The Shenzhen Stock Exchange revised and issued guidelines on key concerns in the ABS audit to continue to consolidate the foundation of the market development system

The Zhitong Finance App learned that on July 24, the Shenzhen Stock Exchange released the “Shenzhen Stock Exchange Asset-Backed Securities Listing Conditions Review Business Guidelines No. 2 - Review Key Concerns (2026 Revision)”, focusing on the pain points and difficulties of revitalizing existing assets in the real estate sector, improving the asset-backed securities (ABS) rule system, building a strong asset quality defense line from the source, and promoting the healthy development of market standards. This is a concrete measure for the Shenzhen Stock Exchange to implement the requirements of the national “15th Five-Year Plan” to revitalize stock, steadily develop asset securitization, increase the share of direct financing, and improve the quality and efficiency of the capital market in serving the real economy.

This revision combines the latest industry regulatory policies and business practices to sort out and improve the guidelines and make up for shortcomings in the system. The first is to establish a new section on basic real estate assets to promote the development of product standards. Clarify compliance entry standards for real estate projects, strengthen project operation and cash flow requirements, standardize asset evaluation and cash flow forecasting, and consolidate the operation and management responsibilities of relevant agencies. Second, special requirements have been added for real estate asset-backed securities (hereinafter referred to as interagency REITs) with the characteristics of equity attributes to consolidate product equity attributes. Standardize the design of inter-agency REITs product mechanisms, further consolidate asset valuation and strengthen operation management requirements on the basis of general entry requirements for basic real estate assets. The third is to improve the key points of concern for credit-based basic assets, optimize the cost coverage requirements for future operating income projects, unify the audit requirements for real estate assets in real estate mortgage projects, and achieve unified connection and accurate adaptation of various asset supervision standards.

In recent years, under the guidance of the China Securities Regulatory Commission, the Shenzhen Stock Exchange's asset securitization market has developed steadily. By the end of June 2026, the Shenzhen Stock Exchange's ABS issuance scale exceeded 3.2 trillion yuan. It has successively innovated and launched multiple market first-order products such as the country's first real estate ABS and the first commercial agency REIT, effectively supporting the revitalization needs of enterprises for various types of assets such as claims, future operating income, and real estate. Next, in accordance with the unified deployment of the China Securities Regulatory Commission, the Shenzhen Stock Exchange will continue to strengthen the construction of the supervisory system, steadily deepen the innovation and expansion of basic assets, promote the high-quality development of the asset securitization market, accelerate the construction of a multi-level REITs market, and better serve the overall economic and social development situation.

This article was selected from the “Shenzhen Stock Exchange” official website, Zhitong Finance Editor: Feng Qiuyi.