Core Viewpoint - The Shanghai Stock Exchange has updated its guidelines to support the issuance of company bonds and asset-backed securities (ABS), facilitating the refinancing and expansion of existing financial instruments, which is expected to enhance market liquidity and support the real economy [1][2]. Group 1: Regulatory Updates - The Shanghai Stock Exchange has released a revised guideline for the issuance and listing of company bonds and ABS, allowing for the continuation of issuance and expansion of existing products [2][3]. - The continuation of issuance for company bonds refers to the incremental issuance of existing listed bonds, while the expansion of ABS involves the issuance of additional securities for existing real estate-backed ABS [2][3]. Group 2: Market Impact - The new measures are expected to improve the liquidity of the bond market and meet the reasonable financing needs of market participants, thereby positively impacting the allocation of resources [1][2]. - The expansion mechanism for ABS is anticipated to leverage successful practices from public REITs, potentially increasing the attractiveness and activity in the structured financing market [3][4]. Group 3: Market Statistics - As of May 20, 2025, there are 4,570 ABS with a total market value of 15,601.53 billion and a face value of 15,720.45 billion on the Shanghai Stock Exchange [6]. - The total number of company bonds (including corporate bonds) is 15,692, with a total market value of 129,046.99 billion, which includes 69,508.87 billion from public offerings and 59,538.12 billion from private placements [6][7]. Group 4: Industry Perspectives - Industry experts believe that the new issuance and expansion support will enhance the efficiency of corporate financing and reduce procedural steps [4][5]. - There is a call for improved legal frameworks and information disclosure standards to optimize the use of ABS and other diversified financing tools [8].