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| Notice by the Shanghai Stock Exchange of Matters Concerning the Pilot Program for the Reopening of Corporate Bonds and the Expansion Issuance of Asset-Backed Securities | | 上海證券交易所關(guān)于試點公司債券續(xù)發(fā)行和資產(chǎn)支持證券擴募業(yè)務(wù)有關(guān)事項的通知 |
| (No. 71 [2025] of the Shanghai Stock Exchange) | | （上證發(fā)〔2025〕71號） |
| All market participants: | | 各市場參與人： |
| For the purpose of regulating the reopening of corporate bonds (including enterprise bonds; the same shall apply hereinafter) and the expansion of asset-backed securities issuance, meeting the reasonable financing needs of market participants, and further improving the liquidity of the bond market, the Shanghai Stock Exchange (the “SSE”) hereby issues the following notice on the relevant arrangements for the pilot reopening of corporate bonds and the pilot expansion of asset-backed securities issuance: | | 為規(guī)范公司債券（含企業(yè)債券，下同）續(xù)發(fā)行和資產(chǎn)支持證券擴募業(yè)務(wù)活動，滿足市場主體合理融資需求，進一步提升債券市場流動性，上海證券交易所（以下簡稱本所）就試點開展公司債券續(xù)發(fā)行和資產(chǎn)支持證券擴募發(fā)行業(yè)務(wù)有關(guān)安排通知如下： |
| I. For the purpose of this Notice, “reopening of corporate bonds” means an act whereby the issuer of existing corporate bonds listed on the SSE conducts an incremental issuance and merges the newly issued bonds with the existing bonds for joint listing. | | 一、本通知所稱公司債券續(xù)發(fā)行，是指已在本所上市掛牌的存量公司債券的發(fā)行人進行增量發(fā)行并將增量發(fā)行債券與存量債券合并上市掛牌。 |
| For the purpose of this Notice, “expansion of asset-backed securities Issuance” means an act whereby the plan manager conducts an expansion issuance under the existing asset-backed plan for real estate asset-backed securities already listed on the SSE, and merges the newly issued securities with the existing securities for joint listing. The expansion issuance shall not involve the establishment of a new asset-backed special plan. | | 本通知所稱資產(chǎn)支持證券擴募，是指計劃管理人對在本所掛牌的存量持有型不動產(chǎn)資產(chǎn)支持證券進行擴募發(fā)行并且合并掛牌。擴募發(fā)行不涉及設(shè)立新的資產(chǎn)支持專項計劃。 |
| Following the consolidated listing, the issuance terms of the outstanding corporate bonds and asset-backed securities—including those concerning repayment of principal and interest and income distribution—and the arrangements for protecting investors' rights and interests, such as bondholders' meetings, trusteeship, liability for breach of contract, and dispute resolution, shall, in principle, remain unchanged. The corporate bond issuer and the plan manager shall ensure that both existing and new holders enjoy equal rights and fulfill obligations in accordance with the prospectus, plan prospectus, and relevant agreements. | | 合并上市掛牌后，存量公司債券、資產(chǎn)支持證券的還本付息、收益分配等發(fā)行條款和持有人會議、受托管理、違約責(zé)任與爭議解決等投資者權(quán)益保護相關(guān)安排原則上保持不變。公司債券發(fā)行人、計劃管理人應(yīng)當(dāng)確保原持有人和新加入的持有人按照募集說明書、計劃說明書和相關(guān)協(xié)議的約定平等享有權(quán)利、履行義務(wù)。 |
| II. An issuer may apply to the SSE, using valid public offering registration documents or a private placement no-objection letter, for issuance filing to participate in the reopening of corporate bonds. If no compliant registration documents or no-objection letters are available, the issuer shall, in accordance with the Rules for Review of the Issuance and Listing of Corporate Bonds of the Shanghai Stock Exchange and other relevant provisions, submit an application to the SSE for either issuance and listing review or confirmation of listing conditions. | | 二、發(fā)行人可以使用有效期內(nèi)的公開發(fā)行注冊文件或者非公開發(fā)行無異議函向本所申請發(fā)行備案，參與續(xù)發(fā)行業(yè)務(wù)。沒有符合規(guī)定的注冊文件或者無異議函的，應(yīng)當(dāng)依照《上海證券交易所公司債券發(fā)行上市審核規(guī)則》等有關(guān)規(guī)定，向本所提交發(fā)行上市審核或者掛牌條件確認申請。 |
| Matters relating to the issuance and listing review, confirmation of listing conditions, and filing for the issuance of corporate bonds shall be governed by the current business rules of the SSE, unless otherwise specified in this Notice. | | 發(fā)行上市審核、掛牌條件確認以及公司債券的發(fā)行備案具體事宜，適用本所現(xiàn)行業(yè)務(wù)規(guī)則的規(guī)定，本通知另有規(guī)定的除外。 |
| III. Where outstanding corporate bonds contain guarantee provisions, the issuer shall, before conducting a reopening, make appropriate arrangements for any changes to the guarantee mechanism in order to effectively safeguard the lawful rights and interests of the holders. | | 三、存量公司債券附有擔(dān)保條款的，發(fā)行人應(yīng)當(dāng)在實施續(xù)發(fā)行前對擔(dān)保機制的變更做出妥善安排，切實保障持有人的合法權(quán)益。 |
| ．．．．．． | | ．．．．．． |
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