China’s National Association of Financial Market Institutional Investors (NAFMII) said it will require stronger accounts-payable disclosure for debt financing instruments to expand financing support and address SME payment arrears. Issuers must include in registration documents the past-year accounts payable balance, share and changes, major payables and aging distribution, days payable outstanding, and, where relevant, amounts and issuance status of commercial bills and electronic receivable ce

China’s National Association of Financial Market Institutional Investors (NAFMII) said it will require stronger accounts-payable disclosure for debt financing instruments to expand financing support and address SME payment arrears. Issuers must include in registration documents the past-year accounts payable balance, share and changes, major payables and aging distribution, days payable outstanding, and, where relevant, amounts and issuance status of commercial bills and electronic receivable certificates. NAFMII encourages issuers that have shortened payment terms, raised cash-payment proportions, paid promptly or adopted a 60-day cash-payment commitment to disclose those measures. Firms that materially reduce payables and payment terms and proactively disclose results will be eligible for a debt-financing registration 'green channel' with dedicated liaison, immediate review and expedited evaluation services.