On December 1, the Beijing ** Stock Exchange issued the "Notice on Initiating the Underwriting Business of Corporate Bond Issuance" (hereinafter referred to as the "Notice"), pointing out that from now on, the issuance and underwriting business of corporate bonds (including corporate bonds) issuance and filing, bookbuilding and other issuance and underwriting business will be officially launched.
Since the launch of the credit bond business of the Beijing Stock Exchange, as of December 1, 21 corporate bond (including corporate bond) projects have been accepted, with a planned issuance amount of 39.7 billion yuan. Among them, the 5 billion yuan corporate bond to be issued by Beijing State-owned Assets was approved by the China Securities Regulatory Commission on November 22, becoming the first successfully registered credit bond on the Beijing Stock Exchange.
At the same time, with the official launch of the corporate bond (including corporate bonds) underwriting business of the Beijing Stock Exchange, the Beijing Stock Exchange, the National Equities Exchange and Quotations, China Clearing, Shenzhen Stock Exchange, ** companies, information providers, ** companies and their custodians, banks, insurance companies, etc. will carry out the first network-wide test of corporate bonds (including corporate bonds) cash trading business on December 2.
The Beijing Stock Exchange previously stated that the launch of the credit bond business is a specific measure to thoroughly implement the "Opinions on the High-quality Construction of the Beijing ** Exchange" and comprehensively promote the high-quality development of the Beijing Stock Exchange, which is of great significance for further improving the functions of the ** exchange and strengthening the service of the real economy and the national strategic capacity.
The Beijing Stock Exchange launched the underwriting business of corporate bond issuance.
The Notice clarifies that all market institutions shall carry out corporate bond issuance and underwriting business in accordance with the relevant requirements of the Rules for the Underwriting of Corporate Bond Issuance on the Beijing ** Exchange, the Guidelines for the Underwriting of Corporate Bond Issuance on the Beijing ** Exchange No. 1 - Issuance Filing, the Guidelines for the Underwriting of Corporate Bond Issuance on the Beijing ** Exchange No. 2 - Bookbuilding and the Business Guidelines for the Issuance and Listing of Corporate Bonds on the Beijing ** Exchange.
The underwriting institution shall handle the issuance, filing, registration and listing of corporate bonds to be listed on the Beijing Stock Exchange through the business management system of the Beijing Stock Exchange. At the same time, the corporate bonds issued in the bookbuilding of the Beijing Stock Exchange shall be carried out in a way that the system is centralized and the venue is not compulsoryly centralized. Underwriting institutions, bond trading participants and other professional institutional investors recognized by the underwriting institutions can log in and use the bookkeeping system of the Beijing Stock Exchange through the Internet.
Since 2022, the Beijing Stock Exchange has successively launched the issuance of national bonds and local bonds, realizing a steady start in the construction of the bond market, and as of November 14, the Beijing Stock Exchange has issued a total of 425 trillion yuan, laying the foundation for further promoting the construction of the bond market of the Beijing Stock Exchange.
The construction of the bond market is an inevitable requirement for improving the functional system of basic products of the Beijing Stock Exchange. The Beijing Stock Exchange has taken the opportunity of participating in the undertaking of corporate bonds to steadily promote the construction of the credit bond market and build the basic functions and business framework of the market.
On October 20, the China Securities Regulatory Commission issued the "Administrative Measures for the Issuance and Trading of Corporate Bonds" and the "Guidelines for the Content and Format of Information Disclosure of Companies Offering ** to the Public No. 24 - Application Documents for Public Issuance of Corporate Bonds", which ended the transition period for the transfer of corporate bond issuance and examination responsibilities and officially finalized the rules of the corporate bond issuance system.
On the same day, the Beijing Stock Exchange issued 12 guidelines and 4 guidelines for the implementation of 5 basic business rules for corporate bonds (including corporate bonds), and officially launched the credit bond business on October 23.
According to the unified deployment of the China Securities Regulatory Commission, unlike the Shanghai and Shenzhen Stock Exchanges, the Beijing Stock Exchange will launch all corporate bond varieties except for public offerings. The bonds that can be issued include short-term corporate bonds, renewable corporate bonds, exchangeable corporate bonds, green corporate bonds, low-carbon transition corporate bonds, scientific and technological innovation corporate bonds, rural revitalization corporate bonds, "Belt and Road" corporate bonds, bail-out corporate bonds, and micro, small and medium-sized enterprise support bonds.
Recently, some brokerages, ** companies and other institutions have participated in and completed the ** test of corporate bonds (including corporate bonds) trading business on the Beijing Stock Exchange. On December 1, with the official launch of the Beijing Stock Exchange for the issuance of corporate bonds (including corporate bonds), bookbuilding and other issuance and underwriting business, the Beijing Stock Exchange, the National Equities Exchange and Quotations, China Clearing, Shenzhen Stock Exchange, ** companies, information vendors, ** companies and their custodians, banks, insurance companies, etc. will carry out the first network-wide test of corporate bonds (including corporate bonds) cash trading business on December 2.
Subsequently, the Beijing Stock Exchange will continue to improve the issuance method of corporate bonds, focus on further enriching the product system, continue to carry out diversified product research, mature one, and launch one. The relevant person in charge of the Beijing Stock Exchange previously said.
The scale of the first credit bond on the Beijing Stock Exchange is 5 billion yuan.
Since the launch of the credit bond business of the Beijing Stock Exchange, as of December 1, the Beijing Stock Exchange has accepted 21 corporate bond (including corporate bonds) projects, with a planned issuance amount of 39.7 billion yuan. Among them, the 5 billion yuan corporate bond to be issued by Beijing State-owned Assets was approved by the China Securities Regulatory Commission on November 22, becoming the first successfully registered credit bond on the Beijing Stock Exchange.
It is understood that the Beijing state-owned assets were approved to raise and issue 5 billion yuan of bonds on the Beijing Stock Exchange, with a term of no more than 10 years. Among them, 2.5 billion yuan will be used for energy conservation and environmental protection, information services and other fields, and 2.5 billion yuan will be used to supplement working capital. The bonds will be led by CITIC** and jointly underwritten by China Securities Construction Investment, CICC, Huatai** and Everbright**.
Beijing State-owned Assets Corporation previously introduced that with the strong support of the Beijing State-owned Assets Supervision and Administration Commission and regulators, and with the full cooperation of financial and intermediary institutions, Beijing State-owned Assets Corporation officially declared its bond registration to the Beijing Stock Exchange on October 23, and the registered varieties of bonds were corporate bonds. At the same time, the company has also been granted the qualification of a well-known mature issuer (i.e., a high-quality issuer) by the Beijing Stock Exchange.
Beijing State-owned Assets Corporation said that the declaration is an important measure for enterprises to actively participate in the construction of Beijing's capital market and help the construction and development of the Beijing Stock Exchange. At the same time, this move will also further broaden the company's exchange financing channels, innovate financing varieties, and obtain sufficient financing quotas, which will help enterprises better carry out investment in key areas and major projects, and achieve fruitful results in serving the construction of the capital's "four centers" urban functions and fully participating in the "five subs" linkage development.
Editor-in-charge: Tactical Heng.
Proofreading: Liao Shengchao.