Following the issuance of the Interim Measures for Administration of the Issuance of Bonds by Overseas Institutions in the National Interbank Bond Market (《全国银行间债券市场境外机构债券发行管理暂行办法》) ("Circular No.16") by the People's Bank of China ("PBOC") and the Ministry of Finance ("MOF") on September 8, 2018, the National Association of Financial Market Institutional Investors ("NAFMII") officially issued the Guidelines on Debt Financing Instruments of Overseas Non-financial Enterprises (for Trial Implementation) (《境外非金融企业债务融资工具业务指引(试行)》) (the "NAFMII Guidelines") on January 17, 2019. The NAFMII Guidelines provide specific rules and operational requirements for overseas non-financial enterprises to issue debt financing instruments in the China Interbank Bond Market ("CIBM").