3月2日是中国公司债发行实行注册制后的首个工作日，上海和深圳证券交易所数据显示，当日两市共受理了八家企业的公募债券发行申请，拟发行金额合计422亿元人民币。其中沪市为五家发行人，规模205亿元；深市为三家，规模217亿元。

上交所公司债券项目信息平台显示，中煤能源计划发行100亿元小公募债券，由中信建投证券和中信证券为主承销商；华鲁控股集团拟发行债券为50亿元，规模次之；其他三个发行人债券拟发行规模分别为30亿元、20亿元和5亿元。

深交所首批注册制公司债券发行人包括怡亚通、华侨城集团有限公司和蓝帆医疗，发行主体覆盖央企、地方国企和民营企业，累计申报募集资金规模217亿元，牵头主承销商分别为中信建投、兴业证券和中信证券。

修订后的证券法3月1日起正式实施，明确在不同市场和板块分步骤实施股票公开发行注册制，相关板块/市场注册制改革正式落地前，仍继续实施核准制；并落实好公司债券公开发行注册制，完善证券公开发行注册程序。

修订后的证券法对公司债券公开发行条件作出调整，新增“具备健全且运行良好的组织机构”的条件，删除了“最低公司净资产”“累计债券余额不超过公司净资产的百分之四十”等条件。

与此同时，修订后的中国证券法也于3月1日起正式实施。国务院办公厅下发通知，明确在不同市场和板块分步骤实施股票公开发行(IPO)注册制，相关板块/市场注册制改革正式落地前，仍继续实施核准制；并落实好公司债券公开发行注册制，完善证券公开发行注册程序。

中国政府网刊登的该通知称，将进一步完善科创板相关制度规则，提高注册审核透明度，优化工作程序；研究制定在深交所创业板试点股票公开发行注册制的总体方案，适时提出在证券交易所其他板块和国务院批准的其他全国性证券交易场所，实行股票公开发行注册制的方案。相关方案经国务院批准后实施。

同时，落实好公司债券公开发行注册制要求，鼓励公开发行公司债券的募集资金投向符合国家宏观调控政策和产业政策的项目建设；并完善证券公开发行注册程序，证监会、国家发展改革委应当制定发布相关证券公开发行注册的具体管理办法。

此外，严格落实修订后的证券法规定，进一步完善证券监管执法标准，加大对欺诈发行、违规信息披露、中介机构未勤勉尽责以及操纵市场、内幕交易、利用未公开信息进行证券交易等严重扰乱市场秩序行为的查处和打击力度。

China launches registration system for bond sales

China has launched a registration-based system for bond sales, regulators said on March 1, scrapping an approval mechanism, in a reform that allows companies to raise funds more easily.

“China’s corporate bond market has entered a new era,” the Shanghai Stock Exchange said in a statement on the day a revised securities law took effect to scrap a legal hurdle in the path of the new system.

Companies seeking public sales of corporate bonds only need to send applications to the China Securities Regulatory Commission (CSRC) to register, the stock exchanges in Shanghai and Shenzhen said in separate statements.

Earlier, such registration required CSRC approval. The exchanges will vet the corporate bond sales electronically to ensure they meet the rules.

Sales of enterprise bonds would also adopt the registration-based system, said the powerful state planner, the National Development and Reform Commission (NDRC).

Enterprise bonds, issued mainly by state-owned companies and government-backed entities, no longer need the approval of local governments and need only register with the NDRC.

China piloted the registration-based system for initial public offerings in its Nasdaq-style STAR Market last year, and has vowed similar reforms in other parts of the stock market.

It is also looking to ease financing rules for companies in its bid to bolster an economy hit hard by the coronavirus outbreak, and is spurring firms to issue so-called “virus bonds” to help fight the epidemic or tackle its effects.