Legal basis: Article 16 of the Securities Law of People's Republic of China (PRC) shall meet the following conditions for public issuance of corporate bonds: the net assets of a joint stock limited company shall not be less than RMB 30 million, and the net assets of a limited liability company shall not be less than RMB 60 million; The accumulated bond balance does not exceed 40% of the company's net assets; The average distributable profit in the last three years is enough to pay the interest of corporate bonds for one year; (4) The investment of the raised funds conforms to the national industrial policy; The bond interest rate shall not exceed the interest rate level stipulated by the State Council; Other conditions stipulated by the State Council.