The CSRC launched a consultation to tighten listed-company refinancing rules,
proposing higher small, rapid-refinancing limits provided planned financings do
not exceed 20% of net assets. Caps for Shanghai- and Shenzhen-listed firms would
rise from 300 mln to 600 mln yuan; Beijing Stock Exchange firms’ cap would
increase from 100 mln to 200 mln yuan. For firms with net assets above 100 bln
yuan, the small-refinancing cap would be raised to 1 bln yuan. The draft also
changes required authorization from annual shareholders’ meeting approval to
shareholders’ meeting authorization to increase financing flexibility.
