The transferee of specific bonds is a qualified institutional investor in accordance with the Measures for the Administration of the Suitability of Bond Market Investors of Shanghai Stock Exchange. The Measures for the Administration of the Suitability of Investors in the Bond Market stipulates the types of institutions, assets and investment experience of qualified institutional investors, as well as personal assets and investment experience.
Among them, the types of institutional QFII include financial institutions established with the approval of relevant financial regulatory authorities, private funds issuing wealth management products, social welfare funds, and QFII, RQFII, etc.
It is required that the net assets of the institution at the end of the most recent year shall not be less than 20 million yuan, and the financial assets at the end of the most recent year shall not be less than 10 million yuan. At least 2 years of investment experience in securities, funds, futures, gold, foreign exchange, etc.
An individual QFII shall have a daily average financial asset of not less than 5 million yuan 20 trading days before applying for qualification recognition, or an annual average personal income of not less than 500000 yuan in the last three years. In addition, it is required to have more than 2 years of relevant work experience, or be a senior manager of institutional qualified investors, as well as certified public accountants and lawyers.
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The shortened form of specific bonds is "H", which is limited to qualified institutional investors
Under the guidance of the CSRC, Shanghai and Shenzhen Stock Exchanges and CSDCC officially released the Notice on Matters Related to the Provision of Transfer Settlement Services for Specific Bonds during the Listing Period and the Notice on Matters Related to the Provision of Transfer Settlement Services for Specific Bonds during the Listing Period (hereinafter collectively referred to as the Notice) on May 24, To establish differentiated institutional arrangements that adapt to the characteristics of specific bonds and meet the needs of market-oriented risk resolution, focus on solving the liquidity problems of risks and defaulted bonds, create market conditions for all parties involved in risk resolution, provide a practice place for exploring the establishment of market-oriented and legalized default resolution mechanisms, and lay a solid foundation for preventing and resolving financial risks. In the future, Shanghai and Shenzhen Stock Exchanges will actively and steadily promote the implementation of the Notice in terms of services and supervision, and play its due institutional functions.
The "specific bonds" mentioned in the Notice mainly refer to the relevant bonds that are listed or listed on the Shanghai and Shenzhen Stock Exchanges, but fail to perform the repayment obligations as agreed or have a greater risk of redemption, mainly including the bonds that have been in default of redemption, as well as other relevant bonds issued by issuers that have bond defaults.
SZSE also said that for the bonds with significant uncertainty in cashing and the issuer or trustee issuing a notice clearly warning risks, or the asset-backed securities with circumstances such as failure to distribute income as agreed, they can be transferred with reference to the Notice.
At the transaction level, the abbreviation of specific bonds will be marked with a special symbol "H" to facilitate investors' identification; The transfer method will be full price transfer, and declaration of intention, pricing declaration and transaction declaration are allowed to be used to implement full settlement one by one, and the registration and settlement institution will no longer provide accrued interest data; The transfer threshold is set as one piece or its integral multiple, and there is no limit on the rise or fall of the transfer price declaration, which is conducive to increasing the flexibility of risk pricing; If the amount of a particular bond held by an investor is less than the minimum declared amount, it may be sold in full at one time.
The Shanghai and Shenzhen Stock Exchanges said that, considering the risk particularity of specific bonds, its participants are only qualified institutional investors, and are more suitable for qualified institutional investors with high risk appetite, strong risk tolerance and some experience in bond risk disposal. The transferee participating in the transfer of specific bonds shall sign the risk awareness letter of specific bond transfer to fully understand the risks related to specific bonds.
In addition, considering the possible diversification of repayment arrangements for specific bonds, such as debt to equity swap, non monetary settlement, discount settlement, etc., the Notice maintains certain flexibility in bond repayment. CSDCC can transfer relevant funds and cancel bond shares on behalf of the issuer according to the notice of Shenzhen Stock Exchange, but the legal liability is borne by the applicant.
With regard to information disclosure, SZSE said that in principle, certain bonds must disclose regular reports in accordance with current relevant regulations or agreements, and the trustee should also disclose annual reports on entrusted management affairs in accordance with relevant regulations. At the same time, according to the risk characteristics of specific bonds, the issuer shall perform the relevant information disclosure obligations at the important nodes of the risk disposal of specific bonds, including starting the credit risk resolution disposal of specific bonds, achieving asset disposal or debt restructuring, entering bankruptcy proceedings and credit risk resolution disposal.
In addition, for bonds in default of resale, the Shanghai Stock Exchange said that the specific shares of bonds that have been reported for resale can be transferred under the condition that they are different from the shares of bonds that have not been reported for resale. At present, the transfer settlement system has yet to be adjusted to achieve the above classified transfer. Before the completion of the adjustment, the specific bond shares that have been reported for resale can be transferred by the holder after applying for cancellation of the resale declaration.
The SSE also reminded that securities operating institutions should earnestly perform their duties of investor appropriateness management, provide necessary technical support for investors to participate in the transfer of specific bonds, and especially provide necessary services and assistance to unqualified institutional investors who intend to sell specific bonds.
Is the transferee the buyer or the seller
Transferee refers to the buyer, which is the party accepting the transfer.
Generally speaking, "assignment" is the opposite of "assignment", but they are inseparable.
Transfer means that a person transfers the ownership or use right of something (which can be a contract, share, or specific object) to another person, and the transferee is the person who accepts the transfer. Therefore, the transfer can be understood as accepting the transfer.
For example, if I sell the car to you, I am the seller and you are the buyer. I can also be called the transferor and you are the transferee.
It mainly includes the lessee's preemptive right to the leased property, the co owner's preemptive right to the common property, and the shareholders of the limited liability company's preemptive right to the shares to be transferred by other shareholders.
Extended data:
The basic qualifications of the transferee generally include: a natural person with full civil capacity or an organization with independent legal status; Good financial position and ability to pay; Good commercial credit; Other conditions stipulated by laws and regulations.
For example, when the renter and others are willing to pay 10000 yuan for the house the landlord is renting, the landlord can only rent to the person who rents his house, not to others.
If the landlord rents the house to others at 10000 yuan without notifying the person who rents the house, the person who rents the house has the right to revoke the landlord's act and rent the house at 10000 yuan.
However, if other people are willing to pay 1 yuan more and the renter is only willing to pay 10000 yuan, the landlord can still rent the house to other people.
This means the lessee's right of first refusal.
Transfer is to transfer one's own things or legal interests or rights to others, including property rights, creditor's rights, assets, equity, business, copyright, intellectual property transfer, management rights, lease rights, etc. Transfer refers to the transfer mode in which the contractor transfers the land contractual management right to other farmers.
Through the transfer, the original contract relationship will be terminated, and the farmer will establish a new contract relationship with the employer. Since the vast majority of rural farmers in China have to rely on contracted land for a long time to make a living and cannot lose the land on which they depend for survival due to arbitrary transfer, the Land Contract Law has made strict restrictions on the conditions for transfer: first, the contractor (i.e. the transferor) must have stable non-agricultural occupations or stable sources of income. Second, The transferee must be the third of other farmers engaged in agricultural production and operation, and must be approved by the employer.
Transfer refers to the transfer of property right from one party to the other after signing the document. The property right referred to here can take many forms, including tangible property, rights or the right to transfer ownership within a specific period of time.
The party who grants is called the transferor and the transferee is the transferee. Shares and registered bonds may be transferred to the other party by signing on the back of the certificate.
Who are the investors in the inter-bank bond market
Who are the investors in the inter-bank bond market
1. It is unrealistic to buy stocks at the lowest price. It is also good to buy stocks that are really rising at a high price, so you'd rather miss out on buying stocks than buy and sell stocks blindly. You'd better buy stocks that are familiar with individual stocks.
2. If you are not familiar with it, you can first simulate trading and become familiar with the stock nature. It is best to follow it for a day or two to become familiar with the operation methods, so that you can master the buying point.
3. Pay attention to necessary technical analysis, and pay attention to the change of trading volume and order language (the situation of order sales).
4. Try to choose hot spots and appropriate buying points, so that the stock price can rise and leave the cost area after buying on the same day.
Three person harmony: the more you buy, the more popular you are, the higher your share price will be, and the lower your share price will be. What is needed at this time is the ability to watch the market and find hot spots in time. This is the key to success or failure in the short term. The short-term operation in the stock market needs to be ruthless, quick, and stable. It is best to correctly buy the stock price to rise out of the cost. But once the judgment is wrong, when it comes to adjustment and decline, it is necessary to timely sell the stop loss. Refer to the front post: win the stop loss, and there will be no repetition here.
Fourth, the skill of selling stocks: stocks cannot rise all the time. When they rise to a certain extent, they will be adjusted. Then short-term operations will be sold in time. Generally speaking, it is right to sell stocks at any time when making money. I don't want to sell at the highest price, but I have skills in selling stocks for the sake of maximum benefits. Let me introduce my own experience (not necessarily the best):
1. Stocks that have risen to a certain extent and are rapidly rising to the limit without closing the limit can be considered for sale, especially those with a long shadow line.
Stocks that stagnate or have a long shadow in 260 minutes or in the daily line generally do not continue to surge in volume the next day, which is easy to form a short-term top, so you can consider selling them.
3. You can see the 15 or 30 minute chart of the time-sharing chart. For example, the 5-day moving average crosses and the 10 day moving average goes down. If you feel weak, you should sell in time. This trend is often the beginning of stock adjustment, which is of great reference value.
4. You must stop the loss of the wrong stock in a timely manner. The higher the stop loss level, the better. This is a long-term practice accumulation process. If you are wrong, you will pay the bill. There is nothing to wait for.
