Shanghai Stock Exchange: Pilot to launch corporate bond follow-up issuances and expand asset-backed securities fundraising business.

The Shanghai Stock Exchange issued a notice regarding the matters related to the pilot company bond follow-on issuance and asset-backed securities expansion business, which will take effect from the date of issuance. The notice defines company bond follow-on issuance as the issuance of additional bonds by the issuer of outstanding company bonds listed on the Exchange and the listing of the additional bonds combined with the existing bonds. Asset-backed securities expansion refers to the manager of a trust plan issuing additional shares of real estate asset-backed securities listed on the Exchange and combining them for listing. The expansion issuance does not involve the establishment of new asset-backed special plans. After the combined listing, the terms of issuance such as repayment of principal and interest, distribution of income, and related arrangements for investor protection such as holders' meetings, trustee management, default responsibilities, and dispute resolutions, will generally remain unchanged. The issuers of company bonds and the managers of trust plans should ensure that both existing holders and new holders have equal rights and fulfill obligations as specified in the prospectus, plan documents, and relevant agreements.