Authored by:Guo Liang Lin Zeen Chen Congxin Chen Guanyu
In our previous article, we discussed several significant amendments introduced under the registration-based system concerning IPOs. The full implementation of registration-based system reform has also led to substantial changes in the regulatory framework governing the refinancing of listed companies. Relevant rules include the Administrative Measures of Securities Offering and Registration by Listed Companies (the “New Refinancing Measures”) and the Administrative Measures of the Preferred Shares Pilot Project, both promulgated by the China Securities Regulatory Commission (the “CSRC”); the Rules Governing the Review of Offering and Listing of Securities by Companies Listed on Shanghai Stock Exchange (the “SSE Refinancing Review Rules”), released by the Shanghai Stock Exchange (“SSE”); and the Rules Governing the Review of Offering and Listing of Securities by Companies Listed on Shenzhen Stock Exchange (the “SZSE Refinancing Review Rules”) released by the Shenzhen Stock Exchange (“SZSE”, with SSE, individually referred to as the “Stock Exchange”, or collectively as the “Stock Exchanges”). This article provides an overview of significant amendments in the New Refinancing Measures and other supporting rules related to refinancing.