National Association of Financial Market Institutional Investors: Encourage enterprises to issue sci-tech innovation bonds, green debt financing instruments, M&A notes, and other instruments for use in advanced manufacturing.

On November 4, the National Association of Financial Market Institutional Investors issued the "Notice on Supporting the Development of Advanced Manufacturing in the Interbank Bond Market." It states, among other things, that innovative products should be encouraged. Enterprises are encouraged to issue sci-tech innovation bonds, green debt financing instruments, M&A notes, and other instruments for use in advanced manufacturing. Support is given to issuing advanced manufacturing asset-backed securities based on assets such as accounts receivable, intellectual property (including patent rights), and financial leasing claims. Support is given to carrying out supply chain accounts receivable and supply chain note asset securitization based on advanced manufacturing industry chains. Enterprises are encouraged to flexibly design issuance terms in light of the characteristics of advanced manufacturing enterprises. Enterprises in specific regions and along industry chains are encouraged to issue on a collective basis to serve the development of advanced manufacturing clusters, strategic emerging industry clusters, and innovative industry clusters. The full text is as follows: Notice on Supporting the Development of Advanced Manufacturing in the Interbank Bond Market Zhong Shi Xie Fa [2026] No. 177 To all market members: In order to thoroughly implement the important decisions and arrangements of the Party Central Committee and the State Council on continuously expanding and strengthening advanced manufacturing, increase financial support for advanced manufacturing, broaden diversified financing channels for advanced manufacturing, and promote the intelligent, green, and integrated development of manufacturing, the relevant matters are hereby notified as follows. I. Clarify support targets and guide funds to be invested precisely (1) Scope of support for advanced manufacturing. The following two situations are supported: 1. The enterprise's main business complies with the fields determined by policy documents of the Party Central Committee, the State Council, and relevant competent departments on developing new quality productive forces and advanced manufacturing, and the proportion of main business revenue in the relevant fields in each of the past two years exceeds 50%; 2. The proceeds from debt financing instruments are invested in the advanced manufacturing fields determined by the above policy documents, and the proportion is not less than 50%. In principle, enterprises should register and issue advanced manufacturing debt financing instruments with a term of more than 1 year. II. Improve support measures and enhance the quality and efficiency of registration and issuance (2) Simplify disclosure arrangements. For registration and issuance of advanced manufacturing debt financing instruments, the update of first-quarter and third-quarter information in the prospectus may be exempted. To meet requirements such as confidentiality of enterprises' core technologies, sensitive information such as business models and important projects under research may be simplified or exempted from disclosure according to actual needs, provided that a commitment is made that this will not have a material impact on investors' judgment. For high-quality listed companies issuing advanced manufacturing debt financing instruments, support is given to disclosing relevant information for the past two years and half a year in their registration and issuance documents. (3) Optimize the lead underwriter group mechanism. For registration and issuance of advanced manufacturing debt financing instruments, a lead underwriter group may be established at the registration stage. For each issuance, one or more lead underwriters may be selected from the lead underwriter group to serve as lead underwriters for the current debt tranche. (4) Improve arrangements for the issuance stage. Where an enterprise reduces capital due to share repurchase and the scale of capital reduction is less than 5% of the registered capital at the time of registration, or where net assets decline due to repayment of perpetual notes and the decline exceeds 10% of net assets at the end of the previous year, the current tranche of advanced manufacturing debt financing instruments is exempt from being submitted again to the registration meeting for review before issuance; enterprises are encouraged to use the "additional issuance" mechanism to improve financing convenience. (5) Enhance convenience at the registration stage. Issuers of advanced manufacturing debt financing instruments are supported in fully utilizing the convenience of "unified registration," estimating quotas according to actual needs, and flexibly choosing issuance varieties. The practice of "acceptance upon filing" is implemented, merging acceptance into the pre-review stage to improve registration and issuance efficiency. (6) Encourage the issuance of innovative products. Enterprises are encouraged to issue sci-tech innovation bonds, green debt financing instruments, M&A notes, and other instruments for use in advanced manufacturing. Support is given to issuing advanced manufacturing asset-backed securities based on assets such as accounts receivable, intellectual property (including patent rights), and financial leasing claims. Support is given to carrying out supply chain accounts receivable and supply chain note asset securitization based on advanced manufacturing industry chains. Enterprises are encouraged to flexibly design issuance terms in light of the characteristics of advanced manufacturing enterprises. Enterprises in specific regions and along industry chains are encouraged to issue on a collective basis to serve the development of advanced manufacturing clusters, strategic emerging industry clusters, and innovative industry clusters. (7) Enrich risk diversification and sharing mechanisms. Relying on the bond risk sharing tools for sci-tech innovation and private enterprises, increase support for sci-tech innovation enterprises and private enterprises in issuing advanced manufacturing debt financing instruments. Various market institutions are encouraged to leverage market synergies and comprehensively use credit risk mitigation warrants (CRMW), credit-linked notes (CLN), guarantee credit enhancement, and other methods to support the issuance of advanced manufacturing debt financing instruments. (8) Guide market institutions to increase service efforts. Various market institutions are encouraged to increase underwriting and investment efforts for advanced manufacturing debt financing instruments, leverage the advantages of the underwriting and market-making linkage mechanism, and relevant service conditions will be included in the daily evaluation system for lead underwriters. Market institutions are encouraged to compile advanced manufacturing bond indices, develop index-based investment products, and enhance secondary market liquidity. III. Strengthen registration and issuance management and standardize market practices (9) Make special disclosures properly. Issuers of advanced manufacturing debt financing instruments shall clearly disclose in the prospectus the specific fields of the enterprise's main business or the investment direction of the proceeds from the current debt financing instruments, the basis for meeting relevant policy requirements, and an explanation of the "advanced nature" of the field to which they belong. (10) Strengthen verification by intermediaries. Lead underwriters shall conduct due diligence on whether the issuer or the investment direction of the proceeds complies with relevant policy requirements, issue a special due diligence report on advanced manufacturing, and express clear opinions. (11) Clarify requirements for proceeds. The proceeds from advanced manufacturing debt financing instruments may be used for advanced manufacturing-related technology research and development, project construction, repayment of financial institution loans used in the advanced manufacturing field, and equity investment and fund contributions that comply with national policies. For the portion of proceeds invested in advanced manufacturing, a supervised account shall be established and used strictly in accordance with the agreed purposes. (12) Strengthen duration management. Where proceeds are invested in the advanced manufacturing field, the issuer shall disclose by April 30 and August 31 each year the annual/semi-annual use of proceeds, project construction or technology research and development progress, and other content. Changes in the use of proceeds during the duration shall be filed with the National Association of Financial Market Institutional Investors, and the changed use of funds shall still comply with the requirements of this Notice. This Notice shall take effect from the date of issuance. Projects under review in the pipeline and projects changed before issuance may be implemented in accordance with the requirements of this Notice. Hereby notified. National Association of Financial Market Institutional Investors November 4, 2026 This article is excerpted from the official website of the "National Association of Financial Market Institutional Investors"; edited by GMTEight's Feng Qiuyi.