Corporate bonds are negotiable securities issued by a company under which principal and interest are to be repaid according to an agreed schedule.

Corporate bonds may be issued publicly or non-publicly.

The issuance and trading of corporate bonds shall comply with the Securities Law of the People’s Republic of China and other applicable laws and administrative regulations.

A public offering of corporate bonds shall be registered with the securities regulatory authority under the State Council, and the bond offering prospectus shall be published.