This topic examines non-public issuance of corporate bonds. Scheme 1: Directors, supervisors, senior managers and shareholders holding more than 5% of the issuer's shares can participate in the subscription and transfer of the company's non-public issuance of corporate bonds, and are not restricted by the qualification of qualified investors. Option C: Non-public corporate bonds are only transferred within the scope of qualified investors. After the transfer, the total number of qualified investors holding bonds issued at the same time shall not exceed 200.