Refinancing Package Optimization Measures Completes First Month: Who Got Activated?

The One-Month Anniversary of the New Refinancing Policy

On February 9, the Shanghai, Shenzhen, and Beijing stock exchanges introduced a package of measures to optimize refinancing systems. Since implementation, it has been exactly one month. The goal of these measures is to further improve the convenience and flexibility of refinancing.

How has the market responded over the past month? According to a report by Securities Times, from February 10 to March 11, a total of 35 listed companies disclosed their first refinancing plans, with no increase in the pace compared to earlier periods. An investment banker revealed that some listed companies are interested in the reforms, but most are still observing, waiting for more policy signals. Market reactions may take more time to materialize.

Meanwhile, the reporter noted that some existing projects adjusted their original private placement plans after the package of measures was announced.

On the approval side, data shows that over the past month, the review cycle for refinancing projects has significantly shortened, with improved efficiency.

Steady New Plans

“Before the Spring Festival, the Shanghai, Shenzhen, and Beijing exchanges had already introduced a series of measures to optimize refinancing. We will further refine the registration and review mechanisms at the institutional level to enhance convenience,” said Wu Qing, Chair of the China Securities Regulatory Commission (CSRC), at a press conference during the Fourth Session of the 14th National People’s Congress on March 6. His statement once again drew market attention to the refinancing sector.

The measures announced by the exchanges have been in effect for a month. According to Securities Times, from February 10 to March 11, excluding projects involving private placements and mergers and acquisitions, 35 listed companies disclosed their first refinancing plans. Of these, 28 used private placements, and 7 opted for convertible bonds.

In terms of stock exchange categories, only one company is listed on the Beijing Stock Exchange, with the rest on Shanghai or Shenzhen. In market value, companies like Sugon Technology are valued at over 100 billion yuan; Unigroup Ziguang and Hesong Silicon also exceed 50 billion yuan. Regarding profitability, six of these companies have announced losses for 2025.

A Shenzhen-based mid-sized investment banker commented that some listed companies are still waiting to see how regulatory policies will evolve. A senior banker from a leading securities firm told reporters that while clients are interested in the refinancing reforms, their reactions are limited. However, he remains optimistic about the market this year, saying, “Compared to secondary listings in Hong Kong, more listed companies prefer to pursue refinancing within A-shares.”

Some existing projects adjusted their fundraising structures after the measures were announced. For example, Aidi Pharmaceuticals, a STAR Market-listed company, announced in January a small, rapid private placement aiming to raise 185 million yuan for acquiring a 22.23% stake in Nanda Pharmaceutical and for working capital. On March 3, the company canceled this plan, citing that “current company conditions, development plans, and relevant securities service agencies no longer support” the simplified process. On the same day, the company announced a new plan to raise 1.277 billion yuan, including the original projects plus a new “global clinical development project for a novel HIV integrase inhibitor (INSTI).”

Focus on Technological Innovation

This round of refinancing reforms emphasizes supporting high-quality and innovative companies, not only revising the standards for “light assets and high R&D investment” but also encouraging listed companies to raise funds for new industries, new business models, and new technologies that complement their main businesses, fostering a second growth curve.

According to data, about 75% of the companies disclosing refinancing plans from February 10 to March 11 plan to allocate funds to technological innovation. For example, Sugon Technology, which disclosed a convertible bond plan on February 10, intends to raise 8 billion yuan for projects such as “advanced computing clusters for artificial intelligence,” “next-generation high-performance AI training and inference integrated machines,” and “domestically produced advanced storage systems.”

Some existing refinancing projects have also recently adjusted their fundraising structures. On March 10, Meilixin, listed on the ChiNext, announced that, based on actual company needs and project construction requirements, it would increase investment in the “semiconductor equipment precision structural parts construction project” from 500 million to 700 million yuan; reduce the funding for the “communication and automotive parts soldering casting industrialization project” from 500 million to 250 million yuan; and increase debt repayment from 200 million to 250 million yuan. The total fundraising amount remains at 1.2 billion yuan.

Sun Jinjun, Vice President of Kaiyuan Securities and Director of its Research Institute, stated that since the “827 new policy” established the principle of “supporting the excellent and limiting the inferior,” the A-share refinancing market has entered a new cycle of quality improvement and efficiency enhancement. On one hand, many leading industry chain companies are issuing large-scale private placements in 2025, significantly increasing the proportion of large projects and the total amount raised. On the other hand, companies in new energy, semiconductors, artificial intelligence, and other hard-tech sectors are actively participating.

However, “loosening” does not mean a complete relaxation. Regulators still advocate rational financing, focusing on the feasibility and necessity of fundraising. Recent years have seen some projects reduce their total fundraising amounts. For example, the private placement project of Boliv Power, which is currently under inquiry, announced on March 6 that its planned raise was reduced from 650 million yuan to 611 million yuan.

Similarly, Chengbang Co., Ltd. announced on March 7 the cancellation of its “high-end SSD upgrade project” and scaled back other fundraising projects, reducing total funds from 129 million yuan to 100 million yuan. Notably, the company’s 2025 performance forecast shows a widening net loss attributable to shareholders, reaching 115 million yuan, marking the fourth consecutive year of losses. Originally focused on ecological and environmental construction, the company entered the semiconductor storage sector through an acquisition in September 2024. The company stated that the net profit from semiconductor storage in 2025 would not be enough to offset losses in its environmental business.

Review Process Accelerates

Regarding the cautious attitude of listed companies, the reporter noted that review efficiency is a key factor.

A senior banker from a leading securities firm mentioned that the review cycle for A-share refinancing is longer than in Hong Kong, and “listed companies are most concerned about whether regulatory approval can be more accommodating and whether review efficiency can be improved.”

He believes that for projects already underway or those with prepared application materials, the new policies are beneficial and will help accelerate approval.

The exchanges previously stated that for high-quality listed companies with good governance and information disclosure, and recognized by the market, the Shanghai, Shenzhen, and Beijing exchanges will further improve refinancing review efficiency.

From the acceptance perspective, between February 10 and March 11, the Shanghai and Shenzhen stock exchanges accepted 5 and 15 refinancing projects respectively, with acceptance pace remaining consistent with earlier periods. The Beijing Stock Exchange had not accepted any new projects by March 11.

Regarding market concerns about review speed, the past month has seen a shortening of review cycles for queued projects.

According to data, in the Shenzhen market, among projects with progress from February 10 to March 11 (excluding simplified procedures), 19 projects took an average of 149 days from acceptance to approval. This is a significant improvement compared to the period from January 1 to February 9, when 16 projects took an average of 212 days.

In the Shanghai market, 9 projects from February 10 to March 11 took an average of 88 days from acceptance to approval, compared to 143 days for 16 projects in the period from January 1 to February 9.

Layout: Liu Junyu

Proofreading: Liao Shengchao