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On May 31, the Shanghai Stock Exchange issued and implemented the rules for the expansion of infrastructure REITs to support the revitalization of existing assets and the expansion of effective investment. The rules clarify the conditions for newly purchased infrastructure projects, make principled requirements for application conditions, and specify specific provisions for infrastructure funds, major participating institutions, infrastructure projects, and funding sources; clarify the requirements for newly purchased infrastructure projects. Procedural arrangements, standardize due diligence and related party transactions, and explicitly review applications for changes in fund products and infrastructure asset-backed securities with reference to IPO standards and requirements.
The original text is as follows:
The Shanghai Stock Exchange issued and implemented the rules for the expansion of infrastructure REITs to support the revitalization of existing assets and expansion of effective investment
In order to implement the decisions and arrangements of the CPC Central Committee and the State Council, in accordance with the work requirements of the “Opinions of the General Office of the State Council on Further Revitalizing Existing Assets and Expanding Effective Investments”, under the guidance of the China Securities Regulatory Commission, the Shanghai Stock Exchange issued and implemented the “Opinions” on May 31. The Shanghai Stock Exchange’s Guidelines for the Application of the Rules for Public Offering of Infrastructure Securities Investment Funds (REITs) No. 3 – Newly Purchased Infrastructure Projects (Trial)” (hereinafter referred to as the “Expansion Rules”). The introduction of the expansion rules is an important measure taken by the Shanghai Stock Exchange to promote the steady and healthy development of the REITs market and to further leverage the long-term strategic value and sustainable development capabilities of REITs products as an asset listing platform.
The expansion rules regulate and guide key issues such as newly purchased infrastructure projects, the whole process of newly purchased infrastructure projects, and expansion and sales during the duration of the infrastructure fund.One isThe conditions for newly purchased infrastructure projects are clarified, the application conditions are set in principle, and specific provisions are made for infrastructure funds, major participating institutions, infrastructure projects, and funding sources.two isClarify the procedural arrangements for newly purchased infrastructure projects, standardize due diligence and related party transactions, and clearly review applications for changes in fund products and infrastructure asset-backed securities with reference to the initial offering standards and requirements.The third isClarify the management of information disclosure, standardize the confidentiality responsibilities of participating institutions, and adhere to the principles of prudent trading suspension and phased disclosure of transactions.Four isThe relevant arrangements for the expansion of the offering are clarified. The expansion of the infrastructure fund can adopt three offering methods: placement to the original holder, public expansion and targeted expansion, and specifies the conditions and requirements that each offering method should meet.
The expansion rules have been open to the public for comments from April 15 to April 30, 2022. During the period, the Shanghai Stock Exchange organized a number of rules exchange meetings to answer the concerns of market players and collect and summarize opinions and suggestions. On the whole, all sectors of society have responded positively and comprehensively, basically agreeing with the relevant regulations, and at the same time putting forward specific amendments. The Shanghai Stock Exchange attaches great importance to the opinions of all parties in the market, has carefully sorted out and studied the solicitation of opinions, and fully absorbed useful opinions, mainly including further consolidation of asset valuations, abolition of restrictions on the proportion of allotments to original holders, and expansion of the scope of targeted investors. The situation of hiring financial consultants, the requirements for application materials, the definition of operation time, the failure of the offering, and the requirements for strategic investors for targeted expansion have been improved.
In the next step, under the unified leadership of the China Securities Regulatory Commission, the Shanghai Stock Exchange will fully stimulate the enthusiasm of market players, support well-functioning REITs to become better and stronger through the fundraising mechanism, and improve the positive incentive mechanism. At the same time, it will make every effort to ensure the stable and orderly landing of mature expansion projects, open up the whole business process of REITs, form a demonstration effect, and help stabilize the economic market.
This article is edited from “Published by the Shanghai Stock Exchange”; Zhitong Finance Editor: Yan Wencai.
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