Core Viewpoint - The Shenzhen Stock Exchange (SZSE) has initiated a pilot program for the issuance of company bonds and the expansion of asset-backed securities to enhance market liquidity and meet reasonable financing needs of market participants [1][2]. Group 1: Pilot Program Details - The pilot program includes the issuance of additional company bonds and the expansion of asset-backed securities, allowing issuers to merge new issuances with existing bonds listed on the SZSE [1]. - The notification outlines thirteen articles that provide clear guidance on the processes involved in the issuance, including definitions, material preparation, issuance and listing procedures, intermediary responsibilities, and market-making mechanisms [1]. Group 2: Rights and Obligations - After the merger of listings, the terms related to principal repayment, interest payments, and investor rights protection will generally remain unchanged for existing bondholders [2]. - Issuers must ensure that both original and new bondholders enjoy equal rights and fulfill obligations as per the offering documents and related agreements [2]. Group 3: Issuance Process - Issuers can use valid public or private offering registration documents to apply for issuance registration with the SZSE for participating in the additional issuance [2]. - If there are significant changes to the credit enhancement mechanisms or debt repayment guarantees, issuers must convene a bondholder meeting to discuss the additional issuance before applying for registration [3]. Group 4: Information Disclosure and Compliance - The basic information of the newly issued bonds must align with that of the existing bonds, including security codes, interest rates, and maturity dates [4]. - Issuers and underwriters are required to submit offering documents before the issuance and must adhere to information disclosure obligations as per the SZSE's business rules [4][5].