Cui Zhijuan, a professor at Beijing National Accounting Institute, told Securities Daily that under the registration system, corporate bonds have entered a new stage of market-oriented issuance, with simplified bond issuance procedures, further improved conditions for bond issuance, and strengthened information disclosure and bond rating. Since the implementation of the registration system, the dividend of policy reform has been further released, the enthusiasm of more types of subjects to issue bonds has been improved, and the market demand for bond issuance has been released.
Recently, the Shanghai Stock Exchange issued two rules, No.1 guidance on the application of the rules for the examination and approval of the issuance and listing of corporate bonds of the Shanghai Stock Exchange - application documents and preparation, and No. 2 of the guidelines for the application of the rules for the examination and approval of the issuance and listing of corporate bonds by the Shanghai Stock Exchange, which marks the improvement and optimization of the rules system for the listing and issuance of corporate bonds under the registration system The work has achieved phased results.
The Shanghai Stock Exchange said that since the implementation of the registration system, the Shanghai Stock Exchange has adhered to the concept of marketization and legalization, attached equal importance to promoting development and preventing risks, further strengthened the audit concept with information disclosure as the core, and continued to promote the optimization and upgrading of corporate bond financing audit around improving audit efficiency and quality, and improving the system and rules system.
On the issue of corporate bonds, on March 1, this year, the national development and Reform Commission (NDRC) issued a notice to specify that the registration system should be fully implemented for the issuance of corporate bonds, the regulatory concept centered on information disclosure was established, and market-oriented and rule of law oriented were adhered to, and market constraints were strengthened. At the same time, simplify the application procedures and materials. On April 23 this year, Shenzhen Metro Group Co., Ltd. successfully issued the first registered corporate bonds in China at the Shenzhen issuing place of China central government bond registration and Clearing Co., Ltd., with a total amount of 6 billion yuan.
According to the statistics of the information disclosure data of China bond information network, since the implementation of the registration system, more types of main bodies, such as important infrastructure construction entities, industrial companies and high-quality listed companies, have actively applied for corporate bonds. As of November 29, 399 enterprises have applied for corporate bonds, of which 282 enterprises have accepted the processing status, and 6 enterprises have received feedback to be answered 57 have declared, 44 have registered and 10 have withdrawn their applications. Among them, 44 registered corporate bonds have declared a total scale of 383.82 billion yuan.
Meng Wei, a spokesman for the national development and Reform Commission, said recently that at present, the reform of corporate bonds has been progressing steadily, the construction of system system has been improved, the efficiency of application and examination has been continuously improved, and the market vitality has been further stimulated.
Cui Zhijuan said that to enhance the ability of corporate bonds and corporate bonds to serve the real economy, we need to improve the market-oriented issuance mechanism of the bond market, continue to strengthen information disclosure and compact the responsibilities of intermediary service agencies, and further improve the basic system of the bond market.
Source of this article: Yang Qian, editor in charge of Securities Daily_ NF4425