On February 9, the Shanghai, Shenzhen, and Beijing Stock Exchanges announced a package of measures aimed at optimizing the refinancing process. In a move to further support the innovative development of high-quality listed companies, the exchanges clarified that for companies demonstrating sound operational governance, standardized information disclosure, strong representation, and market recognition, the refinancing approval process will be streamlined to enhance efficiency.
Concurrently, to better accommodate the refinancing needs of technology and innovation-focused enterprises, the Shanghai and Shenzhen exchanges have revised the rules applicable to "light-asset, high R&D investment" listed companies, specifying the criteria for identifying such enterprises on the main board.
Listed companies on these exchanges whose stock prices have fallen below their IPO issue price may undertake reasonable financing through methods such as private placements and convertible bond issuance, provided the raised capital is directed towards their core business operations.
Additionally, the exchanges have outlined measures to increase the flexibility and convenience of refinancing while strengthening supervision throughout the entire refinancing process.
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