| Notice by the Shanghai Stock Exchange of Issues Concerning Implementing the Pilot Program of Public Issuance of Short-Term Corporate Bonds | | 上海证券交易所关于开展公开发行短期公司债券试点有关事项的通知 |
| (No. 40 [2020] of the Shanghai Stock Exchange) | | （上证发〔2020〕40号） |
| All market participants: | | 各市场参与人： |
| For the purposes of further expanding the financing channels of enterprises, reducing financing costs, and meeting the needs of corporate liquidity management, according to the provisions of the Securities Law, the Measures for the Administration of the Offering and Trading of Corporate Bonds, and other laws and regulations, as well as the relevant business rules of the Shanghai Stock Exchange (“SSE”), the issues concerning implementing the pilot program of public issuance of short-term corporate bonds are hereby notified as follows: | | 为进一步拓宽企业融资渠道，降低融资成本，满足企业流动资金管理需求，根据《证券法》《公司债券发行与交易管理办法》等法律法规和上海证券交易所（以下简称本所）相关业务规则的规定，现就开展公开发行短期公司债券试点有关事项通知如下： |
| I. To apply for public issuance of short-term corporate bonds and listing on the SSE, an issuer shall have sound short-term solvency. During the period of the pilot program, short-term corporate bonds shall only be publicly issued to professional investors, and the scope of the pilot program shall fall under one of the following circumstances: | | 一、发行人申请公开发行短期公司债券并在本所上市的，应当具备良好的短期偿债能力。试点期间，短期公司债券仅面向专业投资者公开发行，且试点范围应当符合下列情形之一： |
| 1. The optimized financing regulatory arrangement of the SSE for corporate bonds applies and the issuer's average net cash flow from business operation activities in the most recent three years is positive or its quick ratio at the end of the most recent year is larger than 1. | | （一）适用本所公司债券优化融资监管安排，且发行人最近3年平均经营活动现金流量净额为正或最近一年末的速动比率大于1； |
| 2. It is a securities company with relatively strong comprehensive strength and sound internal control and risk control system. | | （二）综合实力较强、内部控制和风险控制制度健全的证券公司； |
| 3. Other circumstances recognized by the SSE. | | （三）经本所认可的其他情形。 |
| The SSE will adjust the scope of the pilot program of the public issuance of short-term corporate bonds at appropriate time on the basis of the implementation of the pilot program. | | 根据试点开展情况，本所适时调整公开发行短期公司债券的试点范围。 |
| II. The term of publicly issued short-term corporate bonds shall be not longer than one year, and the specific term shall be determined by the issuer on the basis of the capital needs of production and business operation and market situation. | | 二、公开发行短期公司债券的期限为1年及以下，具体期限由发行人根据生产经营资金需求和市场情况确定。 |
| III. An issuer applying for public issuance of short-term corporate bonds may separately develop and declare application documents, and may also develop unified application documents with general corporate bonds of other terms and conduct unified declaration. | | 三、发行人申请公开发行短期公司债券，可以单独编制申请文件并单独申报，也可与其他期限的一般公司债券编制统一申请文件并统一进行申报。 |
| Short-term corporate bonds publicly issued shall be subject to balance management. During the validity period of the registration documents, an issuer shall not have outstanding balance of short-term corporate bonds publicly issued exceeding the scale of registration. Under the premise of satisfying the aforesaid requirements, an issuer may independently determine the number of issue and the scale of each issue. | | 公开发行短期公司债券实行余额管理。发行人在注册文件有效期内，公开发行短期公司债券的待偿余额不得超过注册规模。在满足上述要求的前提下，发行人可自主确定发行期数和每期发行规模。 |
| For unified application for public issuance of short-term corporate bonds, the issuance scale of the declared short-term corporate bonds shall be agreed upon in the prospectus. | | 公开发行短期公司债券统一申报的，应在募集说明书中约定申报的短期公司债券发行规模。 |
IV. Application documents for the public issuance of short-term corporate bonds shall be governed by the provisions on public issuance of corporate bonds currently in force, and an issuer shall be subject to corporate credit rating and at the same time may independently choose whether to undergo bond credit rating.
．．．．．． | | 四、公开发行短期公司债券的申请文件按照公开发行公司债券现行规定执行，发行人应当进行主体信用评级，同时可自主选择是否进行债券信用评级。
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