Bank of China Interbank Market Dealers Association: Strengthen disclosure of accounts receivable information for debt financing instruments

On November 6, the National Association of Financial Market Institutional Investors (NAFMII) issued the "Notice on Matters Concerning Strengthening Disclosure of Accounts Receivable Information for Debt Financing Instruments." Among other points, it stated that the quality and efficiency of financing services should be improved. For enterprises that actively implement the "60-day cash payment commitment," achieve notable results in reducing payment terms and the scale of accounts receivable, and proactively disclose relevant information, a "green channel" for registration and issuance of debt financing instruments will be established, with dedicated personnel for liaison and immediate review upon submission, to improve the quality and efficiency of review services. Support is given to using proceeds to pay small and medium-sized enterprise (SME) accounts. Issuers may replace accounts receivable by issuing debt financing instruments, using the proceeds to pay cash to upstream and downstream SMEs, thereby alleviating pressure on SME cash flow. The full text is as follows: Notice on Matters Concerning Strengthening Disclosure of Accounts Receivable Information for Debt Financing Instruments To all market members: In order to implement the spirit of the "Notice of the General Office of the State Council on Matters Concerning Strengthening the Governance of the Difficulty of SMEs in Collecting Payments" (Guobanfa [2026] No. 24, hereinafter referred to as the "Notice"), NAFMII has further optimized disclosure of accounts receivable information for debt financing instruments and increased financing support to help resolve the problem of overdue payments to SMEs. Relevant matters are hereby notified as follows. I. Improve disclosure of accounts receivable information during the registration and issuance stage (1) Strengthen requirements for disclosure of accounts receivable information. Issuers shall disclose in registration and issuance documents the balance of accounts payable in the past year, its proportion and changes, the distribution of major accounts and payment terms, accounts payable turnover days, etc.; where commercial bills and electronic accounts receivable certificates are involved, disclose the amounts and issuance status. (2) Encourage proactive disclosure of accounts receivable payment status. Where issuers have, in accordance with the requirements of the Notice, adopted measures such as reducing payment terms, increasing the proportion of cash payments and making timely payments, and implementing the "60-day cash payment commitment," they are encouraged to proactively disclose the relevant circumstances in registration and issuance documents. II. Increase financing support through debt financing instruments (3) Improve the quality and efficiency of financing services. For enterprises that actively implement the "60-day cash payment commitment," achieve notable results in reducing payment terms and the scale of accounts receivable, and proactively disclose relevant information, a "green channel" for registration and issuance of debt financing instruments will be established, with dedicated personnel for liaison and immediate review upon submission, to improve the quality and efficiency of review services. (4) Support the use of proceeds to pay SME accounts. Issuers may replace accounts receivable by issuing debt financing instruments, using the proceeds to pay cash to upstream and downstream SMEs, thereby alleviating pressure on SME cash flow. III. Strengthen disclosure of accounts receivable information during the duration period (5) Periodically disclose changes in accounts receivable. Issuers shall disclose in annual reports the balance of accounts payable and notes payable as of the end of the reporting period, the distribution of payment terms, and other circumstances. (6) Encourage proactive disclosure of implementation of payment commitments. Issuers are encouraged to disclose in annual reports circumstances such as reduction of payment terms, the proportion of cash payments, and implementation of the "60-day cash payment commitment." IV. Strengthen intermediary institution services and self-regulatory management (7) Optimize supporting services of intermediary institutions. Lead underwriters and other intermediary institutions shall actively assist issuers in implementing the relevant requirements of the Notice, strengthen communication and guidance, and cooperate in advancing related work. (8) Strengthen self-regulatory management of information disclosure. Issuers and relevant intermediary institutions shall perform their duties diligently and strictly implement the information disclosure requirements of this Notice. For failure to disclose accounts receivable information as required by this Notice, or where disclosed content contains false records, misleading statements, or material omissions, corresponding self-regulatory measures will be taken depending on the severity of the circumstances. This Notice shall take effect on December 1, 2026. After this Notice takes effect, newly accepted registration and issuance projects and duration-period projects shall be implemented in accordance with the requirements of this Notice. Hereby notified. National Association of Financial Market Institutional Investors November 6, 2026 This article is excerpted from "NAFMII Information," edited by GMTEight's Chen Wenfang.