On July 24, SZSE issued the Business Guidelines No. 2 of the Shenzhen Stock Exchange for the Review of Requirements on Asset-Backed Securities Listing — Key Matters of Review Focus (2026 Revision). The Guidelines focus on the pain points and difficulties in revitalizing existing real estate assets and aim to improve the rules system for asset-backed securities (ABS), build a line of defense for asset quality from the source, and promote the standardized and healthy development of the market. This is a specific measure taken by SZSE to implement the related requirements of the national "15th Five-Year Plan" on revitalizing existing assets, steadily developing asset securitization, and increasing the proportion of direct financing, thereby enhancing the quality and efficiency of the capital market in serving the real economy.

This revision, incorporating the latest industry regulatory policies and business practices, streamlines and improves the guidelines to address institutional shortcomings. First, a chapter on real estate underlying assets is added to promote the standardized development of such products. This part clarifies the compliance and access standards for real estate projects, strengthens requirements for project operations and cash flows, standardizes asset valuation and cash flow forecasting, and solidifies the operational and management responsibilities of relevant institutions. Second, specific requirements for real estate asset-backed securities with equity-like features (hereinafter referred to as inter-institutional REITs) are added to solidify the equity attributes of the products. This content standardizes the product mechanism design for inter-institutional REITs, further consolidating asset valuation and strengthening operational management requirements on the basis of general access requirements for real estate underlying assets. Third, the guidelines refine the review focus for debt-based underlying assets, optimize the cost coverage requirements for future operating income projects, and standardize the review requirements for real estate assets in real estate mortgage loan projects, thereby ensuring consistent and precise alignment of regulatory standards across different asset categories.

In recent years, under the guidance of the China Securities Regulatory Commission (CSRC), the asset securitization market of SZSE has developed steadily. By the end of June 2026, the issuance volume of SZSE ABS has exceeded CNY 3.2 trillion. SZSE has successively launched several market-first products, such as China's first real estate ABS and the first commercial inter-institutional REIT, effectively supporting enterprises' needs to revitalize various assets, including creditor's rights, future operating income, and real estate. Next, SZSE will, in accordance with the unified deployment of CSRC, continue to strengthen the construction of the regulatory system, steadily deepen the innovation and expansion of underlying assets, promote the high-quality development of the asset securitization market, and accelerate the construction of a multi-tiered REITs market, thus better serving the overall economic and social development.