Shenzhen Stock Exchange revises and releases guidance on key focus areas for ABS review, continuously strengthening the institutional foundation for market development.

On July 24, the Shenzhen Stock Exchange issued the "Guidelines for the Review of Listing Conditions of Asset-backed Securities on the Shenzhen Stock Exchange No. 2 - Key Focus Areas for Review (Revised in 2026)", focusing on the difficulties in revitalizing existing assets in the real estate sector, improving the asset-backed securities (ABS) rule system, and strengthening the asset quality defense line from the source to promote the standardized and healthy development of the market. This is a specific measure taken by the Shenzhen Stock Exchange to implement the national "Fifteenth Five-Year Plan" requirements related to revitalizing existing assets, steadily developing asset securitization, and increasing the proportion of direct financing to enhance the quality and efficiency of capital market services to the real economy. This revision, in conjunction with the latest industry regulatory policies and business practices, has streamlined and improved the guidelines to fill institutional gaps. Firstly, a new chapter on real estate basic assets has been added to promote the standardized development of products. Clear criteria for the compliance of real estate projects, strengthened requirements for project operations and cash flow, standardized asset evaluation and cash flow forecasting, and strengthened operational management responsibilities of relevant institutions have been specified. Secondly, special requirements for real estate asset-backed securities with equity attributes (institutional REITs) have been added to solidify product equity attributes. Standardize the design of institutional REITs products, further strengthen asset valuation on the basis of general access requirements for real estate basic assets, and enhance operational management requirements. Thirdly, improve focus areas on debt-based basic assets, optimize cost coverage requirements for future operating income projects, unify audit requirements for real estate assets in real estate mortgage loan projects, and achieve unified and precise adaptation of various asset supervision standards. In recent years, under the guidance of the China Securities Regulatory Commission, the asset securitization market of the Shenzhen Stock Exchange has steadily developed. As of the end of June 2026, the issuance scale of ABS on the Shenzhen Stock Exchange exceeded 3.2 trillion yuan. It has successively launched the first real estate ABS in the country, the first commercial institutional REITs, and other market-leading products, effectively supporting enterprises' demand for revitalizing various assets such as debt, future operating income, and real estate. Next, the Shenzhen Stock Exchange will continue to strengthen regulatory system construction in accordance with the unified deployment of the China Securities Regulatory Commission, steadily deepen the innovation and expansion of basic assets, promote the high-quality development of the asset securitization market, accelerate the construction of a multi-level REITs market, and better serve the overall economic and social development. This article is excerpted from the "Shenzhen Stock Exchange" official website, edited by GMTEight: Feng Qiuyi.