legal ground
Article 12 of the Regulations on the Administration of Corporate Bonds: An enterprise that issues corporate bonds must meet the following conditions: (1) The scale of the enterprise meets the requirements set by the state; (2) The enterprise's financial accounting system conforms to the provisions of the state; (3) Being solvent; (4) The enterprise has good economic benefits and made profits for three consecutive years before issuing corporate bonds; (5) The use of the raised funds conforms to the national industrial policy.