What are the new requirements for the supervision of corporate bond raising funds?

We know what the purpose of issuing bonds is, but there must be a supervision mechanism for issuing bonds, so what are the new requirements for the supervision of raising funds from corporate bonds? According to relevant laws and regulations, the requirements for the supervision of corporate bond raised funds are mainly that the raised funds should be used for approved purposes; In the case of non-public issuance of corporate bonds, the funds raised shall be used for the agreed purposes. Please see below for details. What are the new requirements for the supervision of corporate bond raising funds? Article 15 of the Measures for the Administration of Issuance and Trading of Corporate Bonds: When issuing corporate bonds publicly, the raised funds shall be used for the approved purposes; In the case of non-public issuance of corporate bonds, the funds raised shall be used for the agreed purposes. Except for financial enterprises, the raised funds shall not be lent to others. (1) In the case of supervision of lending objects, the issuer's bond funds of local state-owned enterprises are generally managed and allocated by local governments, so the lending objects include local government agencies (such as finance bureaus and management committees), shareholders, subsidiaries, another company controlled by actual controllers and other enterprises. Private, foreign-funded and other corporate issuers generally lend money to the issuer's related parties, such as the issuer's shareholders, subsidiaries, another company controlled by the actual controller, joint ventures and other related parties and other enterprises. Therefore, when the trustee checks the use of the funds raised by the issuer's bonds, it should conduct targeted checks according to the nature of the issuer's enterprises. For issuers with the nature of local state-owned enterprises, the focus is on whether bond funds are misappropriated by local governments; For issuers with private and foreign backgrounds, the focus is on whether the bond funds are occupied by their affiliated enterprises. (2) Lending method In the regulatory cases disclosed at present, the transfer path of bond funds from the raised fund account to the lending account is mainly to purchase wealth management products. Considering the security of bond funds, the Shanghai Stock Exchange stipulates that "idle raised funds shall not be used to purchase any wealth management products other than treasury bonds, policy bank financial bonds, local bonds and exchange bond reverse repurchase, including bank time deposits". Buying wealth management products violates relevant regulations. Therefore, companies can't issue bonds casually. It puts forward new requirements for the supervision of corporate bond raising funds. There are certain basic conditions for companies to issue bonds, that is to say, companies need to abide by these rules and regulations before issuing bonds.