, management departments and related responsibilities.

(3) Management requirements for bond issuers.

(4) Management measures for existing bonds.

(5) Bond risk prevention and control measures.

(6) Liability for violations.

The corporate bond issuance management system shall be submitted to the State-owned Assets Supervision and Administration Commission after being reviewed and approved by the internal decision-making body。

Chapter 2 Bond Issuance Plan Management

Article 6 Central enterprise bond issuance is subject to annual plan management。When central enterprises formulate annual financial budgets，Comprehensive consideration of development strategy、Investment Plan、Financial requirements、Asset and liability level、Financing costs and other factors，Determine the annual bond issuance plan of the group company and its subsidiaries。The annual bond issuance plan of central enterprises mainly includes the existing bonds of group companies and subsidiaries、Annual bond issuance quota (including net financing amount of short-term bonds within one year、Total amount of medium and long-term bond issuance、Total equity bond issuance)、Purpose of raised funds、Bond repayment plan and other contents。

Article 7 The annual bond issuance plan of the Central Enterprise Group shall be reviewed and approved by the State-owned Assets Supervision and Administration Commission。When the shareholders' meeting (shareholders meeting) of the central enterprise with diversified bet365 live slot machineequity is reviewing the group company's annual bond issuance plan，Relevant materials should be submitted to all shareholders including the State-owned Assets Supervision and Administration Commission，After the State-owned Assets Supervision and Administration Commission issued its opinion，Exercise voting rights at shareholders’ meetings (shareholders’ meetings) by their shareholder representatives。Central enterprises shall submit the following materials to the State-owned Assets Supervision and Administration Commission at the beginning of each year:

(1) Request for instructions on the group company’s annual bond issuance plan.

(2) Annual bond issuance plan of the group company.

(3) Feasibility study report，Including macroeconomic environment、Bond market environment、Industry status of the enterprise、Recent bond issuance status of companies in the same industry;Enterprise production and operation status、Financial status、Bond balance;Annual Bond Issuance Plan，Including issuance size、Variety、Expiration、Interest rate，Use of raised funds and benefit forecast，Incorporation of proposed investment projects into the annual investment plan;The impact of bond issuance amount on corporate financial status and operating performance，Company solvency analysis，Incorporation of bond issuance plan into annual budget、Compliance with relevant laws and regulations and relevant regulations on bond management of the State-owned Assets Supervision and Administration Commission;Risk prevention and control mechanisms and processes，Possible risks and countermeasures。

(4) Decision-making documents of the board of directors.

(5) Other necessary documents.

Article 8 When central enterprises submit the annual bond issuance plan of the group company，Annual bond issuance plans of subsidiaries at all levels shall be submitted together;The group company has no bond issuance plan for the year，Central enterprises shall summarize the annual bond issuance plans of their subsidiaries at all levels and submit them to the State-owned Assets Supervision and Administration Commission for filing。

Article 9 The State-owned Assets Supervision and Administration Commission optimizes and structurally adjusts the layout of the state-owned economy、High-quality development of central enterprises、Overall requirements for prevention and control of default risk of central enterprise bonds，Mainly from the main business development capital needs of the enterprise、Corporate governance mechanism、Asset and liability level、Construction of risk prevention and control mechanisms, etc.，Review and approve the annual bond issuance plan of the Central Enterprise Group Corporation。Strictly control the asset-liability ratio exceeding the warning line、Loss from continuing operations、Bond issuance quota of central enterprises with negative net cash flow from operating activities。

Article 10 Central Enterprise Group Corporation may determine the specific time for bond issuance on its own within the scope of the annual bond issuance plan approved by the State-owned Assets Supervision and Administration Commission、Variety、Expiration，The actual annual issuance amount is planned to exceed the annual bond issuance plan approved by the State-owned Assets Supervision and Administration Commission，Every bond issuance plan that exceeds the quota should be submitted to the State-owned Assets Supervision and Administration Commission for approval。

Article 11 The annual bond issuance plan of the central enterprise group approved by the State-owned Assets Supervision and Administration Commission is valid for the current year，Not linked to the bond quota registered by central enterprises in the bond market。

Article 12 The central enterprises determine the bond issuance management authority of their subsidiaries at all levels in accordance with relevant laws, regulations and internal management systems，Clear bond issuance management department、Management process and internal control mechanism。

Article 13 Central enterprises should establish a bond issuer identification mechanism，Comprehensive consideration of the sub-enterprise industry fields、Financial indicators、Asset and liability level、Credit Rating、Basic conditions such as risk prevention and control，Determine the criteria or list of subsidiaries that can issue bonds。Strictly restrict low credit rating、Low level of property rights、The bond issuance interest rate is obviously high、Bonds issued by subsidiaries whose bond default risks have not yet been resolved。

Article 14 Central enterprises should focus on controlling low credit ratings、Large scale of concentrated mature bonds、Cash flow is tight、Bond issuance of subsidiaries whose operating indicators have significantly deteriorated，The central enterprise group company shall be responsible for the approval of bond issuance。

Chapter 3 Full Process Control of Bonds

Article 15 Central enterprises should be combined with annual investment plans、Operating cash flow、Financing costs and other factors，Reasonably determine the bond type and bond period，Strong balance between financing structure and capital security、Matching debt repayment time and Bet365 sportsbook reviewcash flow，Prevent risks that may arise from the rolling succession of short-term bonds，Gradually increase the proportion of medium and long-term bond issuance，Prevent short-term debt and long-term investment、Problems such as excessive concentration of redemption periods，Gradually forming a reasonable bond period、The bond financing structure with optimal financing cost。

Article 16 Central enterprises should actively take advantage of the bond market registration system reform、Bond market infrastructure interconnection、Major reform measures in the capital market such as bond variety innovation，By issuing technological innovation bonds、Carbon Neutral Carbon Peak Bond、Rural Revitalization Bond、Innovative varieties such as asset-backed securities，Effectively serve the country’s major strategies。

Article 17 Central enterprises should scientifically demonstrate the necessity of issuing equity bonds such as perpetual bonds，Fully consider the financing costs of corporate bonds from perpetual bonds、Solvency、The impact of high-quality development，Strictly control the proportion of perpetual bonds in the company’s net assets in accordance with relevant regulations，Reasonably control the scale of perpetual bonds，In principle, the expansion of the scale of perpetual bonds by affiliated subsidiaries should be reported to the Central Enterprise Group Corporation for approval。

Article 18 Central enterprises should strengthen their research and judgment on the financing environment of overseas bond markets，Based on overseas business development capital needs，Actively maintain investor relations and good international credit ratings，Explore multiple markets、Issue overseas bonds in multiple currencies，Expand financing channels。Establish and improve overseas bond risk prevention and control mechanism，Proactively respond to relevant risks and challenges，Make repayment plans and related fund arrangements in advance for maturing bonds，Effectively prevent bond default risks，Coordinate overseas bond issuance、Work related to the use of raised funds and bond redemption。

Article 19 During the bond duration，Central enterprises should strictly abide by capital market rules and regulatory requirements，Effectively fulfill the information disclosure obligations committed in the prospectus and other related documents，Timely disclosure of major matters that may affect debt solvency or investor rights。

Article 20 Central enterprises shall use the raised funds in accordance with the purposes disclosed in the prospectus，The return rate of investment projects should generally be higher than the cost of capital。Strictly implement national financial regulatory policies，Use funds according to the purposes agreed in the financing agreement，Focus on Industry、Focus on Industry，It is strictly prohibited to over-finance and cause ineffective accumulation of funds，It is strictly prohibited to idle funds、From reality to virtuality，Misappropriation of funds is strictly prohibited、Illegal arbitrage。

Article 21 Central enterprises shall promptly report the issuance and redemption of bonds of group companies and affiliated subsidiaries through the State-owned Assets Supervision and Administration Commission’s Property Rights Management Comprehensive Information System on a case-by-case basis，Real-time online monitoring of all existing bonds，Focus on monitoring the existing bonds of key subsidiaries and bonds that may have default risks。

Article 22 Central enterprises should attach great importance to the prevention and control of bond default risks，Strictly prohibit malicious evasion of debts，Maintain investor relations and market image。Improve risk identification mechanism，Recognize early、Early warning、Early disposal。Properly handle default risks，For enterprises that really have difficulty in cashing out，Communicate with bondholders in advance to determine the disposal plan，Pass bond extension、Replacement、Cash Tender Offer、Proactively resolve risks with the support of central enterprise credit guarantee funds。

Article 23 When events occur that may affect the payment of bond principal and interest，Central enterprises shall report relevant situations and emergency plans to the State-owned Assets Supervision and Administration Commission in writing 7 days before the bond maturity date。Where a bond default risk event occurs, the "About Issuance<Working Rules for Reporting Major Business Risk Events of Central Enterprises>(State-owned Assets Supervision and Administration Regulation [2021] No. 103) requires timely reporting and proper handling。

Article 24 Central enterprises shall check the accuracy of the previous year’s bond data reported in the State-owned Assets Supervision and Administration Commission’s Property Rights Management Comprehensive bet365 live casino and sports bettingInformation System before January 31 of each year、Integrity，Comprehensively reflects the implementation of the annual bond issuance plan。

Chapter 4 Supervision and Accountability

Article 25 The State-owned Assets Supervision and Administration Commission includes the issuance of central enterprise bonds within the scope of supervision and inspection，Take spot checks、Special inspection and other methods，Implement supervision and evaluation on the issuance and management of central enterprise bonds。For companies that fail to submit materials as required，The State-owned Assets Supervision and Administration Commission will give a notice of criticism。

Article 26 A central enterprise fails to comply with the annual bond issuance plan approval procedures、Discovered non-reporting of bond default risks and failure to handle bond default risks as required，Causing losses to state-owned assets or other serious adverse consequences，The State-owned Assets Supervision and Administration Commission will follow the "Implementation Measures for the Investigation of Responsibilities for Illegal Operations and Investments of Central Enterprises (Trial)" (State-owned Assets Supervision and Administration Commission Order No. 37) and other relevant regulations，Holding the relevant responsible persons accountable。

Article 27 Relevant staff of the State-owned Assets Supervision and Administration Commission violated the provisions of these Measures in approving the annual bond issuance plan of the central enterprise group and caused adverse effects，The State-owned Assets Supervision and Administration Commission ordered him to make corrections;Causing losses to state-owned assets，Pursuing relevant responsibilities according to law;Suspected of committing a crime，Transfer to supervisory authorities or judicial authorities according to law。

Chapter 5 Supplementary Provisions

Article 28 Central enterprises issue exchangeable corporate bonds、Convertible corporate bonds，Implemented in accordance with the "Measures for the Supervision and Administration of State-owned Equity of Listed Companies" (State-owned Assets Supervision and Administration Commission, Ministry of Finance, and Securities Regulatory Commission Order No. 36) and other regulations。

Article 29 The State-owned Assets Supervision and Administration Commission is responsible for the interpretation of this method.

Article 30 These Measures shall come into effect from the date of issuance。The "Interim Measures for the Administration of Bond Issuance by Central Enterprises" are abolished at the same time。