Ppn (Private Placement Bill) refers to the behavior of non-financial enterprises with legal personality to issue debt financing instruments to specific institutional investors in the inter-bank market and transfer them within the scope of specific institutional investors. Private placement refers to corporate bonds issued by corporate legal persons in the domestic market in China in a non-public way, and there is no threshold requirement for the issuer's net assets and profitability. Choose private placement-view ranking-click one button to chat directly with private placement, which is completely market-oriented.

Regulator: ppn is regulated by China Association of Interbank Market Dealers, and private debt is regulated by China Securities Regulatory Commission.

Issuer: The former is issued by a non-financial enterprise with legal person status, and the latter is the legal person of all companies except local government financing platform companies.

Issue target: the former is subscribed by qualified investors in the inter-bank bond market defined by the association; The latter is generally issued to a few closely related units and individuals, and is not open to all investors.

Trading places: The former is in the national inter-bank bond market; The latter is transferred at the stock exchange/national share transfer system for small and medium-sized enterprises/inter-agency quotation and service system for private placement products/counter of securities companies.

Financing term: the former is not particularly limited and can be decided by the lead underwriter/issuer/investor through consultation; The latter is Shenzhen Stock Exchange 1 year or more and Shanghai Stock Exchange for less than 3 years.

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