Can unlisted companies issue bonds?

Legal analysis: Non-listed companies can issue bonds. Unlisted companies may issue registered bonds or bearer bonds. However, the issuance of bonds by non-listed companies must meet the issuance conditions stipulated in the Securities Law of People's Republic of China (PRC) and must go through examination and approval.

Legal basis: People's Republic of China (PRC) Company Law.

Article 153 The term "corporate bonds" as mentioned in this Law refers to the securities issued by a company in accordance with legal procedures and agreed to repay the principal and interest within a certain period of time. The issuance of corporate bonds by a company shall conform to the issuance conditions stipulated in the Securities Law of People's Republic of China (PRC).

Article 155 Where a company issues corporate bonds in the form of physical bonds, the company name, bond face value, interest rate, repayment period and other matters must be clearly stated on the bonds, which shall be signed by the legal representative and sealed by the company.

Article 156 Corporate bonds may be registered bonds or bearer bonds.

Article 157 When issuing corporate bonds, a company shall prepare a corporate bond stub book.