Shanghai municipal authorities, led by the Development and Reform Commission,
issued measures to boost direct financing for technology firms. The package
directs use of refinancing support policies to streamline approval processes and
shorten review intervals; it explicitly permits refinancing for companies that
listed under 'not-yet-profitable' standards and remain unprofitable, and for
issuers whose shares have fallen below IPO price. Authorities will simplify
application materials, support flexible use of follow-on share issuance, rights
offerings and convertible bonds, and promote implementation of a refinancing
shelf issue regime.
