Are trust companies qualified to underwrite financial bonds? The second question is, are trust companies qualified to underwrite non-financial corporate bonds?

Trust companies are not qualified to underwrite financial bonds at present. There is also no qualification for bond underwriting of non-financial enterprises.

If the bonds you mean here are short-term bonds in the interbank market, trust companies are not eligible for the time being. However, the application is currently under way and needs to be submitted to the People's Bank of China for approval by the Dealers Association.

If bonds are on the open market, it is necessary for the State Council and CSRC to give trust companies the qualification to underwrite bonds. Not at present.