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 fl

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 issuance regime.