CHENGDU, Feb.21 (NBD) -- China Securities Regulatory Commission revised the rules for secondary offerings of listed companies and specified roles for regulators in guiding proper refinancing last Friday.

The new regulations stipulate that follow-on offerings can only be issued 18 months after the completion of an IPO and the total cap should not exceed 20% of its IPO. In addition, the pricing date is altered to the first day of the issuing period.

NBD noticed that many companies have to pause or revise their secondary offering plan for the above reasons.

Email: tanyuhan@nbd.com.cn