北交所就非公开发行公司债券挂牌规则公开征求意见

Core Viewpoint - The Beijing Stock Exchange (BSE) is enhancing its bond market capabilities to better serve national strategies and the real economy by drafting the "Beijing Stock Exchange Non-Public Issuance Company Bond Listing Rules (Draft for Comments)" which will be open for public feedback starting December 31, 2025 [1] Group 1 - In October 2023, the BSE launched public company (enterprise) bond business, marking a stable start for the credit bond market [1] - Over the past two years, the BSE has effectively utilized its public company bond functions to support quality enterprises in financing, with steady improvements in market regulation and service capabilities [1] - The BSE aims to introduce private bond business to further enrich its product system and meet diverse financing needs of various enterprises [1] Group 2 - The "Listing Rules" serve as the foundational business rules for private bonds, detailing requirements for listing transfers, information disclosure, self-regulation, and investor rights protection [2] - Key contents of the rules include: - Clear requirements for listing transfers of private bonds, including conditions and procedures [2] - Information disclosure obligations for issuers, credit enhancement entities, and intermediaries [2] - Strengthened protection of bondholder rights, specifying obligations for issuers regarding debt repayment, trustee management, and bondholder meetings [2] - The BSE will carefully consider feedback from the public consultation and will refine the "Listing Rules" and related systems before implementation [2]