Three Bourses Issue New Rules to Optimize Bond Repurchase Business

The Shanghai Stock Exchange (SSE), the Shenzhen Stock Exchange (SZSE), and the Beijing Stock Exchange (BSE) have respectively issued the Circular on Relevant Matters Concerning Further Optimizing Bond Repurchase Business (the "Circular"), with effect from the date of issuance.

The Circular clarifies that, bond repurchase refers to the repurchase, made by the repurchasing party through tender offer or secondary market transaction, of outstanding corporate bonds listed and traded by issuers on the Shanghai, Shenzhen, or Beijing stock exchanges, using cash consideration. The Circular shall govern the repurchase of asset-backed securities mutatis mutandis, but it is not applicable to the repurchase of the convertible corporate bonds issued by companies listed on the Shanghai, Shenzhen, or Beijing stock exchanges. As for the requirements for repurchasing parties, according to the Circular, in the case of tender offer repurchases, the repurchasing parties include issuers and their affiliates, as well as third parties that meet the requirements of the Shanghai, Shenzhen, or Beijing stock exchanges; in the case of market transaction repurchases, the repurchasing parties include issuers and their affiliates, with affiliates determined in accordance with the Accounting Standards for Business Enterprises No.36 - Related Parties Disclosures.



(Source: http://www.sse.com.cn/lawandrules/sselawsrules/bond/listing/corporatebond/c/c_20250919_10792151.shtml

https://www.szse.cn/lawrules/rule/bond/bonds/supervision/t20250919_616172.html

https://www.bse.cn/cxjgzq_list/200026758.html)

Note: The link to the Chinese official website of the document is for your reference.