关于优化债务融资工具成熟层企业机制有关事项的通知（中市协发〔2025〕182号）

Core Viewpoint - The notice aims to enhance the efficiency of the registration and issuance process for debt financing instruments, particularly for mature enterprises, thereby improving the service capability of the debt financing tool market to support the real economy [1][5]. Group 1: Optimization of Standards for Mature Enterprises - The total asset return rate requirement is adjusted from 3% to 2.5% [1]. - The asset scale requirement for adjusting financial indicators is changed from 3000 billion to 2500 billion [1]. - The information disclosure requirement is modified to allow for either "no less than 3 issues" or "issuance scale of no less than 100 billion" [1]. Group 2: Enhancements in Registration and Issuance Convenience - The issuance listing time for mature enterprises' debt financing tools is shortened to 1 working day [3]. - The validity period of the registration notice for first-class enterprises is extended from 2 years to 3 years [3]. - The acceptance process for first-class enterprises is streamlined, with feedback on registration requirements provided in a single round [3]. Group 3: Supporting Mechanism Optimization - Enterprises and lead underwriters are encouraged to conduct issuance and underwriting based on market principles, ensuring fair treatment of all investors [4]. - Lead underwriters are urged to promote registration for eligible enterprises and enhance financial services for key strategic areas [4]. - The trading association will act as a bridge to facilitate professional service platforms for enterprise bond issuance [4]. Group 4: Implementation and Transition of Mechanism Optimization - The notice is effective immediately, and enterprises and intermediaries are encouraged to prepare for new registration projects [5]. - The trading association will further optimize the layered management mechanism to enhance financing convenience for various types of enterprises [5].