沪市债券新语 | 多措并举畅通民企债券融资渠道 上交所全力支持民营经济高质量发展

Core Viewpoint - The Shanghai Stock Exchange (SSE) is actively enhancing the bond financing channels for private enterprises, addressing the challenges faced by the private economy, and promoting the issuance of bonds to support their growth [1][2][3] Group 1: Support for Private Enterprises - The SSE has supported over 100 private enterprises in raising more than 220 billion yuan through bonds and asset-backed securities in 2024 [2] - The SSE has introduced innovative products and mechanisms to facilitate bond financing for private enterprises, creating a favorable environment for their growth [3][4] - The issuance of bonds by private enterprises is a key focus for supporting the financing and development of the private economy [2][3] Group 2: Innovative Financing Mechanisms - The SSE has established a credit protection tool for low-carbon transformation bonds, exemplified by Jiangsu Yonggang Group's successful issuance of a 100 million yuan bond with a 3.60% interest rate [4] - The SSE has implemented a mechanism to optimize the review process for well-known mature issuers, including leading private enterprises like Huawei and Zhejiang Rongsheng, enhancing the efficiency of bond issuance [3][4] - The SSE has been promoting asset-backed securities as a viable financing channel for private enterprises with quality assets, allowing them to leverage their asset quality rather than just their creditworthiness [6] Group 3: Training and Support Initiatives - In 2024, the SSE conducted extensive training and support services for private enterprises, engaging with over 106 companies and reaching more than 6,000 participants [5] - The SSE has organized online roadshows to connect private enterprises with investors, helping to eliminate information asymmetry and enhance trust in the financing process [8] - The SSE has introduced a market-making mechanism for private enterprise bonds, improving liquidity in the secondary market and reducing financing costs for issuers [8] Group 4: Future Outlook - The SSE aims to continue supporting the private economy by enhancing communication channels for investment and financing, creating comprehensive financial service models, and deepening product innovation [9] - The SSE is committed to implementing national policies that support the development of the private economy and ensuring that the bond market serves as a vital source of funding for private enterprises [9]