Refinancing of listed companies rises 23 percent

Refinancing of China's listed companies grew 23 percent year-on-year from January to August to reach 344.5 billion yuan ($56.3 billion), Shanghai Securities Journal quoted a source at the China Securities Regulatory Commission as saying on Monday.

Equity refinancing raised 181.6 billion yuan, up 55 percent year-on-year. Almost 80 percent of the equity refinancing was issued through private placement. Bond financing grew 3 percent to 162.9 billion yuan, the source said.

He denied an earlier report which claimed that listed companies had raised 2 trillion yuan from the A-share market. Meanwhile, another 106 companies received approval to raise 242.7 billion yuan, while 108 companies' plans to raise 160 billion yuan are under examination.

He added the commission denied applications for refinancing this year mainly due to companies' insufficient explanation of investment decision and inaccurate disclosure of refinancing purposes.