BEIJING, July 3 (Reuters) – The China Securities Regulatory Commission (CSRC) on Friday proposed changes to rules for refinancing by listed companies, releasing draft revisions it said would help companies to raise capital.
• The revised rules would allow eligible companies to carry out multiple share issues via private placement after registering the plan only once, the CSRC statement said.
• This would help companies to raise funds quickly when opportunities arise and reduce shocks to the market from large, one-time financing, the regulator said.
• The revisions raise refinancing caps for certain smaller financing procedures.
• Private placement pricing will be more market-oriented to better protect small investors, the statement said.
• The regulator also plans to step up oversight of convertible bond issuance.
• China’s stock exchanges in February introduced measures to facilitate refinancing by “high-quality” listed companies to help them to innovate or expand into new businesses.
(Reporting by Yukun Zhang and Ryan WooEditing by David Goodman)
