What approval procedures do enterprises need to go through to issue bonds, and how long will it take?

According to whether bonds are guaranteed or not, corporate bonds can be divided into credit bonds and guaranteed bonds. Credit bonds refer to unsecured bonds issued only with the credit of fundraisers. Credit bonds are only applicable to bond issuers with high credit ratings. Guaranteed bonds refer to bonds issued by means of mortgage, pledge and guarantee. Among them, mortgage bonds refer to investigation bonds issued with real estate as collateral, and pledge bonds refer to bonds issued with its securities as collateral. Guaranteed bonds refer to bonds guaranteed by a third party to repay the principal and interest.

The issuer forms a willingness to issue bonds and pre-communicates with the development and reform department.

2. Prepare the issuer's application report for this bond issue.

3. Convene a general meeting of shareholders, form a resolution of the board of directors, and formulate the articles of association for bond issuance.

4. Issue a feasibility study report on issuing corporate bonds. The report shall include the use of bond funds, the description of issuance risks and the analysis of solvency.

5. Arrange the guarantee. The issuer shall do a good job in guaranteeing the issuance of corporate bonds, employ other independent Economic legal for guarantee in accordance with the relevant provisions of the Guarantee Law, and issue a written guarantee in the prescribed format.

6. Arrange audit institutions. The financial statements (including balance sheet, profit and profit distribution statement and cash flow statement) provided by the issuer and its guarantor in the last three years have been audited by a professionally qualified accounting firm.

7. Arrange credit rating. The issuer employs a qualified credit rating agency to credit rate the corporate bonds it issues.

8. Arrange lawyer certification. The application materials for issuing corporate bonds shall be examined by a qualified law firm and issued with legal certificates.

9. Form a marketing team. Corporate bonds are underwritten by securities institutions with underwriting qualifications, and enterprises may not sell corporate bonds on their own. The lead underwriter is selected by the enterprise. If it is necessary to organize an underwriting syndicate, the lead underwriter shall organize an underwriting syndicate. Underwriters may underwrite corporate bonds by consignment, balance underwriting or full underwriting, and the underwriting method shall be determined by the issuer and the lead underwriter through consultation.

10, other. The lead underwriter assists in preparing bond application materials and submits them to the provincial development and reform commission, which forwards them to the national development and reform commission.