| Notice by the Securities Association of China of Issuing and Implementing the Guidelines for the Due Diligence Investigations into the Underwriting of Corporate Bonds (Revision) and the Guidelines for the Contents and Catalogue of the Working Papers for Corporate Bonds | | 中国证券业协会关于发布实施《公司债券承销业务尽职调查指引（修订稿）》《公司债券业务工作底稿内容与目录指引》的通知 |
| All member entities: | | 各会员单位： |
| For the purposes of further improving the self-regulation rules and systems for corporate bonds, regulating the practices of bond underwriters and entrusted management institutions, and advancing the regulated development of the corporate bond business, according to the Securities Law, the Measures for the Administration of the Offering and Trading of Corporate Bonds, and other relevant laws and regulations, regulatory documents and self-regulation rules, and on the basis of extensively requesting opinions in the industry, the Securities Association of China (“SAC”) has formed the Guidelines for the Due Diligence Investigations into the Underwriting of Corporate Bonds (Revision) and the Guidelines for the Contents and Catalogue of the Working Papers for Corporate Bonds, which have been adopted at the 12th session of the Sixth Executive Council, have been submitted to the China Securities Regulatory Commission for recordation, are hereby issued, and shall come into force on the date of issuance. | | 为进一步完善公司债券自律规则体系，规范债券承销、受托管理机构执业行为，推动公司债券业务规范发展，中国证券业协会根据《证券法》《公司债券发行与交易管理办法》等相关法律法规、规范性文件和自律规则，在广泛征集行业意见基础上，形成了《公司债券承销业务尽职调查指引（修订稿）》《公司债券业务工作底稿内容与目录指引》，经第六届常务理事会第十二次会议表决通过，并报中国证监会备案，现予发布，自发布之日起施行。 |
| Securities Association of China | | 中国证券业协会 |
| January 22, 2020 | | 2020年1月22日 |
| Annex 1: Guidelines for the Due Diligence Investigations into the Underwriting of Corporate Bonds | | 附件1：公司债券承销业务尽职调查指引 |
| Annex 2: Guidelines for the Contents and Catalogue of the Working Papers for Corporate Bonds | | 附件2：公司债券业务工作底稿内容与目录指引 |
| Annex 2-1: Catalogue of the Working Papers for Corporate Bonds | | 附件2-1：公司债券业务工作底稿目录 |
| Annex 1 | | 附件1 |
| Guidelines for the Due Diligence Investigations into the Underwriting of Corporate Bonds | | 公司债券承销业务尽职调查指引 |
| Chapter I General Provisions | | 第一章 总则 |
| Article 1 For the purposes of regulating the underwriting of corporate bonds carried out by underwriters, and urging the underwriters to effectively carry out the due diligence investigations, these Guidelines are developed according to the Securities Law, the Company Law, the Measures for the Administration of the Offering and Trading of Corporate Bonds, the Regulation for the Underwriting of Corporate Bonds, and other relevant laws, regulations, regulatory documents, and self-regulation rules. Where the due diligence investigations into the underwriting of corporate bonds are separately prescribed in laws, regulations, and regulatory documents, such provisions shall apply; and where they are not prescribed in these Guidelines, but they are prescribed in other self-regulation rules, such provisions shall apply. | | 第一条 为规范承销机构开展公司债券承销业务，促进承销机构做好尽职调查工作，根据《证券法》《公司法》《公司债券发行与交易管理办法》《公司债券承销业务规范》等相关法律法规、规范性文件和自律规则，制定本指引。法律法规、规范性文件等对公司债券承销业务尽职调查工作另有规定的应当从其规定；本指引未规定，其他自律规则规定的应当从其规定。 |
| Article 2 For the purposes of these Guidelines, “due diligence investigation” means the sufficient investigation carried out by an underwriter and its business specialists into an issuer through various effective methods and steps under the principles of due diligence, accountability, honesty, and credibility, to understand the issuer's business operation, financial status, and solvency, obtain reasonable grounds for believing that the issuance documents are authentic, accurate, and complete, and verify whether the contents in the issuance documents concerning the issuance conditions comply with the relevant laws, regulations and departmental rules. | | 第二条 本指引所称尽职调查是指承销机构及其业务人员遵循勤勉尽责、诚实信用原则，通过各种有效方法和步骤对发行人进行充分调查，以掌握发行人经营情况、财务状况和偿债能力，并有合理理由确信发行文件真实、准确、完整以及核查发行文件中与发行条件相关的内容是否符合相关法律法规及部门规章规定的过程。 |
| Article 3 An underwriter shall insist on professional prudence, maintain reasonable doubt, and sufficiently utilize necessary means and methods to make due diligence investigations in consideration of the reality of an issuer's industry, business, and financing type, among others, and verify the authenticity, accuracy and completeness of the documents issued in accordance with the requirements of the laws, regulations, and these Guidelines, to ensure the quality of due diligence investigations. These Guidelines are general requirements for due diligence investigations into underwriters. Besides the investigations into the contents listed in these Guidelines, an underwriter shall investigate other matters that are involved in the underwriting business and that may have a significant impact on an issuer's solvency or investors' making of investment decisions. | | 第三条 承销机构应当秉持职业审慎，保持合理怀疑，结合发行人的行业、业务、融资类型等实际情况，充分运用必要的手段和方法开展尽职调查，按照法律法规和本指引的要求，核实发行文件的真实性、准确性和完整性，确保尽职调查的质量。本指引是对承销机构尽职调查工作的一般要求。除对本指引列示的内容进行调查外，承销机构还应当对承销业务中涉及的，可能对发行人偿债能力或者投资者做出投资决策有重大影响的其他事项进行调查。 |
| Article 4 An underwriter shall, according to the requirements of these Guidelines, develop a sound internal management system for due diligence investigation, establish and improve the business processes, and ensure that relevant personnel involved in due diligence investigation work can follow the principles of independence, objectivity and impartiality and have sound professional ethics and professional competence. | | 第四条 承销机构应当根据本指引的要求制定完善的尽职调查内部管理制度，建立健全业务流程，并确保参与尽职调查工作的相关人员能够恪守独立、客观、公正的原则，具备良好的职业道德和专业胜任能力。 |
| Article 5 During the process of a due diligence investigation, for the content in the issuance document without support of the professional opinions of the intermediary institution and its signatory, the underwriter shall make an independent judgment on the basis of obtaining sufficient due diligence investigation materials and making comprehensive analysis on various due diligence investigation materials, and fulfill the obligation of special attention. | | 第五条 尽职调查过程中，对发行文件中无中介机构及其签名人员专业意见支持的内容，承销机构应当在获得充分的尽职调查材料并对各种尽职调查材料进行综合分析的基础上进行独立判断，履行特别注意义务。 |
| For the contents in an issuance document on which professional opinions are issued by an intermediary institution and its signatory, the underwriter shall perform general duty of care for the professional opinions in consideration of the information obtained during the process of due diligence investigation. Where there are reasonable doubts on the professional opinions, communication with the intermediary institution shall be actively conducted and the intermediary institution shall be requested to make an explanation or issue a basis; and where there is significant difference between the professional opinions and the information obtained during the process of due diligence investigation, investigation into and examination of the relevant matters shall be carried out, and sufficient disclosure shall be conducted in the issuance documents such as the verification opinions of the lead underwriter. | | 对发行文件中有中介机构及其签名人员出具专业意见的内容，承销机构应当结合尽职调查过程中获得的信息对专业意见的内容履行普通注意义务。对专业意见存有合理怀疑的，应当主动与中介机构进行沟通，要求其做出解释或出具依据；发现专业意见与尽职调查过程中获得的信息存在重大差异的，应当对有关事项进行调查、复核，并在主承销商核查意见等发行文件中予以充分揭示。 |
| Article 6 Where a same underwriter makes a due diligence investigation into an issuer's re-issuance of corporate bonds, the underwriter may cite the results of the previous due diligence investigation into the issuer and make a supplementary investigation into the changes in the issuer's current bond issuance. | | 第六条 同一承销机构为发行人再次发行公司债券进行尽职调查的，该承销机构可以援引前次对发行人的尽职调查结果，并对发行人本次债券发行中出现变化的内容进行补充调查。 |
| Article 7 After the due diligence investigation work is completed, an underwriter shall write a due diligence investigation report. An underwriter shall establish a system of working papers for the due diligence investigation work, and specify the persons responsible for the collection and review of working papers, the archival and storage procedures, the borrowing procedures, and the verification methods, among others. | | 第七条 尽职调查工作完成后，承销机构应当撰写尽职调查报告。承销机构应当建立尽职调查工作底稿制度，明确工作底稿收集整理责任人员、归档保管流程、借阅程序与检查办法等。 |
| Article 8 The SAC shall, according to the provisions of these Guidelines, implement self-regulatory management of the due diligence investigations into the underwriting of corporate bonds. | | 第八条 中国证券业协会依照本指引规定对公司债券承销业务尽职调查工作实施自律管理。 |
| Chapter II Contents and Methods of Due Diligence Investigations | | 第二章 尽职调查内容和方法 |
| Article 9 For the issuance of corporate bonds, the contents of due diligence investigation shall include, but not be limited to: | | 第九条 发行公司债券的，尽职调查内容包括但不限于： |
| (1) the profile of the issuer; | | （一）发行人基本情况； |
| (2) the financial accounting information; | | （二）财务会计信息； |
| (3) the credit status of the issuer and the bonds of the current period; | | （三）发行人及本期债券的资信情况； |
| (4) the utilization of funds raised; | | （四）募集资金运用； |
| (5) the credit enhancement mechanism, the repayment plan and other guarantee measures; | | （五）增信机制、偿债计划及其他保障措施； |
| (6) the major stakes; | | （六）重大利害关系； |
| (7) the issuer's implementation of the prescribed internal decision-making procedures; | | （七）发行人履行规定的内部决策程序情况； |
| (8) the contents in the issuance documents related to the issuance conditions; | | （八）发行文件中与发行条件相关的内容； |
| (9) the main risks of the issuer; and | | （九）发行人存在的主要风险； |
| (10) other major matters that are involved in the underwriting business and that may affect the issuer's solvency. | | （十）在承销业务中涉及的、可能影响发行人偿债能力的其他重大事项。 |
| Article 10 An underwriter may make due diligence investigations by consulting, holding interviews, attending meetings as nonvoting delegates, on-site investigations, information analysis, verification, discussion, and other methods. | | 第十条 承销机构开展尽职调查可以采用查阅、访谈、列席会议、实地调查、信息分析、印证和讨论等方法。 |
| Article 11 An underwriter shall investigate the profile of an issuer and analyze its impact on the issuer's capacity of continue operation and solvency. The contents of an investigation shall include, but not be limited to: | | 第十一条 承销机构应当调查发行人基本情况，分析其对发行人持续经营能力和偿债能力的影响。调查内容包括但不限于： |
| (1) The historical evolution and equity structure | | （一）历史沿革及股权结构 |
| An underwriter shall consult the industrial and commercial registration documents, obtain the issuer's business license and bylaws, and consult the issuer's equity structure chart and register of major shareholders; investigate the major asset restructuring occurred to the company during the reporting period, and consult the resolution documents, audit reports, and government approval documents (if any) involving the restructuring matters, and shall also briefly consult the asset appraisal reports, where the relevant major asset restructuring involves asset appraisal matters. | | 承销机构应当查阅工商登记文件、获取发行人的营业执照及公司章程，查阅发行人的股权结构图和主要股东名册；调查报告期内公司发生的重大资产重组情况，查阅重组事项涉及的决议文件、审计报告、政府批复文件（如有），相关重大资产重组涉及资产评估事项的，还应当简要查阅资产评估报告。 |
| (2) The issuer's controlling shareholders and actual controllers. | | （二）发行人的控股股东及实际控制人 |
| An underwriter shall investigate the profile of the issuer's controlling shareholder and actual controller. The actual controller shall be investigated until the ultimate state-controlled entity or natural person. | | 承销机构应当调查发行人的控股股东及实际控制人的基本情况，实际控制人应当调查到最终的国有控股主体或自然人为止。 |
| Where a controlling shareholder or actual controller of an issuer is a natural person, the underwriter shall investigate its brief background, integrity, relationship with other major shareholders, pledged shares/equity directly or indirectly held in the issuer or disputes, and the natural person's main investment in other enterprises. | | 发行人的控股股东或实际控制人为自然人的，承销机构应当调查其简要背景、诚信情况、与其他主要股东的关系及直接或间接持有的发行人股份/权被质押或存在争议的情况，及该自然人对其他企业的主要投资情况。 |
| Where a controlling shareholder or actual controller of an issuer is a legal person, the underwriter shall investigate the industrial and commercial information, integrity, main business and assets of the legal person, the main financial data of the consolidated financial statements in the most recent year (indicating whether audited or not), and pledged shares/equity directly or indirectly held in the issuer or disputes. | | 发行人的控股股东或实际控制人为法人的，承销机构应当调查该法人的工商信息、诚信情况、主要业务及资产情况、最近一年合并财务报表的主要财务数据（注明是否经审计）、所持有的发行人股份/权被质押或存在争议的情况。 |
| An underwriter shall investigate the changes in the actual controller during the period of the investigation report. | | 承销机构应当调查报告期内实际控制人的变化情况。 |
| (3) The issuer's significant equity investment in other enterprises | | （三）发行人对其他企业的重要权益投资 |
| An underwriter shall pay attention to the issuer's significant equity investment in other enterprises. For subsidiaries with significant influence on the issuer, the underwriter shall investigate its industrial and commercial information, main business, integrity, and major lawsuits and arbitrations; when necessary, investigate its financial reports or audit reports for the most recent year and analyze the major changes in the main financial data (including assets, liabilities, owner's equity, income, net profit, etc.) and reasons therefor; and consult its industrial and commercial information, main business, integrity, major lawsuits and arbitrations, and major financial data of the most recent year, for shareholding companies, joint ventures, and associates with significant impact on the issuer. | | 承销机构应当关注发行人对其他企业的重要权益投资情况。对发行人有重要影响的子公司，承销机构应当调查其工商信息、主营业务情况、诚信情况、重大诉讼仲裁情况，必要时，调查其近一年的财务报告或审计报告，分析主要财务数据（包括资产、负债、所有者权益、收入、净利润等）的重大增减变动的情况及原因；对于发行人有重要影响的参股公司、合营企业和联营企业，应当查阅其工商信息、主营业务情况、诚信情况、重大诉讼仲裁情况、近一年的主要财务数据。 |
| (4) The business scope and main business | | （四）经营范围及主营业务 |
| An underwriter shall consult the business qualification license or other important qualification documents (if any) related to the issuer's main business. | | 承销机构应当查阅与发行人主营业务相关的业务许可资格或其他重要资质文件（如有）。 |
| An underwriter shall, in consideration of the attributes of the industry and the characteristics of the enterprise, understand the issuer's business model and development strategy by holding interviews and other methods, and investigate the issuer's procurement model, production or service model, and sales model. An underwriter shall investigate the business contact between the issuer and the main clients and suppliers, pay attention to the extent to which the issuer depends on the suppliers and clients, and the stability of the suppliers and clients, determine whether there is heavy dependence on individual suppliers and clients and impact on the issuer's solvency, obtain the issuer's contracts on the main transactions with the aforesaid suppliers and clients, and other relevant materials. An underwriter shall investigate the business-related situation, including but not limited to, the use and scale of the issuer's main products or services, the composition of and changes in the main business income of the issuer during the reporting period, the market competition in the issuer's industry, and the upstream and downstream industry chain. | | 承销机构应当结合行业属性和企业特点，通过访谈等方式，了解发行人的经营模式和发展战略，调查发行人的采购模式、生产或服务模式和销售模式。承销机构应当调查发行人与主要客户、供应商之间的业务往来情况，关注发行人对供应商和客户的依赖程度，以及供应商和客户的稳定性，判断是否存在严重依赖个别供应商和客户而影响发行人偿债能力的情况，必要时取得发行人同前述供应商和客户的主要交易合同等相关资料。承销机构应当调查与业务相关的情况，包括但不限于报告期内发行人主要产品或服务的用途、规模、营业收入构成及变动情况，发行人所处行业的市场竞争状况及上下游产业链情况。 |
| (5) Corporate governance and internal control | | （五）公司治理及内部控制 |
| An underwriter shall, through consulting the bylaws, resolutions of meetings, layers or legal consultants, and other methods, understand an issuer's organizational structure, shareholders' meeting (or the competent decision-making body prescribed by laws and regulations), and the setting and operation of the board of directors (if any) and the board of supervisors (if any); consult the appointment documents and resumes of incumbent directors, supervisors and senior executives, understand the profile of the incumbent directors, supervisors, and senior executives (including the name, current position and term of office, at a minimum), and investigate whether his appointment complies with the provisions of the Company Law and the Bylaws, and whether he is suspected of any major violation of laws and disciplines. | | 承销机构应当通过查阅公司章程、会议决议、咨询律师或法律顾问等方式，了解发行人的组织结构，了解发行人股东（大）会（或者法律法规规定的有权决策机构）、董事会（如有）及监事会（如有）的设置及运行情况；查阅现任董事、监事、高级管理人员的任职文件及简历，了解现任董事、监事、高级管理人员的基本情况（至少包括姓名、现任职务及任期），调查其任职是否符合《公司法》及《公司章程》的规定、是否涉嫌重大违法违纪等情况。 |
| An underwriter shall consult the rules and regulations, hold interviews with the issuer, and consult the audit institution to understand the establishment and operation of the issuer's internal management systems such as accounting, financial management, and risk control. | | 承销机构应当查阅规章制度、对发行人进行访谈、咨询审计机构，了解发行人会计核算、财务管理、风险控制等内部管理制度的建立及运行情况。 |
| An underwriter shall investigate the issuer's important affiliated parties, affiliation relationships, and decision-making authority, decision-making procedures, and pricing mechanism for affiliated transactions; and if necessary, consult the contractual agreements on the major affiliated transactions that may affect the issuer's solvency and the explanation documents for the pricing mechanism, and fully disclose the risks that may arise from such types of affiliated transactions. | | 承销机构应当调查发行人的重要关联方、关联关系及关联交易的决策权限、决策程序、定价机制； 必要时，查阅可能影响发行人偿债能力的重大关联交易的合同协议、定价机制的说明文件，并对该类关联交易可能产生的风险进行充分揭示。 |
| An underwriter shall investigate the independence of the issuer from the controlling shareholders and actual controllers in terms of business, assets, personnel, finance, organization, and other respects; investigate the occupation of the issuer's funds by the controlling shareholders, actual controllers and their affiliated parties during the reporting period, and the circumstances of providing guarantees for controlling shareholders, actual controllers and their affiliated parties. An underwriter shall analyze the aforesaid situation and fully reveal its impact on the solvency. | | 承销机构应当调查发行人与控股股东、实际控制人在业务、资产、人员、财务、机构等方面的独立性；调查报告期内发行人资金被控股股东、实际控制人及其关联方占用情况，以及为控股股东、实际控制人及其关联方提供担保的情形。承销机构应当对前述情况进行分析并充分揭示其对偿债能力的影响。 |
| Article 12 An underwriter shall investigate an issuer's financial and accounting information to fully reveal the issuer's solvency and whether there are significant financial risks. | | 第十二条 |
| (1) Basic scope of the investigation | | （一）调查基本范围 |
| An underwriter shall consult the financial report of an issuer during the reporting period and financial statements of the most recent term (including the accounting statements and their notes and other relevant information and materials that shall be disclosed in the financial accounting reports). Where consolidated financial statements are developed by an issuer, an underwriter shall consult the consolidated financial statements and the parent company's financial statements. An underwriter shall consult the audited or reviewed financial report for record for the year prior to restructuring (including the preparation basis), in the event of a major asset restructuring during the reporting period. An underwriter shall consult the main financial data and financial indicators during the reporting period, and pay attention to an issuer's asset status, debt service ability, cash flow status, profitability and its sustainability. | | 承销机构应当查阅发行人报告期内的财务报告及最近一期财务报表（包括会计报表及其附注和其他应当在财务会计报告中披露的相关信息和资料）。发行人编制合并财务报表的，承销机构应当查阅合并财务报表和母公司财务报表。对于报告期内发生重大资产重组的，承销机构应当查阅重组前一年经审计或审阅的备考财务报告（含编制基础）。承销机构应当查阅报告期的主要财务数据和财务指标，通过比较分析及对重要会计科目的核查，关注发行人的资产状况、偿债能力、现金流状况、盈利能力及其可持续性。 |
| In the event of any significant change in the scope of the consolidated financial statements during the reporting period, an underwriter shall investigate the specific changes in the scope of the consolidated financial statements, the reasons for the changes, and their impact. For important equity investment in which an issuer's shareholding ratio exceeds 50% but is not included in the consolidated statement or does not exceed 50% but is included in the consolidated statement, an underwriter shall verify the rationality. | | 报告期内合并财务报表范围发生重大变化的，承销机构应当调查合并财务报表范围的具体变化情况、变化原因及其影响。对于发行人持股比例超过50%但未纳入合并报表或持股比例不高于50%但纳入合并报表的重要权益性投资，承销机构应当核查其合理性。 |
| In the event of changes in the major accounting policies and accounting estimates during the reporting period, an underwriter shall verify the rationality of the changes and its impact. Where major accounting errors are corrected during the reporting period, an underwriter shall verify the causes and impact. | | 报告期内发生重大会计政策、会计估计变更的。承销机构应当核查变更的合理性及其影响。报告期内发生重大会计差错更正的，承销机构应当核查其原因及影响。 |
| (2) Comparative analysis | | （二）比较分析 |
| An underwriter shall contrast the main accounting data and financial indicators of an issuer during the reporting period, and analyze the major changes: | | 承销机构应当对发行人报告期的主要会计数据和财务指标进行比较，对发生重大变化的应当进行分析： |
| (a) Analyzing the composition and proportion of business income and operating costs in each period of the reporting period, and analyzing the changes in and reasons for the increase and decrease in business income, operating costs, and gross profit rate. | | 1.分析报告期内各期营业收入与营业成本的构成及比例，分析营业收入、营业成本、毛利率的增减变动情况及原因； |
| (b) Analyzing the main expenses (including research and development) and their proportion of and change in business income in each period of the reporting period. | | 2.分析报告期内各期主要费用（含研发）及其占营业收入的比重和变化情况； |
| (c) Analyzing the major investment income of each period in the reporting period and the government subsidies included in the current profit and loss. | | 3.分析报告期内各期重大投资收益和计入当期损益的政府补助情况； |
| (d) Analyzing the major assets and major changes at the end of each period in the reporting period. | | 4.分析报告期内各期末主要资产情况及重大变动分析； |
| (f) Analyzing the main liabilities at the end of each period in the reporting period. In the event of overdue debts, the amount, the amount and the reasons for failure to make repayment as scheduled, among others, shall be explained. | | 5.分析报告期内各期末主要负债情况。有逾期未偿还债项的，应当说明其金额、未按期偿还的原因等。 |
| In addition, an underwriter shall analyze the changes in the company's assets and liabilities structure after this issuance of corporate bonds. | | 此外，承销机构还应当分析本次公司债券发行后公司资产负债结构的变化。 |
| (3) Opinions of the accounting firm | | （三）会计师事务所意见 |
| An underwriter shall verify whether an issuer's annual financial report has been audited by an accounting firm with relevant business qualifications. | | 承销机构应当核查发行人年度财务报告是否经具有相关业务资质的会计师事务所审计。 |
| Where an accounting firm once issued non-unqualified opinions for a financial report of an issuer during the reporting period, an underwriter shall consult the explanation of the issuer's board of directors (or competent department prescribed in laws and regulations and the bylaws) for the handling of matters involved in the audit report containing non-unqualified opinions and the supplementary opinions of the accounting firm and CPA for the audit report containing non-unqualified opinions, and fully reveal the impact of the matters involved in the audit report containing non-unqualified opinions on the solvency. | | 会计师事务所曾对发行人报告期财务报告出具非无保留意见的，承销机构应当查阅发行人董事会（或者法律法规及公司章程规定的有权机构）关于非无保留意见审计报告涉及事项处理情况的说明以及会计师事务所及注册会计师关于非无保留意见审计报告的补充意见，并充分揭示非无意见审计报告涉及事项对偿债能力的影响。 |
| (4) Items of important financial statements | | （四）重要财务报表项目情况 |
| An underwriter shall, in consideration of the issuer's industry attribute, operating risks, and integrity, among others, determine the items of financial statement to be mainly checked, consult the notes to the accounting statements and the management 's explanation for the items of important statements, and analyze and judge the rationality; and conduct prudential verification of the items of the financial statements with reasonable doubt. For assets such as land, real estate, monetary funds, accounts receivable, and equity of important subsidiaries that have significant impact on the issuer's solvency at the end of the reporting period, an underwriter shall verify its main ownership certification documents and analyze its restrictions. | | 承销机构应结合发行人的行业属性、经营风险、诚信情况等，确定需要重点核查的财务报表项目，查阅会计报表附注及管理层关于重要报表项目的说明，并分析判断其合理性；对于存在合理怀疑的财务报表项目，应当进行审慎核查。对于报告期末对发行人偿债能力有重大影响的土地、房产、货币资金、应收账款、重要子公司股权等资产，承销机构应当核查其主要权属证明文件，分析其受限情况。 |
| In the event of relatively large amount of non-operating fund that is outstanding or funds lent to someone else during the reporting period, an underwriter shall verify the decision-making authority, decision-making procedures, and pricing mechanism, among others, of the relevant transactions, and fully reveal the act's compliance, rationality and impact on solvency. | | 报告期内存在金额较大的非经营性往来占款或资金拆借情形的，承销机构应当核查相关交易的决策权限、决策程序、定价机制等，充分揭示该行为的合规性、合理性及对偿债能力的影响。 |
| (5) Solvency | | （五）偿债能力 |
| An underwriter shall verify the total balance of interest-bearing debts, types and balance of debts, maturity structure, and guarantee structure, among others, at the end of the most recent accounting year, and pay attention to an issuer's debt repayment pressure. | | 承销机构应核查最近一个会计年度末有息债务的总余额、债务种类及余额、期限结构、担保结构等情况，关注发行人的偿债压力。 |
| An underwriters shall pay attention to the changes in the issuer's asset-liability ratio during the reporting period and understand the debts due in the next 3 years. For debts due within one year that occupy a large proportion of interest and debt, an underwriter shall verify the operating cash flow and realizable current assets, and other guarantee for the principal and interest of due debts. | | 承销机构应当关注发行人报告期内资产负债率的变化情况，了解未来三年到期债务情况；对于一年内到期债务占有息债务比重较大的，应当核查经营性现金流、可变现流动资产等对到期债务本息的保障情况。 |
| (6) Contingent information | | （六）或有信息 |
| An underwriter shall investigate an issuer's financial status, operating performance and cash flow that may affect investors' understanding, and provide necessary explanation. | | 承销机构应当调查发行人可能影响投资者理解公司财务状况、经营业绩和现金流量情况的信息，并加以必要的说明。 |
| An underwriter shall, by consulting the notes to the accounting statements and by other means, verify an issuer's events after balance sheet date, contingent matters and other important matters, including the litigation or arbitration, guarantee and other matters that may cause relatively large impact on the company's financial status, operating results, reputation, business activities, and future prospect, among others. The integrity and financial status of a guaranteed person whose balance of guarantee accounts for 10% or more of the consolidated net assets of the issuer at the end of the reporting period and that is not included in the scope of consolidation shall be inspected, and attention shall be paid to the compensatory risks. | | 承销机构应当通过查阅会计报表附注等手段，核查发行人的资产负债表日后事项、或有事项及其他重要事项，包括对公司财务状况、经营成果、声誉、业务活动、未来前景等可能产生较大影响的诉讼或仲裁、担保等事项。核查担保余额占发行人报告期末合并口径净资产比重10%以上且不在发行人合并范围内的被担保人的诚信情况和财务状况，关注代偿风险。 |
| An underwriter shall consult the issuer's asset mortgage, pledge, guarantee and other right restriction arrangements as of the end of the reporting period, and other preferential debts payment that may counter a third party. | | 承销机构应当查阅发行人截至报告期末的资产抵押、质押、担保和其他权利限制安排，以及除此以外的其他具有可以对抗第三人的优先偿付负债的情况。 |
| Article 13 An underwriter shall investigate the integrity of an issuer. | | 第十三条 承销机构应当调查发行人诚信情况。 |
| An underwriter may, through consulting the tax payment certificate, loan contract, repayment certificate, and other materials, lawyers or legal advisors, and the public integrity system, and other methods, understand an issuer's integrity; and understand whether there is any serious violation, when there are business contact with major clients during the reporting period of the issuer. An underwriter shall obtain the credit report of an issuer and investigate the bonds, debt financing instruments, and other borrowing debts issued by the issuer and its subsidiaries during the reporting period, and the repayment thereof; and investigate the handling of the relevant matters and the impact on the issuer, in the event of default of corporate bonds issued or other debts or delayed payment of principal and interest. | | 承销机构可以通过查阅纳税凭证、借款合同与还款凭证等资料、咨询律师或法律顾问以及查询公共诚信系统等方式，了解发行人的诚信情况；了解发行人报告期与主要客户发生业务往来时，是否有严重违约现象。承销机构应当取得发行人的征信报告，并调查发行人及其子公司报告期发行的债券、债务融资工具、其他借贷债务以及偿还情况；如已发行的公司债券或其他债务有违约或延迟支付本息的事实，承销机构应当调查相关事项的处理情况和对发行人的影响。 |
| Article 14 An underwriter shall investigate the bond rating situation. | | 第十四条 承销机构应当调查债券评级情况。 |
| An underwriter shall consult the content of the rating report issued by a rating agency and conduct verification in consideration of the due diligence investigation. Where the debt rating and subject rating of other bonds and debt financing instruments issued by an issuer during the reporting period or the follow-up rating results of the subject rating of bonds at the duration are inconsistent with the result of this rating, special attention shall be given; and where the rating of the debts issued by an issuer this time is higher than the subject rating, attention shall be paid to its rationality. | | 承销机构应当查阅评级机构出具的评级报告内容，并结合尽调情况进行验证。发行人报告期内在境内发行其他债券、债务融资工具的债项评级和主体评级，或存续期债券主体评级跟踪评级结果，与本次评级结果有差异的，应当予以重点关注；发行人本次发行债项评级高于主体评级的，应关注其合理性。 |
| Article 15 An underwriter shall investigate the use and use plan of the funds raised, and the management arrangements for the special account of the funds raised. | | 第十五条 承销机构应当调查募集资金用途、使用计划、募集资金专项账户管理安排。 |
| Where the funds raised are used for project investment, equity investment, or asset acquisition, an underwriter shall investigate the basic situation of the project to be invested in (including but not limited to the total investment amount of the project, the invested amount, and the proportion of capital fund, among others), the equity investment, and the profile of the assets to be acquired. | | 募集资金用于项目投资、股权投资或收购资产的，承销机构应当调查拟投资项目的基本情况（包括但不限于项目总投资金额、已投资金额、资本金比例等）、股权投资情况、拟收购资产的基本情况。 |
| Where the use of funds raised involves project establishment, land, environmental protection and other related matters to be reported for approval, an underwriter shall verify the progress of the approval obtained from the competent department. | | 募集资金运用涉及立项、土地、环保等有关报批事项的，承销机构应当核查取得的有关主管部门批准的进展情况。 |
| Where the funds raised are used to replenish working capital or repay interest-bearing debts, an underwriter shall investigate the amount and rationality of the replenishing working capital or repayment of interest-bearing debts, and the impact on the company's financial condition. | | 募集资金用于补充流动资金或者偿还有息债务的，承销机构应当调查补充流动资金或者偿还有息债务的金额、合理性和对公司财务状况的影响。 |
| Article 16 An underwriter shall investigate the bond credit enhancement measures and related arrangements, and pay attention to the effectiveness of the relevant credit enhancement measures. | | 第十六条 承销机构应当调查债券增信措施及相关安排，关注相关增信措施的有效性。 |
| (1) Investigating the guarantor | | （一）调查保证人信息 |
| Where surety guarantee is provided and the guarantor is a legal person or another organization, an underwriter shall consult the relevant materials of the guarantor and investigate the guarantor, including but not limited to: | | 提供保证担保的，且保证人为法人或其他组织，承销机构应当查阅保证人有关资料，调查保证人情况，包括但不限于： |
| (a) basic information (verifying its business qualifications, where it is a financing guarantee institution); | | 1.基本情况（属融资性担保机构的，核实其业务资质）； |
| (b) financial report for the most recent year and term, and focusing on the main financial indicators such as net assets, asset-liability ratio, rate of return on net assets, current ratio, and quick ratio; | | 2.最近一年及一期财务报告，重点关注净资产、资产负债率、净资产收益率、流动比率、速动比率等主要财务指标； |
| (c) integrity; | | 3.诚信情况； |
| (d) external guarantees at the end of the most recent term (balance of accumulative external guarantee, balance of accumulative guarantee and its ratio to net assets, among others); | | 4.最近一期末对外担保情况（累计对外担保余额、累计担保余额及其占净资产的比例等）； |
| (e) solvency; and | | 5.偿债能力情况； |
| (f) performance of guarantee contract for credit bonds on the open market. | | 6.对公开市场信用类债券的担保履约情况。 |
Where surety guarantee is provided, and the guarantor is a natural person, an underwriter shall investigate the relationship between the guarantor and the issuer, the guarantor's integrity, ability to make compensation for others, restrictions on assets, and external guarantee, and other information that may affect the realization of the surety rights.
．．．．．． | | 对于提供保证担保，且保证人为自然人，承销机构应当调查保证人与发行人的关系、保证人的诚信情况、代偿能力、资产受限情况、对外担保情况以及可能影响保证权利实现的其他信息。
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