--- title: "The Shanghai and Shenzhen Stock Exchanges optimize refinancing policies, and technology companies welcome the \"blood transfusion\" dividend" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/276003398.md" description: "On February 9th, the Shanghai and Shenzhen Stock Exchanges released refinancing optimization policies aimed at supporting the real economy and technological innovation. The new measures provide more convenient financing channels for high-quality listed companies, especially technology enterprises, optimize the review process, and improve efficiency. The policy allows companies that have experienced a decline in stock price to raise funds through private placements and convertible bonds, provided that the funds are used for their main business operations. This policy will promote research and development and capacity expansion in technology enterprises, attract more capital to emerging industries such as semiconductors and artificial intelligence, and enhance the investment value of companies" datetime: "2026-02-15T10:04:31.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/276003398.md) - [en](https://longbridge.com/en/news/276003398.md) - [zh-HK](https://longbridge.com/zh-HK/news/276003398.md) --- > 支持的语言: [English](https://longbridge.com/en/news/276003398.md) | [繁體中文](https://longbridge.com/zh-HK/news/276003398.md) # The Shanghai and Shenzhen Stock Exchanges optimize refinancing policies, and technology companies welcome the "blood transfusion" dividend In order to further support the development of the real economy and guide capital to gather in the field of technological innovation, on February 9th, the Shanghai and Shenzhen Stock Exchanges jointly released a package of measures to optimize refinancing, aimed at providing more convenient financing channels for high-quality listed companies, especially technology enterprises, and sending a strong signal that the capital market supports technological innovation. The highlights of this refinancing optimization measure are numerous and specifically address the pain points and difficulties in the previous financing process for enterprises. The policy clearly states that for high-quality listed companies with standardized governance and compliant information disclosure, the refinancing review process will be optimized to improve review efficiency; at the same time, it clarifies the identification criteria for "light assets and high R&D investment" for main board companies, allowing more technology-based and innovative enterprises to enjoy policy benefits. It is noteworthy that listed companies experiencing a decline in share price can still reasonably finance through private placements and convertible bonds, provided that the raised funds must be directed towards their main business, preventing funds from being diverted to non-essential areas. Against the backdrop of technological innovation being elevated to a core position in national development, the optimization of this refinancing policy is of significant importance. Technology companies, especially hard technology enterprises, have high R&D investments, long cycles, and substantial funding needs. The smooth refinancing channels can provide sufficient financial support for enterprises' technological research and development and capacity expansion, helping them overcome core technological bottlenecks and enhance their core competitiveness. Industry insiders point out that this policy adjustment releases a guiding principle for the capital market to "precisely irrigate" technology enterprises, and in the future, more funds will gather towards strategic emerging industries such as semiconductors, artificial intelligence, and biomedicine. 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