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9. In October 2008 Ronger Properties Joint Stock Co successfully issued corporate bonds of RMB 12 million yuan for three years. By the end of 2010 the net assets of Ronger Properties Joint Stock Co were RMB 80 million yuan. During the past two years it has been able to repay the interests due for the corporate bonds.
In order to expand its business, the board of directors of Ronger Properties Joint Stock Co adopted a resolution intending to issue another set of corporate bonds to the public investors.
Required:
Answer the following questions in accordance with the relevant provisions of the Securities Law of China, and give your reasons for your answer:
(a) State the maximum amount of corporate bonds Ronger Properties Joint Stock Co could issue for the proposed issuance.
(b) State whether the proposed issuance of corporate bonds should be underwritten by an underwriting syndicate.
(c) State the statutory period of underwriting for the proposed issuance.
答案:
9 This question requires candidates to deal with the rules in relation to the issuance of corporate bonds under the Securities Law.
(a) In accordance with Article 16 of the Securities Law, to issue the corporate bonds publicly one of the following conditions shall be satisfied by the issuer: the accumulated value of the bonds issued shall not exceed 40% of the value of the net assets of the company. In the present case, the net assets of Ronger Properties Joint Stock Co were RMB 80 million yuan and the accumulated value of the bonds issued were RMB 12 million yuan. This means that the bonds issued accounted for 15% of the net assets of the company. Therefore, the maximum amount of the proposed issuance would be RMB 20 million yuan (80m x 40% – 12m).
(b) In accordance with Article 32 of the Securities Law, securities to be offered to unspecific parties with a total face value exceeding RMB 50 million yuan shall be underwritten by an underwriting syndicate. Since the maximum amount of the proposed issuance would be RMB 20 million yuan, Ronger Properties Joint Stock Co could issue the corporate bonds with a form other than that of underwriting syndicate.
(c) In accordance with Article 33 of the Securities Law, the maximum period for any forms of underwriting shall not be more than 90 days.
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