Shanghai Securities Issuer [2020] No. 40

Market participants:

To further expand corporate financing channels，Reduce financing costs，Meet the needs of corporate liquidity management，In accordance with the provisions of the Securities Law, the Measures for the Administration of Corporate Bond Issuance and Trading and other laws and regulations and the relevant business rules of the Shanghai Stock Exchange (hereinafter referred to as the Exchange)，The relevant matters regarding the pilot program of public issuance of short-term corporate bonds are hereby notified as follows:

一、The issuer applies for the public issuance of short-term corporate bonds and listing on the Exchange，Should have good short-term solvency ability。Pilot period，Short-term corporate bonds are only publicly issued to professional investors，And the pilot scope should meet one of the following situations:

(1) Applicable to the Exchange’s optimized financing regulatory arrangements for corporate bonds，And the issuer’s average net cash flow from operating activities in the past three years is positive or the quick ratio at the end of the most recent year is greater than 1；

(2) Strong comprehensive strength、A securities company with sound internal control and risk control systems;

(3) Other circumstances approved by the Exchange.

Based on the pilot development situation，The Exchange will adjust the pilot scope of public issuance of short-term corporate bet365 live casino reviewbonds in a timely manner。

　二、Public issuance of short-term corporate bonds with a maturity of 1 year or less，The specific period is determined by the issuer based on production and operation capital needs and market conditions。

　三、The issuer applies for the public issuance of short-term corporate bonds，You can prepare separate application documents and declare them separately，We can also prepare unified application documents with general corporate bonds of other maturities and declare them uniformly。

Public issuance of short-term corporate bonds and implementation of balance management。The issuer is within the validity period of the registration document，The outstanding balance of short-term corporate bonds issued publicly shall not exceed the registered size。On the premise of meeting the above requirements，The issuer can independently determine the number of issuance periods and the size of each issuance。

Uniform declaration for public issuance of short-term corporate bonds，The issuance scale of short-term corporate bonds to be reported should be specified in the prospectus。

Four、The application documents for the public issuance of short-term corporate bonds shall be subject to the current regulations on the public issuance of corporate bonds，Issuers should carry out entity credit ratings，At the same time, you can choose whether to conduct bond credit rating。

　五、The use of funds raised from short-term corporate bonds should be reasonably matched with the bond period，The funds raised are limited to repaying debts due within one year and supplementing working capital，Not for long-term investment needs。The issuer shall disclose the specific use of raised funds in bet365 casino live blackjackthe prospectus，Reasonable explanation of financing needs。Supplementary working capital，Need to calculate the liquidity gap and provide the basis in the application documents。

Issuers should strengthen cash management，Improving the internal control system，And disclose the internal control system of capital operations in the prospectus for public issuance of short-term corporate bonds、Fund Management Operation Model、Short-term fund dispatch emergency plan and other contents。

Six、The issuer’s initial public offering of short-term corporate bonds within the validity period of the registration document，Need to complete pre-issuance filing procedures with the Exchange。After IPO，No financial data update is involved during the validity period of the registration document、No major subsequent events occurred，The issuer and bookrunner can issue directly after announcing the relevant issuance documents。

Seven、When the issuer conducts a subsequent public issuance of short-term corporate bonds within the validity period of the registration document，If there are no major adverse changes in the issuer’s operating and financial conditions or matters that have a significant impact on its solvency，The basic information of the issuer in the prospectus can be appropriately simplified、Financial accounting information and other relevant chapters information disclosure content，Other content can be disclosed by indexing the prospectus of the initial public offering of short-term corporate bonds。The simplified information disclosure content should at least include the following content:

(1) The latest balance sheet、Income statement、Cash flow statement and main financial indicator table；

(2) Reasons for major changes in major accounting data and financial indicators；

(3) The main components Best slot on Bet365of business income in the latest period.

　八、The issuer’s main credit rating reaches AA or above，At the same time meet the requirements of "About Revision<Shanghai Stock Exchange Corporate Bond Listing Rules>Short-term corporate bonds specified in Items (2) to (4) of Article 1 of the Notice，Bids can be taken、Quote、Transaction methods such as inquiry and agreement，And its spot trading can adopt multilateral net settlement method。When the issuer’s main credit rating is adjusted to below AA (exclusive)，The adjustment to the trading method of the public issuance of short-term corporate bonds and related matters shall be handled in accordance with the Exchange's "Notice on Adjustments to the Trading Method during the Bond Listing Period"。

The issuer’s credit rating reaches AAA (there are no subordination clauses or other relevant contractual clauses that affect the bond’s credit rating)，Short-term corporate bonds using multilateral net settlement，Pledged bonds that can be used as bond pledged repurchases。

　九、Corporate bonds that have obtained approval or registration documents before the issuance of this notice，If you meet the issuer qualifications stipulated in this notice、Information disclosure and other related requirements as agreed in the issuance application documents，The issuance arrangements for short-term corporate bonds can be clarified during the pre-issuance filing stage。

　十、The lead underwriter and the issuer’s lawyers should be diligent and responsible，Whether the public issuance of short-term corporate bonds by the issuer is within the scope of the pilot、Verify information disclosure requirements and issue verification opinions，The trustee shall bet365 casino live blackjacksupervise the issuer’s use of raised funds in accordance with regulations and agreements。

Eleven、Public Issuance and Listing Review of Short-term Corporate Bonds、Unfinished matters such as listing and trading，Executed in accordance with the current corporate bond regulations of the Exchange。

twelve、Law、Regulations、The China Securities Regulatory Commission and self-regulatory agencies have other regulations on the balance of short-term financing instruments of securities companies，Subject to its regulations。

Thirteen、This notice shall come into effect on the date of issuance。Relevant regulations previously issued by the Exchange are inconsistent with this notice，Subject to this notice。

　Notice hereby.

Shanghai Stock Exchange

　May 21, 2020