What is the difference between public offering bonds and "small public offering" bonds? What are the requirements for investors respectively?

"Dagong Issue" bonds are publicly issued corporate bonds that meet the conditions that the credit rating of bonds reaches AAA and the issuer's annual distributable profit in the last three fiscal years is not less than 65438+ 0.5 times of the annual interest of bonds. Public investors and qualified investors can participate in subscriptions and transactions; "Small public offering" bonds are publicly issued corporate bonds that do not meet the above conditions or meet the above conditions, but the issuer chooses to issue them to qualified investors and only qualified investors can subscribe and trade.