优化再融资，更便捷高效
Optimizing refinancing for greater convenience and efficiency

On February 9th, the Shanghai, Shenzhen, and Beijing Stock Exchanges announced the optimization of a package of refinancing measures. In further supporting the innovative development of high-quality listed companies, the Shanghai, Shenzhen, and Beijing Stock Exchanges clarified that for high-quality listed companies with standardized corporate governance and information disclosure, which are representative and recognized by the market, refinancing review processes will be optimized to further improve refinancing efficiency. At the same time, to better meet the refinancing needs of sci-tech innovation enterprises, the exchanges have revised the “light assets, high R&D investment” rules for listed companies and clarified the standards for main board company recognition. Listed companies on the Shanghai, Shenzhen, and Beijing Stock Exchanges that experience a break in share price may reasonably raise funds through private placements, convertible bonds, and other methods, with the raised funds required to be used for core business operations. Additionally, the exchanges have also clarified measures to enhance refinancing flexibility and convenience, and strengthened supervision throughout the entire refinancing process.