Corporate bonds applying for listing must meet the following conditions: approved by the State Planning Commission and the People's Bank of China and publicly issued; The actual amount of bonds issued is not less than 50 million yuan; The credit rating of the bond shall not be lower than Grade A; The average distributable profit in the last three years is enough to pay the interest of all bonds of the issuer 1 year; The total face value of bonds issued cumulatively shall not exceed 40% of the issuer's net assets.
The listing of bonds means that the stock exchange recognizes and accepts certain bonds to be traded in the exchange market, and the listing of bonds must conform to the listing system formulated by the stock exchange and relevant government departments. ?
Unlike stocks, corporate bonds have a fixed term, and the issuer must repay the principal and interest according to the agreed conditions. Therefore, the conditions for listing bonds are different from those for stocks. In order to protect the interests of investors and ensure the liquidity of bond trading, a stock exchange should generally review the listing qualification of corporate bonds from the following aspects after receiving the issuer's listing application.
According to Article 6 1 of the Securities Law, there are three situations in which the listing of corporate bonds is terminated:
(1) The company has committed a major illegal act or failed to fulfill its obligations in accordance with the issuance method of corporate bonds, and the consequences are serious after investigation.
(2) Significant changes have taken place in the company's situation, which does not meet the conditions for listing corporate bonds, or the funds raised by corporate bonds have not been used in accordance with the approved purposes, or the company has suffered continuous losses in the last two years and failed to eliminate them within the time limit.
(3) The company is dissolved, ordered to close down or declared bankrupt according to law. In this case, the stock exchange should terminate the listing of bonds and deal with the aftermath by the relevant parties.
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