Notice Issued By Shanghai Stock Exchange Warning Corporate Bond Trading Risks

The Shanghai Stock Exchange issued today's implementation of corporate bonds. risk The notice of warning related matters is to implement risk warnings for corporate bonds with certain risks. The notice clearly stated that corporate bonds should be warned of risks according to the notice. At the same time, it is not applicable to convertible bonds, exchangeable corporate bonds and other bonds.

The notice said that in recent years, the scale of the Shanghai Stock Exchange's corporate bond market has gradually expanded, and the number of bonds listed and the stock market has reached a new high. At the same time, the credit risk of corporate bonds is increasingly valued by the market and regulators. Relevant parties are actively exploring and improving relevant regulatory measures to prevent credit risks. In order to maintain the normal order of the bond market and prevent the proliferation of small and medium investors with weak credit risk of corporate bonds to the risk bearing capacity, the Shanghai Stock Exchange made the notice according to the specific circumstances of the market through the approval of the China Securities Regulatory Commission.

The notice mainly defines the delineation standard of risk warning bonds, the specific measures of risk warning, the corresponding process of implementing risk warnings, the information disclosure obligation of issuers, and the related duties of member units. exchange Regulatory measures, the conditions for revoking risk warnings, and disciplinary measures against the relevant provisions of the risk warning notice.

According to the notice of the Shanghai Stock Exchange, the bonds issued by the centralized trading system of the Shanghai Stock Exchange have the latest credit rating below AA- (inclusive), or if the issuer has shown a loss in the audited financial report in the first fiscal year of the last fiscal year, and a recent accounting year's performance notice or correction notice shows five losses, the Shanghai Stock Exchange will implement a risk warning for the company's bond transactions.

The Shanghai Stock Exchange said it would use the word "ST" before the risk warning corporate bond was abbreviated to distinguish it from other corporate bonds. The member units shall manage the buying and trading rights of individual investors, and the member units may open the buying rights of the risk warning bonds for eligible individual investors. The condition is that the total amount of gold financing for various securities accounts, capital accounts and asset management accounts of the individual investor shall not be less than RMB 5 million yuan, and the risk disclosure book has been signed.

The above-mentioned notice also puts forward some specific requirements for member units. First, the member units need to carry out the necessary investor management according to the risk warning notice, including the verification of customer assets and the signing of risk disclosure books. Two, member units need to complete relevant technical preparations to limit investors who do not meet the requirements of the risk warning notice and continue to buy risk warning bonds. Three, it is necessary for member units to give full and comprehensive risk warning to investors who meet the requirements and have the desire to continue buying risk warning bonds. Establish and maintain investor data and related archives system, and timely report and update relevant investors list and account information through the exchange website on the basis of the ways and means of information reporting for bond professional investors. Four, it is necessary for the member units to do a good job of publicizing and interpreting the notice through the business department's site, company website and online trading system, etc., to remind investors of the relevant arrangements for the risk warning of corporate bonds and the investment risks of risk warning bonds.

On the specific implementation steps, Corporate bonds The issuer shall notify the Shanghai Stock Exchange promptly and the applicant company bond suspension when there is a case listed in Article 1 of the notice. Before disclosing the relevant announcement, the issuer and other relevant entities should do a good job of information secrecy and guard against insider trading. The Shanghai Stock Exchange will issue a notice and a risk warning notice to the issuer to resume its corporate bonds, and risk warning on corporate bond transactions from the date of resumption.

On the same day, the Shanghai Stock Exchange also issued a notice to amend the Interim Measures for the management of investors' appropriateness in the Shanghai stock exchange bond market > sixth. For the sake of risk prevention and control, the scope of corporate bonds that ordinary investors can invest in is further defined.