Legal analysis: Non-public issuance of corporate bonds should be issued to qualified investors, and the methods of announcement, public offering and disguised public offering should not be adopted, and each issue should not exceed 200 people. The Securities Industry Association implements the negative list system, and the underwriting institution's project undertaking shall not involve the scope of negative list. Non-public corporate bonds shall be issued to qualified investors.
Legal basis: Article 4 of the Measures for the Administration of Issuance and Trading of Corporate Bonds. Issuers and other information disclosure obligors shall perform their disclosure obligations in a timely and fair manner. The information disclosed or submitted must be true, accurate, complete, concise and easy to understand, and there shall be no false records, misleading statements or major omissions.