What are the specific contents of the detailed rules for convertible bonds of innovative and entrepreneurial enterprises?

In July this year, CSRC issued "Guiding Opinions of China Securities Regulatory Commission on Launching Pilot Projects of Innovative and Entrepreneurial Corporate Bonds", which clarified that "non-public issuance of innovative and entrepreneurial corporate bonds may be accompanied by convertible clauses". The main contents are as follows:

The first is to clarify the issuer and its scope of application. The issuers of convertible bonds include innovative enterprises listed on the New Third Board and unlisted enterprises. The issuer shall meet the requirements of innovative and entrepreneurial companies in the Guiding Opinions on the premise of complying with the relevant provisions on non-public issuance of corporate bonds.

The second is to clarify the private placement. Convertible bonds are issued by private placement, and the number of shareholders of the issuer before and after the issuance shall not exceed 200. Shenzhen Stock Exchange clearly issues innovative and entrepreneurial convertible bonds by private placement. It is stipulated that the number of shareholders of the issuer shall not exceed 200 before the issuance of private convertible bonds, and the duration of bonds shall not exceed 6 years; The bond issuance resolution of the issuer shall specify the determination and revision of the conversion price and the requirements for interest compensation arrangements when the conversion cannot be made; For the convertible bonds issued by the New Third Board Innovation Company, the bondholders shall open the public transfer authority of qualified investors of the share transfer company before the share transfer.

The third is to clarify the process of share conversion. The "Implementation Rules" respectively stipulate the corresponding stock conversion operation procedures for two different issuers: innovative companies listed on the New Third Board and unlisted companies. Shenzhen Stock Exchange has made it clear that innovative and entrepreneurial convertible bonds can be converted into shares after six months of issuance, and the conversion process mainly includes two links: conversion declaration and conversion operation. The declaration of share conversion shall be submitted by the investor to the exchange during the share conversion period.

The fourth is to clarify the information disclosure requirements of various stages and major issues.