Stock Knowledge: Stocks And Corporate Bonds

(I) negotiable securities Basic content of the issue:

1. Participants in securities issuance

The participants in securities issuance are generally composed of issuers, subscribers, intermediaries and securities regulators. The issuer of securities is the demander of funds, while the subscriber purchases securities as an investor. Intermediary institutions are the core of the operation of the securities market, which are generally composed of securities operating institutions and securities service institutions.

2. Way of securities issuance

The internationally accepted securities issuance methods generally include public offering and private offering. Public offering, namely public offering, refers to the securities purchased by underwriters and widely issued to the public, and publicly listed on stock exchanges. Private placement, that is, non-public issuance, refers to the issuance of securities sold to specific investors in the society through intermediaries.

　 （2） China's enterprise securities issuance procedures

(1) Preparation for bond issuance.

(2) Issuance of bids.

(3) Determine to win the bid.

(4) Publish the bid winning results.

(5) Bonds distribution 。

(6) Registration and trusteeship.

　 （3） China's stock issuance mode

There are two types of stock issuance: new joint stock company issuance and capital increase and share expansion issuance. The issuance of newly established joint-stock companies can be divided into two ways: establishment by sponsorship and establishment by public offering. There are two forms of stock issuance in China: domestic listing and foreign share issuance.

　　 1. Domestic listing

Domestic listing refers to A-share issuance. The following procedures shall be followed for the public offering and listing of shares:

(1) Establish a company limited by shares.

(2) Employ intermediaries.

(3) Materials for customs declaration and documents for application for stock issuance to the CSRC.

(4) The CSRC reviews relevant materials.

(5) Issuance of shares. Legal Education Network

(6) The shares are listed and traded.

　 2. Issuance and listing of diplomatic shares

　　 Foreign Affairs Unit Issuance and listing refers to the shares issued by a joint-stock company to investors in foreign countries, Hong Kong, Macao and Taiwan, which are denominated in RMB but subscribed and traded in foreign currencies. The issuance of foreign shares includes the issuance of domestic listed foreign shares (B shares) and overseas listed foreign shares (H shares, N shares and S shares). The issuance of domestic listed foreign shares generally takes the form of private placement. Domestic listed foreign shares (B shares) refer to the shares that are offered and sold by a limited liability company registered in China to overseas investors and listed and traded on domestic stock exchanges. B shares are generally denominated in RMB, but are subscribed and traded in foreign currencies. They are registered shares. China's overseas listed foreign shares mainly include H shares listed in Hong Kong, China, N shares listed in New York, and S shares listed in Singapore.