to publicly issue corporate bonds, the following conditions shall be met: the net assets of a joint stock limited company shall not be less than RMB 3 million, and the net assets of a limited liability company shall not be less than RMB 6 million; The total amount of accumulated bonds shall not exceed 4% of the net assets; The company's average distributable profit for three years is enough to pay the interest of corporate bonds for one year; The investment of raised funds conforms to the national industrial policy; The bond interest rate shall not exceed the interest rate level set by the State Council; Other conditions. Corporate bonds refer to loan certificates issued by joint-stock companies for additional capital within a certain period of time (such as 1 or 2 years). For the holder, it is only a certificate to provide loans to the company, which reflects only an ordinary creditor-debtor relationship. Although the holder has no right to participate in the management activities of the joint-stock company, he can charge the company a fixed interest every year according to the par value, and the order of collecting interest should be prior to the shareholders' dividends, and the joint-stock company can also get back the principal first when it goes bankrupt. Corporate bonds have a long term, generally more than 1 years. Once the bonds expire, the joint-stock company must repay the principal and redeem the bonds.

Legal basis: Interim Measures for the Administration of the Issuance of Special Bonds by Local Governments

Article 3 Special bonds are in the form of book-entry fixed interest rate with interest.

article 4 a single special bond shall take a single government fund or special income as the source of debt repayment. A single special bond can be issued corresponding to a single project, or it can be issued corresponding to multiple projects.

article 5 the term of special bonds shall be 1 year, 2 years, 3 years, 5 years, 7 years and 1 years, which shall be reasonably determined by all localities considering the project construction, operation, recovery cycle and bond market conditions, but the total issuance scale of 7-year and 1-year bonds shall not exceed 5% of the annual issuance scale of special bonds.

Article 6 Special bonds shall be voluntarily repaid by local governments in accordance with the principle of marketization and the principles of openness, fairness and justice, and the main body of issuance and repayment shall be local governments.

article 7 all localities shall carry out credit rating of special bonds in accordance with relevant regulations, select the best credit rating agencies, and sign a credit rating agreement with the credit rating agencies to clarify the rights and obligations of both parties.

article 8 credit rating agencies shall carry out credit rating work in accordance with the principles of independence, objectivity and impartiality, abide by credit rating regulations and business norms, and issue credit rating reports in a timely manner.

article 9 all localities shall timely disclose the basic information of special bonds, financial and economic operation and related debts, fundraising projects and corresponding government funds or special income, risk disclosure and other information that has a significant impact on investors' purchase decisions in accordance with relevant regulations.