ChiNext refinancing rules to be released soon

The refinancing rules for listed companies on the Shenzhen-based Nasdaq-style ChiNext board have been completed and will be made public soon, according to a senior executive of the Shenzhen Stock Exchange on Tuesday.

Song Liping, general manager of the Shenzhen Stock Exchange, told China Daily that speed and small amounts would be the main characteristics of refinancing on the ChiNext board. Preferred shares will be a new tool for listed companies' refinancing.

Listed companies will be able to choose the amount of their refinancing, within a given range, and the price of their shares or convertible bonds to be issued, China Securities Journal quoted Song as saying.

Song also said the revision of IPO rules for the ChiNext board may be finished this year.

There are 379 companies listed on the ChiNext board with market value of more than 1.74 trillion yuan ($283.4 billion).