Fa Gai Caijin [2018] No. 1806

Provinces、Autonomous Region、Municipality and cities under separate state planning、Xinjiang Production and Construction Corps Development and Reform Commission:

In order to thoroughly implement the Party Central Committee、The State Council’s decision-making and deployment on enhancing the ability of financial services to serve the real economy，Further enhance the ability of corporate bonds to serve the real economy，Strengthen the battle to prevent and resolve major risks，Increase the proportion of direct financing，Optimize bond financing services，Promote high-quality economic development，The relevant matters concerning the issuance of corporate bonds by high-quality enterprises are hereby notified as follows。

一、Excellent support credit、Stable operation、High-quality enterprises that play a leading role in the transformation and upgrading of industrial structure or regional economic development issue corporate bonds。At this stage, we focus on supporting high-quality enterprises that meet the following conditions:

(1) The credit rating of the entity reaches AAA.

(2) The main operating and financial indicators should be in the leading position in the industry or region (Appendix 1)。

(3) Production and operation comply with national industrial policies and macro-control policies。

(4) There has been no corporate credit bond or other debt default in the past three years，And there is no ongoing delay in payment of principal and interest。

(5) No major violations of laws and regulations in the past three years，Not included in the dishonest blacklist。

(6) No CPA issued a negative opinion or was unable to express an opinion on the financial statements during the reporting period，If the certified public accountant issues a qualified opinion，The significant impact of the matters involved in the qualified opinion has been eliminated。

(7) Other issuance conditions formulated by our committee to optimize financing supervision。

Our committee actively supports qualified high-quality bet365 live slot machineprivate enterprises to issue corporate bonds，Will be based on market development，Timely adjust the scope of high-quality enterprise support。

二、Eligible companies apply for the issuance of high-quality corporate bonds，Execute“One-time approved quota、Independently issued in installments”'s issuance management method。

(1) Bond declaration stage，Issuers can apply for unified quotas for each bond type commissioned by us，The validity period of the approval document shall not exceed 2 years。

(2) After approval by our committee，Issuers may decide based on market conditions and their own needs，Independently and flexibly set the specific issuance plan for each bond issue，Including but not limited to the size of each bond issue、Expiration、Options and principal and interest payment methods。

(3) The issuer may only establish a lead underwriting syndicate during the application stage，Clearly lead the lead underwriter and members of the underwriting syndicate during the issuance of each bond。

三、High-quality companies apply for corporate bonds，Should comply with the relevant requirements of the "Company Law", "Securities Law" and "Enterprise Bond Management Regulations"。High-quality corporate bonds implemented“Report and review immediately”，Arrange a dedicated person for docking、Special review，Compare our committee“Speed ​​up and simplify review category”Bond Review Procedure，And appropriately adjust the review policy requirements:

(1) On the basis of perfect debt repayment safeguard measures，No more than 50% of the proceeds from bonds are allowed to be used to supplement working capital。

(2) When approving the scale of public bond issuance，Calculated based on the standard that the balance of publicly issued corporate bonds and corporate bonds does not exceed 40% of net assets。

(3) Encourage qualified high-quality listed companies and their subsidiaries to issue corporate bonds。

(4) Allow high-quality enterprises to non-publicly issue corporate bonds to institutional investors in accordance with laws and regulations。

(5) Encourage commercial banks to ";Debt and loan portfolio”Credit bet365 casino blackjackenhancement method，Coordinate management of bonds and loans。

Four、High-quality corporate bond application stage，Implement positive and negative list management for the use of bond funds。

(1) The application materials should specify the intended investment areas of the funds raised from the bonds，Form“Positive List”。“Positive List”Should comply with national industrial policies，Focus on the main business of the enterprise。Support high-quality companies in“Positive List”Arrange to use the raised funds in accordance with laws and regulations within the proposed scope，Improve the efficiency and flexibility in the use of bond funds。

(2) The application materials should specify the areas in which the funds raised by bonds are prohibited from being invested，Form“Negative List”。“Negative List”Including but not limited to: lending raised funds to others，For real estate investment and excess capacity investment，Used for risky investments such as stock trading and futures trading that have nothing to do with enterprise production and operation，Used to make up for losses and unproductive expenses。“Negative List”Fields can be supplemented and adjusted according to the company’s own business scope。

(3) Encourage high-quality enterprises to use funds raised from bonds for major national strategies、Key areas and key projects，Increase efforts to make up for shortcomings in the infrastructure field，Accelerate the cultivation and development of strategic emerging industries，Promote economic transformation and upgrading and high-quality development。

五、Before the issuance of each bond，Issuers should publicly disclose the list of projects to be invested with raised funds and debt repayment safeguards。

Six、High-quality corporate bond issuer、Intermediary service agencies should effectively fulfill their information disclosure obligations，True、Accurate、Completely disclose bond investment risks to investors。

(1) The issuer fully discloses major financial changes and bond risk conditions during the reporting period，Prepare a prospectus in accordance bet365 live slot machinewith the requirements of the "Information Disclosure Guidelines for the Issuance of High-Quality Corporate Bonds" (Annex 2)。

(2) The issuer shall comply with the regulations of regulatory authorities and trading venues，Regular disclosure of financial situation during the duration、Business situation、Usage of raised funds、Project progress and other related information。If the use of raised funds changes during the duration or other events that have a significant impact on the rights and interests of bondholders，Should comply with relevant laws, regulations and policy requirements，Perform procedures in accordance with relevant regulations or agreements，And make a timely announcement。

seven、Any expressions in this notice about high-quality enterprises and any decisions made by our committee on their issuance of corporate bonds，Neither indicates the operating risk to the issuer、Debt repayment risk、Judge and guarantee the litigation risks and investment risks or returns of corporate bonds。Investors who want to subscribe for high-quality corporate bonds，Please read the prospectus and relevant information disclosure documents carefully，Make independent investment judgments and bear the relevant risks yourself。

eight、Provincial development and reform departments can combine the actual development conditions of various places，Active service，Actively guide high-quality enterprises in the region to carry out direct corporate bond financing，Invest the funds raised from bonds into the real economy in line with national industrial policies。

九、Strengthening interim and ex-post supervision of high-quality corporate bonds，Effectively prevent debt repayment risks。

(1) Before April 30 every year，Issuer、The lead underwriter should report to our committee the use of funds raised from high-quality corporate bonds and project progress in the previous year，As well as the current year’s bond principal and interest payment arrangements and repayment risk investigation。The law firm should issue legal opinions on the compliance of the project。Local enterprises should submit the above materials to the provincial development and reform department at the same time。

(2) The lead underwriter should effectively perform Bet365 lotto reviewits debt repayment supervision responsibilities，Do a good job in investigating the risk of bond principal and interest redemption in each year，For those who have major operating difficulties that may affect bond redemption，Propose a risk treatment plan as soon as possible，And promptly report to the provincial development and reform department and our committee。

(3) Our committee will further improve corporate bond credit files，And implement "ldquo management of the duration of high-quality corporate bonds;Double random”Spot check。Provincial development and reform departments should give full play to their territorial management advantages，Utilize social credit system construction、Big data early warning monitoring analysis and other means，Strengthen investment in high-quality corporate bonds within the jurisdiction、Supervision and inspection of project construction progress，Ensure bond funds are used in compliance with laws and regulations，Implement dynamic monitoring of debt solvency and risk warning，Urge issuers to be prepared to repay principal and interest，Scientifically and effectively prevent bond market risks。

Attachment: 1. Reference standards for financial indicators of high-quality enterprise operations

2. Information Disclosure Guidelines for High-Quality Corporate Bond Issuance

National Development and Reform Commission

December 5, 2018