Legal analysis: Corporate bonds are the manifestations of corporate bonds. Based on the issuance of corporate bonds, a legal relationship of creditor's rights and debts is formed between bondholders and issuers with the content of repaying principal and interest. The transfer of corporate bonds is different from registered bonds and registered bonds. 1. Transfer of registered bonds. Registered bonds are transferred by bondholders by endorsement or by other means prescribed by laws and administrative regulations. For the transfer of registered bonds, the company shall record the name and domicile of the transferee in the corporate bond stub book. 2. Transfer of bearer bonds. In the absence of registered bonds, the transfer takes effect after the bondholder delivers the bonds to the transferee. This article provides for the transfer of registered bonds and bearer bonds respectively. 1. When transferring the creditor's rights, the holder of registered bonds shall deliver the registered bonds held by him to the transferee, and endorse the bonds to record the transfer intention of the transferor to the transferee. Due to the advanced means of trading, settlement and transfer of securities transactions, the first paragraph of this article also stipulates that the transfer of registered bonds can also be carried out by other means stipulated by laws and administrative regulations. The transfer effect of registered bonds is that the transfer formalities must be handled in the corporate bond stub book, and the company records the name, name and address of the transferee in the corporate bond stub book. Otherwise, it is not allowed to confront the company or the third party. 2. When the holder of registered bonds does not transfer his creditor's rights, the transfer effect is different from that of registered bonds, and the transfer takes effect according to the expression of will of the transferor and transferee and the delivery of the bonds. Holders of bearer bonds are regarded as creditors and can fight against the company and third parties. However, such delivery must be made on a legally established stock exchange. Because the transfer of bearer bonds does not need endorsement, it can take effect only by delivery. In order to strengthen the state's management of the securities trading market, maintain normal and legal trading activities and prevent fraud and unnecessary disputes, this article stipulates that the transfer of bearer bonds must be carried out at a legally established stock exchange.
Legal basis: Article 160 of the Company Law of People's Republic of China (PRC) registered bonds are transferred by bondholders by endorsement or by other means as stipulated by laws and administrative regulations. For the transfer of registered bonds, the company shall record the name and domicile of the transferee in the corporate bond stub book. Bearer bonds shall take effect when the bondholders deliver the bonds to the transferee at a legally established stock exchange.