Further optimization of the bond repurchase business-related matters by the Shanghai Stock Exchange.

On September 19th, the Shanghai Stock Exchange issued a notice regarding the further optimization of bond repurchase business. It mentioned that the repurchaser, in need of debt risk disposal, should formulate a debt restructuring plan and implement a tender offer repurchase (referred to as debt restructuring-type tender offer repurchase). Based on the market-oriented negotiation results of bondholders' meetings on debt restructuring plans or according to bankruptcy settlement agreements, bankruptcy reorganization plans, etc., differentiated tender offer repurchases can be conducted, with different arrangements for the implementation order, repurchase pricing mechanism, repurchase ratio, etc. The original text is as follows: Notice regarding further optimization of bond repurchase business Shanghai Stock Exchange [2025] No. 105 All market participants: In order to further optimize and regulate the Shanghai Stock Exchange (hereinafter referred to as the Exchange) corporate bond (including enterprise bonds) repurchase business, enrich debt management tools, promote the optimization of corporate debt structure through market-oriented, rule-of-law, and diversified methods, resolve corporate bond credit risks, protect the legitimate rights and interests of investors, the relevant matters are hereby notified as follows: I. The bond repurchase referred to in this notice means that the repurchaser repurchases the outstanding corporate bonds (hereinafter referred to as the target bonds) listed on the Exchange by means of tender offer or secondary market trading. Asset-backed securities repurchases are subject to this notice. The bond repurchase of convertible corporate bonds issued by listed companies on the Exchange is not applicable to this notice. ... (text continues)