Measures for the Administration of Issuance and Trading of Corporate Bonds Article 14 Qualified investors mentioned in these Measures shall have the corresponding risk identification and bearing capacity, be able to understand and bear the investment risks of corporate bonds by themselves, and meet the following conditions:
(1) Financial institutions established with the approval of relevant financial regulatory authorities, including securities companies, fund management companies and their subsidiaries, futures companies, commercial banks, insurance companies, trust companies, and private fund managers registered with China Asset Management Association (hereinafter referred to as Fund Industry Association).
(2) The wealth management products issued by the above-mentioned financial institutions to investors include, but are not limited to, asset management products of securities companies, products of funds and fund subsidiaries, asset management products of futures companies, bank wealth management products, insurance products, trust products, and private equity funds filed by fund industry associations.
(3) Enterprises, institutions, legal persons and partnerships with net assets of not less than10 million yuan.
(4) Qualified Foreign Institutional Investors (QFII) and RMB Qualified Foreign Institutional Investors (RQFII).
(five) social security funds, enterprise annuities and other pension funds, charitable funds and other social welfare funds.
(six) individual investors with financial assets of not less than 3 million yuan.
(seven) other qualified investors recognized by the China Securities Regulatory Commission.
The financial assets mentioned in the preceding paragraph include bank deposits, stocks, bonds, fund shares, asset management plans, bank wealth management products, trust plans, insurance products, futures rights and interests, etc. Wealth management products and partnerships plan to invest their main assets in a single bond, so it is necessary to thoroughly check whether the final investor is a qualified investor and calculate the number of investors together. The specific standards shall be stipulated by the fund industry association.
Securities self-regulatory organizations may, on the basis of the provisions of these Measures, set stricter qualification conditions for qualified investors.
Conditions for a company to issue qualified bonds
(1) The net assets of the joint-stock company shall not be less than RMB 3? RMB 0 million, and the net assets of the limited liability company are not less than 6? 0 million yuan. Net assets refer to the owners' equity and shareholders' equity of the company. When a joint-stock company issues corporate bonds, its net assets shall not be less than 3? In this way, the assets of the company issuing bonds are relatively large, thus ensuring that it has sufficient repayment ability after issuing corporate bonds. Unlike joint-stock companies, limited liability companies are closed, and the public can't know their specific situation, so it is difficult to supervise their business. In order to protect the rights and interests of investors and reduce the risk of issuing bonds, it is stipulated that the net assets of a limited liability company shall not be less than RMB 6? 0 million yuan.
(2) The total amount of accumulated bonds shall not exceed 40% of the company's net assets. The total amount of accumulated bonds refers to the sum of all outstanding rights issued since the establishment of the company. When a company accumulates a lot of bonds, it has more debts. If it issues corporate bonds again, it will easily become insolvent and damage the interests of investors. Companies that issue corporate bonds are required not to exceed 40% of the company's net assets, so that the creditor's rights of the public who buy corporate bonds can be guaranteed.
(3) The average distributable profit in the last three years is enough to pay the interest of corporate bonds for one year. The distributable profit refers to the residual profit of the company after paying various taxes, making up losses according to law, and withdrawing the provident fund and statutory public welfare fund. If all the distributable profits of the company in the first three years of issuing corporate bonds are enough to pay the average interest of corporate bonds for one year, then the company can pay the agreed interest to bondholders according to the agreed time limit without delaying the interest payment, thus protecting the interests of investors.
(4) The investment of raised funds conforms to the national industrial policy. The investment of funds raised by the company conforms to the national industrial policy. It is beneficial to the overall development of the national economy to make the company's funds flow to industries that the country urgently needs or needs to develop vigorously.
(5) The bond interest rate shall not exceed the interest rate level stipulated by the State Council. When a company issues bonds, the higher the bond interest rate, the more debts it has to repay. If the interest rate of corporate bonds is too high, it may be too much to pay off debts, which will harm the interests of creditors. Therefore, the interest rate of bonds issued by the company shall not exceed the interest rate level stipulated by the State Council. According to the Regulations on the Administration of Corporate Bonds, the interest rate of corporate bonds shall not be higher than 40% of the interest rate of residents' savings deposits in the same period.
(six) other conditions stipulated by the State Council. The State Council can set other conditions according to the economic development. Once stipulated in the State Council, companies must meet these regulations before issuing corporate bonds.