Legal analysis: Private placement refers to issuing bonds to a few specific investors, generally targeting a few closely related units and individuals, and not publicly selling to all investors. Generally speaking, private placement usually adopts direct sales, without going through the securities issuance intermediary and going through the issuance registration formalities with the securities management authority, which can save underwriting fees and registration fees, and the procedures are relatively simple. Private placement bond, on the other hand, can't go public and has poor liquidity. The interest rate is higher than that of public bonds, and the issuance amount is generally small. Public offering refers to the public offering of bonds to a wide range of unspecified investors. The issuer of public bonds must go through the issuance registration formalities with the securities management authority. Because the amount of issuance is generally large, it is generally entrusted to securities companies. If it is legal and compliant, it can be listed and traded on the stock exchange.
Legal basis: Article 46 of the Securities Law shall apply, the stock exchange shall examine and approve according to law, and both parties shall sign a listing agreement. The stock exchange arranges the listing and trading of government bonds according to the decision of the department authorized by the State Council.
Article 47 An application for listing securities shall meet the listing conditions stipulated in the listing rules of stock exchanges. The listing conditions stipulated in the listing rules of a stock exchange shall require the issuer's operating years, financial status, minimum public offering ratio, corporate governance and credit record, etc.