If bonds meet the following conditions and are publicly issued to public investors and qualified investors, public investors and qualified investors who meet the requirements of this Exchange may participate in the transaction:
(1) The issuer has not defaulted on its debts or delayed repayment of principal and interest in the last three years;
(2) The credit rating of the bond has reached AAA;
(3) (Shenzhen market) When the issuer applies for listing, the audited annual distributable profit in the last three fiscal years shall not be less than 0.5 times of the one-year interest of 65,438+bonds; For bonds issued in aggregate form, the audited annual cumulative distributable profits of all issuers in the last three fiscal years at the time of listing shall not be less than 65,438+0.5 times of the annual interest of bonds;
(Shanghai market) The issuer's average annual distributable profit in the last three fiscal years is not less than 65438+ 0.5 times of the one-year interest of bonds;
(four) other conditions stipulated by the China Securities Regulatory Commission and the Exchange according to the needs of investor protection.
If the bonds do not meet the above conditions, or meet the above conditions, but the issuer chooses to issue them only to qualified investors, only qualified investors designated by the exchange can participate in the transaction.
According to the Listing Rules of Corporate Bonds of Shenzhen Stock Exchange, if any of the following circumstances occurs during the duration of bonds that can be invested by public investors, public investors may not buy them again, and public investors who originally held bonds may choose to hold the bonds due or sell them:
(1) The credit rating of bonds is lowered, which is lower than AAA;
(2) The issuer defaults on its debts, delays the repayment of principal and interest or other events that may have a significant impact on the repayment of principal and interest of bonds;
(3) Other circumstances stipulated by China Securities Regulatory Commission and Shenzhen Stock Exchange according to the needs of investor protection.
According to the Listing Rules of Corporate Bonds of Shanghai Stock Exchange, during the listing of bonds, only qualified investors can participate in the transaction under any of the following circumstances:
(1) The credit rating of bonds is lowered to below AAA;
(2) The issuer defaults on its debts, delays the repayment of principal and interest or other events that may have a significant impact on the repayment of principal and interest of bonds;
(3) Other circumstances identified by Shanghai Stock Exchange.
References:
Listing Rules of Corporate Bonds of Shenzhen Stock Exchange and Listing Rules of Corporate Bonds of Shanghai Stock Exchange.