Legal analysis: the conditions for public issuance of corporate bonds include: assets: the net assets of a joint stock limited company are not less than RMB 30 million, and the net assets of a limited liability company are not less than RMB 60 million; The restriction on the total amount of bonds issued stipulates that the sum of bond balances shall not exceed 40% of the company's net assets; Profitability requirements: the average distributable profit in the past three years can pay the interest of bonds for one year; Application requirements: the accumulated funds should be invested in line with the national industrial policy; Interest rate requirements: the bond interest rate cannot be higher than the interest rate level stipulated by the State Council; Other conditions stipulated. The funds raised by the public offering of bonds shall be used for the approved purposes. To issue corporate bonds convertible into shares, a listed company must meet the above conditions, as well as the Securities Law and other conditions for public offering of shares, and submit them for examination and approval.
Legal basis: Article 18 of the Securities Law of People's Republic of China (PRC) shall not issue corporate bonds again under any of the following circumstances: (1) The corporate bonds previously publicly issued have not been fully raised; (2) The fact that the company defaults on the publicly issued corporate bonds or other debts or delays the payment of principal and interest is still in a continuous state; (3) Changing the use of funds raised by public offering of corporate bonds in violation of the provisions of this Law.