Shanghai Stock Exchange, Rules for Listing of Corporate Bonds (2009 Revision)

上海证券交易所公司债券上市规则 (2009年修订版)

December 08, 2009 | BY

clpstaff &clp articles &

Shanghai Stock Exchange has differing administrations for bonds.

Clp Reference: 3700/09.11.02 Promulgated: 2009-11-02 Effective: 2009-11-02

Issued: November 2 2009
Effective: as of date of issuance
Interpreting authority: Shanghai Stock Exchange (Stock Exchange)

Applicability: These Rules apply to the listing and trading of corporate bonds issued by listed companies and other corporate legal persons on the Stock Exchange, except stipulated otherwise by the Stock Exchange. The listing and trading of enterprise bonds issued by non-corporate legal persons shall be handled with reference to these Rules. These Rules shall not apply to the listing and trading of convertible or exchangeable corporate bonds (Article 1.2).

Main contents: Offerors that apply for listing of corporate and enterprise bonds shall fulfil the criteria such as:

(1) the bonds have been approved by the competent authority and have been offered;

(2) the term of the bonds shall be at least one year;

(3) the amount of bonds actually issued is not less than Rmb50 million; and

(4) the offeror still fulfils the statutory conditions for offering of corporate bonds at the time of bond listing application (Article 2.1).

Bonds that fail to meet all of the following criteria may only be listed for trading through the integrated electronic platform for securities with fixed returns of the Stock Exchange:

(1) the facility rating is at least AA;

(2) before the listing of bonds, the offeror's net assets at the end of the most recent period is at least Rmb1.5 billion, and

(3) the offeror's average realised annual distributable profit for the most recent three financial years is at least 1.5-times the coupons for one year; and

(4) other criteria as specified by the Stock Exchange (Article 2.2).

Related legislation: Shanghai Stock Exchange, Charter, Apr 1 1999

clp reference:3700/09.11.02/SH(1)promulgated:2009-11-02effective:2009-11-02

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