Shang Zheng Fa  No. 54 Document
All Market Participants:
In order to regulate listed companies' behavior of issuing convertible corporate bonds (convertible bonds for short), the Shanghai Stock Exchange (SSE) has formulated the "Detailed Rules for Implementation of Issuing Convertible Corporate Bonds of SSE-listed Companies" (the "Detailed Rules", see Attachment) according to rules such as the "Securities Law", the "Management Measures for Securities Issuance of Listed Companies", and the "Management Measures for Securities Issuance and Underwriting". The SSE hereby publishes the "Detailed Rules", and the market participants are required to implement it accordingly.
The issuance of exchangeable corporate bonds should be implemented according to the regulations on convertible bonds in the "Detailed Rules", except Article III, Clause 2 of Article X, and Clause 1 of Article XV about regulations on priority allotment of convertible bonds to original shareholders, and Clause 1II of Article XXIII and Clause 1 of Article XXIV, which are not applicable. If relevant regulations involving issuance of convertible bonds, and exchangeable corporate bonds formerly published by the SSE are inconsistent with the "Detailed Rules ", the latter should prevail.
Shanghai Stock Exchange
September 8, 2017