Recently, the Shanghai Branch of the China Securities Depository and Clearing Corporation Limited ("CSDC") has issued the revised Business Guidelines for Securities Issuers (the "Guidelines").
The Guidelines introduce relevant provisions on the remote application for the repurchase of corporate bonds electronically, and also optimize the wording of certain contents in respect of the stock, fund and dividend business and corporate bonds redemption with interest paid business. According to the Guidelines, once corporate bonds and other types of bonds meet the repurchase requirements, issuers or underwriters as authorized may entrust the CSDC Shanghai Branch to act as an agent for their repurchase business. Issuers or underwriters as authorized for corporate bonds and other types of bonds should apply for the repurchase at least three trading days before the starting date of applying for the repurchase. Any bond issuer should have completed its authorization to the lead underwriter and submitted relevant commitment to the CSDC Shanghai Branch, before it entrusts underwriters to apply for the repurchase business through the PROP (Participant Remote Operating Platform) integrated business terminal.