| Order No. 113 of the China Securities Regulatory Commission | | 中国证券监督管理委员会令 |
| (No. 113) | | （第113号） |
| The Measures for the Issue and Trading of Corporate Bonds, as deliberated and adopted at the 65th chairman's executive meeting of the China Securities Regulatory Commission on November 15, 2014, are hereby issued, and shall come into force on the date of issuance. | | 《公司债券发行与交易管理办法》已经2014年11月15日中国证券监督管理委员会第65次主席办公会议审议通过，现予公布，自公布之日起施行。 |
| Chairman of the China Securities Regulatory Commission: Xiao Gang | | 中国证券监督管理委员会主席：肖钢 |
| January 15, 2015 | | 2015年1月15日 |
| Measures for the Issue and Trading of Corporate Bonds | | 公司债券发行与交易管理办法 |
| Chapter I General Provisions | | 第一章 总则 |
| Article 1 To regulate the issue, trading and transfer of corporate bonds and protect the lawful rights and interests of investors and the public interests, these Measures are developed in accordance with the Securities Law, the Company Law, and other relevant laws and regulations. | | 第一条 为了规范公司债券的发行、交易或转让行为，保护投资者的合法权益和社会公共利益，根据《证券法》、《公司法》和其他相关法律法规，制定本办法。 |
| Article 2 When corporate bonds are publicly offered and traded or transferred through stock exchanges or the National Equities Exchange and Quotations (“NEEQ”), or when corporate bonds are non-publicly offered and underwritten or sold under these Measures, or transferred through stock exchanges, the NEEQ or the Quotation and Service System for Products Privately Offered between Securities Companies or over the counter of securities companies, these Measures shall apply. | | 第二条 在中华人民共和国境内，公开发行公司债券并在证券交易所、全国中小企业股份转让系统交易或转让，非公开发行公司债券并按照本办法规定承销或自行销售、或在证券交易所、全国中小企业股份转让系统、机构间私募产品报价与服务系统、证券公司柜台转让的，适用本办法。 |
| Where it is otherwise prescribed by any law or regulation or the China Securities Regulatory Commission (“CSRC”), such provisions shall apply. | | 法律法规和中国证券监督管理委员会（以下简称中国证监会）另有规定的，从其规定。 |
| For the purpose of these Measures, the term “corporate bonds” means the corporate bonds issued by a company by the statutory procedure, with the principal and interest repaid within an agreed time limit. | | 本办法所称公司债券，是指公司依照法定程序发行、约定在一定期限还本付息的有价证券。 |
| Article 3 Corporate bonds may be issued publicly or non-publicly. | | 第三条 公司债券可以公开发行，也可以非公开发行。 |
| Article 4 Issuers and other information disclosure obligators shall timely and fairly fulfill the disclosure obligation. The information disclosed or submitted must be truthful, accurate and integrated without any false record, misleading statement or material omission. | | 第四条 发行人及其他信息披露义务人应当及时、公平地履行披露义务，所披露或者报送的信息必须真实、准确、完整，不得有虚假记载、误导性陈述或者重大遗漏。 |
| Article 5 An issuer and the controlling shareholder or actual controller thereof shall keep good faith, and the directors, supervisors and senior executives of the issuer shall diligently perform duties to protect bondholders' legal rights and rights stipulated in the bond prospectus. | | 第五条 发行人及其控股股东、实际控制人应当诚实守信，发行人的董事、监事、高级管理人员应当勤勉尽责，维护债券持有人享有的法定权利和债券募集说明书约定的权利。 |
| Article 6 The audit report, asset appraisal report and rating report as quoted in the bond prospectus and other information disclosure documents shall be issued by institutions qualified for securities services. | | 第六条 债券募集说明书及其他信息披露文件所引用的审计报告、资产评估报告、评级报告，应当由具有从事证券服务业务资格的机构出具。 |
| The written legal opinion quoted in the bond prospectus shall be issued by a law firm and signed by two practicing lawyers and the person in charge of the law firm where they work. | | 债券募集说明书所引用的法律意见书，应当由律师事务所出具，并由两名执业律师和所在律师事务所负责人签署。 |
| Article 7 The underwriting agency, credit rating agency, fiduciary, accounting firm, asset appraisal agency, law firm and other specialized institutions and persons that provide services for the issue of corporate bonds shall strictly abide by the code of practice and the regulatory rules and fulfill obligations as required and agreed upon. | | 第七条 为公司债券发行提供服务的承销机构、资信评级机构、受托管理人、会计师事务所、资产评估机构、律师事务所等专业机构和人员应当勤勉尽责，严格遵守执业规范和监管规则，按规定和约定履行义务。 |
| Article 8 In the course of determining the issue price and the course of placement, issuers, underwriters and relevant employees thereof may not have any act of unfair competition, any act of tunneling, any act directly or indirectly seeking illicit interests, or any other act disrupting the market order. | | 第八条 发行人、承销机构及其相关工作人员在发行定价和配售过程中，不得有违反公平竞争、进行利益输送、直接或间接谋取不正当利益以及其他破坏市场秩序的行为。 |
| Article 9 The confirmation granted by the CSRC or the recordation granted by the Securities Association of China (“SAC”) to an issue of corporate bonds does not constitute any judgment or guarantee as to the operating risk, insolvency risk and litigation risk of the issuer or the investment risk or return of the corporate bonds. Investors shall assume the risk associated with investment in corporate bonds on their own. | | 第九条 中国证监会对公司债券发行的核准或者中国证券业协会按照本办法对公司债券发行的备案，不表明其对发行人的经营风险、偿债风险、诉讼风险以及公司债券的投资风险或收益等作出判断或者保证。公司债券的投资风险，由投资者自行承担。 |
| Article 10 The CSRC shall oversee and regulate the public issue, non-public issue, trading and transfer of corporate bonds according to the law. | | 第十条 中国证监会依法对公司债券的公开发行、非公开发行及其交易或转让活动进行监督管理。 |
| Securities self-regulatory organizations may carry out self-regulation of the listing for trading and transfer, non-public issue and transfer, underwriting, due diligence, credit rating, custody and credit enhancement of corporate bonds in accordance with relevant provisions. | | 证券自律组织可依照相关规定对公司债券的上市交易或转让、非公开发行及转让、承销、尽职调查、信用评级、受托管理及增信等进行自律管理。 |
| Securities self-regulatory organizations shall develop relevant business rules, provide specific provisions governing the underwriting, recordation, listing for trading and transfer, information disclosure, investor suitability management, bondholders' meeting and custody of corporate bonds, and submit them to the CSRC for approval. | | 证券自律组织应当制定相关业务规则，明确公司债券承销、备案、上市交易或转让、信息披露、投资者适当性管理、持有人会议及受托管理等具体规定，报中国证监会批准。 |
| Chapter II Issue, Trading and Transfer | | 第二章 发行和交易转让 |
| Section 1 General Provisions | | 第一节 一般规定 |
| Article 11 To issue corporate bonds, the issuer shall make a resolution on the following matters in accordance with the Company Law or its bylaws: | | 第十一条 发行公司债券，发行人应当依照《公司法》或者公司章程相关规定对以下事项作出决议： |
| (1) The issue size. | | （一）发行债券的数量； |
| (2) The issue method. | | （二）发行方式； |
| (3) The maturity of bonds. | | （三）债券期限； |
| (4) The uses of raised funds. | | （四）募集资金的用途； |
| (5) The validity of the resolution. | | （五）决议的有效期； |
| (6) Other matters that need to be specified as required by any law or regulation or the bylaws. | | （六）其他按照法律法规及公司章程规定需要明确的事项。 |
| Credit enhancement arrangements and solvency safeguards, if involved in the issue of corporate bonds, shall also be specified in the resolution. | | 发行公司债券，如果对增信机制、偿债保障措施作出安排的，也应当在决议事项中载明。 |
| Article 12 Corporate bonds issued by a listed company or by an unlisted public company whose stock is transferred publicly may be attached with terms on warrants or convertible equity. The shareholders of a listed company or an unlisted public company whose stock is transferred publicly may issue corporate bonds attached with terms on conversion into the shares of the listed company or unlisted public company. Such a financial institution as a commercial bank may issue corporate bonds attached with write-down terms in accordance with relevant provisions. | | 第十二条 上市公司、股票公开转让的非上市公众公司发行的公司债券，可以附认股权、可转换成相关股票等条款。上市公司、股票公开转让的非上市公众公司股东可以发行附可交换成上市公司或非上市公众公司股票条款的公司债券。商业银行等金融机构可以按照有关规定发行附减记条款的公司债券。 |
| The issue of corporate bonds under terms on warrants or convertible equity by a listed company shall comply with relevant provisions of the Measures for the Securities Offering of Listed Companies and the Interim Measures for the Administration of Securities Offering by Companies Listed on the Growth Enterprise Market. | | 上市公司发行附认股权、可转换成股票条款的公司债券，应当符合《上市公司证券发行管理办法》、《创业板上市公司证券发行管理暂行办法》的相关规定。 |
| The provisions governing the issue of corporate bonds under terms on warrants or convertible equity by an unlisted public company whose stock is transferred publicly shall be separately developed by the CSRC. | | 股票公开转让的非上市公众公司发行附认股权、可转换成股票条款的公司债券，由中国证监会另行规定。 |
| Article 13 All directors, supervisors and senior executives of an issuer shall sign on the bond prospectus, undertaking that there is no false record, misleading statement or material omission in the prospectus and assuming corresponding legal liability, except when one is able to prove that he or she has no fault. | | 第十三条 发行人全体董事、监事、高级管理人员应当在债券募集说明书上签字，承诺不存在虚假记载、误导性陈述或者重大遗漏，并承担相应的法律责任，但是能够证明自己没有过错的除外。 |
| Article 14 For the purpose of these Measures, the term “qualified investors” means investors who have adequate abilities to identify and tolerant risks, are aware of and independently assume risks associated with investment in corporate bonds, and meet the following eligibility conditions: | | 第十四条 本办法所称合格投资者，应当具备相应的风险识别和承担能力，知悉并自行承担公司债券的投资风险，并符合下列资质条件： |
| (1) Financial institutions formed upon the approval of competent financial regulatory authorities, including securities companies, fund management companies and the subsidiaries thereof, futures companies, commercial banks, insurance companies and trust companies, and privately offered fund management institutions registered with the Asset Management Association of China (“AMAC”). | | （一）经有关金融监管部门批准设立的金融机构，包括证券公司、基金管理公司及其子公司、期货公司、商业银行、保险公司和信托公司等，以及经中国证券投资基金业协会（以下简称基金业协会）登记的私募基金管理人； |
| (2) The wealth management products issued by the aforesaid financial institutions to investors, including but not limited to securities companies' asset management products, products of funds and fund subsidiaries, futures companies' asset management products, banks' wealth management products, insurance products, trust products, and privately offered funds registered with the AMAC. | | （二）上述金融机构面向投资者发行的理财产品，包括但不限于证券公司资产管理产品、基金及基金子公司产品、期货公司资产管理产品、银行理财产品、保险产品、信托产品以及经基金业协会备案的私募基金； |
| (3) The legal persons of enterprises and public institutions, and partnerships with net assets of not less than 10 million yuan. | | （三）净资产不低于人民币一千万元的企事业单位法人、合伙企业； |
| (4) Qualified foreign institutional investors (QFII) or RMB qualified foreign institutional investors (RQFII). | | （四）合格境外机构投资者（QFII）、人民币合格境外机构投资者（RQFII）； |
| (5) Pension funds such as social security funds and enterprise annuity funds, and social welfare funds such as charity funds. | | （五）社会保障基金、企业年金等养老基金，慈善基金等社会公益基金； |
| (6) Individual investors with not less than three million yuan of financial assets under their names. | | （六）名下金融资产不低于人民币三百万元的个人投资者； |
| (7) Other qualified investors recognized by the CSRC. | | （七）经中国证监会认可的其他合格投资者。 |
| The term “financial assets” as mentioned in the preceding paragraph includes bank deposits, stocks, bonds, fund shares, asset management plans, banks' wealth management products, trust plans, insurance products, and futures equities. Where a wealth management product or a partnership intends to invest its major assets in a single bond, a penetrant inspection shall be conducted to find out whether the end investor is a qualified investor and the number of investors shall be calculated on a consolidated basis, with the specific standards being developed by the AMAC. | | 前款所称金融资产包括银行存款、股票、债券、基金份额、资产管理计划、银行理财产品、信托计划、保险产品、期货权益等；理财产品、合伙企业拟将主要资产投向单一债券，需要穿透核查最终投资者是否为合格投资者并合并计算投资者人数，具体标准由基金业协会规定。 |
| Securities self-regulatory organizations may develop more rigid eligibility conditions for qualified investors on the basis of those set out by these Measures. | | 证券自律组织可以在本办法规定的基础上，设定更为严格的合格投资者资质条件。 |
| Article 15 Funds raised from the public offering of corporate bonds shall be used for approved purposes. Funds raised from the non-public offering of corporate bonds shall be used for purposes agreed upon. Except for enterprises in the financial category, raised funds may not be lent to others. | | 第十五条 公开发行公司债券，募集资金应当用于核准的用途；非公开发行公司债券，募集资金应当用于约定的用途。除金融类企业外，募集资金不得转借他人。 |
| An issuer shall specify an account exclusively used for the receipt, deposit, transfer and principal and interest repayment of funds raised from the offering of corporate bonds. | | 发行人应当指定专项账户，用于公司债券募集资金的接收、存储、划转与本息偿付。 |
| Section 2 Public Offering and Trading | | 第二节 公开发行及交易 |
| Article 16 A public offering of corporate bonds shall comply with relevant provisions of the Securities Law and the Company Law and be subject to the confirmation of the CSRC. | | 第十六条 公开发行公司债券，应当符合《证券法》、《公司法》的相关规定，经中国证监会核准。 |
| Article 17 Under any of the following circumstances, a company may not publicly offer corporate bonds: | | 第十七条 存在下列情形之一的，不得公开发行公司债券： |
| (1) There is any false record in the financial and accounting documents of the company or the company has any other serious violation of laws in the last 36 months. | | （一）最近三十六个月内公司财务会计文件存在虚假记载，或公司存在其他重大违法行为； |
| (2) There is any false record, misleading statement or material omission in the application documents of the issue. | | （二）本次发行申请文件存在虚假记载、误导性陈述或者重大遗漏； |
| (3) The issuer has breached the contract on or delayed the payment of principal and interest on any bond issued or any other debt, which still continues. | | （三）对已发行的公司债券或者其他债务有违约或者迟延支付本息的事实，仍处于继续状态； |
| (4) Any other circumstance that seriously damages the lawful rights and interests of investors or the public interests. | | （四）严重损害投资者合法权益和社会公共利益的其他情形。 |
| Article 18 A corporate bond whose credit standing reaches the following criteria may be publicly issued to public investors or, at the issuer's discretion, publicly issued to qualified investors only: | | 第十八条 资信状况符合以下标准的公司债券可以向公众投资者公开发行，也可以自主选择仅面向合格投资者公开发行： |
| (1) The issuer has not breached the contract on or delayed the payment of principal and interest on any debt in the last three years. | | （一）发行人最近三年无债务违约或者迟延支付本息的事实； |
| (2) The issuer's average annual distributable profits in the last three fiscal years are not less than 1.5 times the annual interest on the bond. | | （二）发行人最近三个会计年度实现的年均可分配利润不少于债券一年利息的1.5 倍； |
| (3) The credit rating of the bond reaches AAA. | | （三）债券信用评级达到AAA 级； |
| (4) Other conditions as set out by the CSRC for the purpose of protecting investors. | | （四）中国证监会根据投资者保护的需要规定的其他条件。 |
| A corporate bond that fails to reach the aforesaid criteria shall be issued to qualified investors when publicly issued. Where a corporate bond is publicly issued to qualified investors, the CSRC shall simplify the confirmation procedure. | | 未达到前款规定标准的公司债券公开发行应当面向合格投资者；仅面向合格投资者公开发行的，中国证监会简化核准程序。 |
| Article 19 In a public offering of corporate bonds, the issuer shall commission a credit rating agency qualified for securities services to carry out credit rating. | | 第十九条 公开发行公司债券，应当委托具有从事证券服务业务资格的资信评级机构进行信用评级。 |
| Article 20 An issuer shall prepare and file application documents for the public offering of corporate bonds in accordance with relevant provisions of the CSRC governing the contents and formats of information disclosure. | | 第二十条 发行人应当按照中国证监会信息披露内容与格式的有关规定编制和报送公开发行公司债券的申请文件。 |
| Article 21 After accepting the application documents, the CSRC shall examine the application for the public offering of corporate bonds according to the law, make a decision to grant confirmation or not within three months after the date of acceptance, and issue a relevant document. | | 第二十一条 中国证监会受理申请文件后，依法审核公开发行公司债券的申请，自受理发行申请文件之日起三个月内，作出是否核准的决定，并出具相关文件。 |
| If any major event occurs to the issuer after its application is confirmed and before the issue ends, which makes the issuer no longer meet the offering conditions, the issue shall be postponed or suspended, and the situation shall be reported to the CSRC in a timely manner. If any of its offering conditions is affected, the issuer shall undergo the confirmation procedure anew. | | 发行申请核准后，公司债券发行结束前，发行人发生重大事项，导致可能不再符合发行条件的，应当暂缓或者暂停发行，并及时报告中国证监会。影响发行条件的，应当重新履行核准程序。 |
| The underwriter shall diligently fulfill the inspection obligation, immediately stop the underwriting if discovering that the issuer is under the circumstance of the preceding paragraph, and urge the issuer to fulfill the reporting obligation in a timely manner. | | 承销机构应当勤勉履行核查义务，发现发行人存在前款规定情形的，应当立即停止承销，并督促发行人及时履行报告义务。 |
| Article 22 In a public offering of corporate bonds, the issuer may apply for one confirmation for an issue in installments. As of the day when the issue is approved by the CSRC, the issuer shall complete the initial public offering within 12 months, and complete the rest within 24 months. | | 第二十二条 公开发行公司债券，可以申请一次核准，分期发行。自中国证监会核准发行之日起，发行人应当在十二个月内完成首期发行，剩余数量应当在二十四个月内发行完毕。 |
| The prospectus for the public offering of corporate bonds shall be valid for six months as of last date of signature. If the issue is conducted in installments, the issuer shall disclose the updated prospectus in the following issues and report relevant information to the CSRC for recordation within five working days upon the completion of each issue. | | 公开发行公司债券的募集说明书自最后签署之日起六个月内有效。采用分期发行方式的，发行人应当在后续发行中及时披露更新后的债券募集说明书，并在每期发行完成后五个工作日内报中国证监会备案。 |
| Article 23 Publicly offered corporate bonds shall be listed for trading on legally formed stock exchanges, or transferred through the National Equities Exchange and Quotations (“NEEQ”) or any other securities trading venue approved by the State Council. | | 第二十三条 公开发行的公司债券，应当在依法设立的证券交易所上市交易，或在全国中小企业股份转让系统或者国务院批准的其他证券交易场所转让。 |
Article 24 Stock exchanges and the NEEQ shall carry out categorized management of the listing of publicly offered corporate bonds for trading or transfer, apply differential trading mechanisms, establish corresponding investor suitability management rules, and establish risk control mechanisms.
．．．．．． | | 第二十四条 证券交易所、全国中小企业股份转让系统应当对公开发行公司债券的上市交易或转让实施分类管理，实行差异化的交易机制，建立相应的投资者适当性管理制度，健全风险控制机制。
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