As one of the policy tools to support enterprises to optimize their capital structure, refinancing continues to accurately guide capital to high-tech and emerging industries supported by the national strategy to serve the high-quality development of the real economy. Since 2025, the refinancing market has soared in quantity and quality, and is bursting with vitality. Taking Shanghai as an example, Wind data shows that as of December 25, equity financing for listed companies in Shanghai had raised more than 800 billion yuan in capital, involving more than 100 companies in Shanghai, all a significant increase over the same period in 2024. At the same time, refinancing reviews have been accelerated across the board. Up to now, since the fourth quarter of 2025, nearly 40 new refinancing projects have passed the exchange review. The review cycle is roughly 2 months, which is further shortened compared to the previous period.

As one of the policy tools to support enterprises to optimize their capital structure, refinancing continues to accurately guide capital to high-tech and emerging industries supported by the national strategy to serve the high-quality development of the real economy. Since 2025, the refinancing market has soared in quantity and quality, and is bursting with vitality. Taking Shanghai as an example, Wind data shows that as of December 25, equity financing for listed companies in Shanghai had raised more than 800 billion yuan in capital, involving more than 100 companies in Shanghai, all a significant increase over the same period in 2024. At the same time, refinancing reviews have been accelerated across the board. Up to now, since the fourth quarter of 2025, nearly 40 new refinancing projects have passed the exchange review. The review cycle is roughly 2 months, which is further shortened compared to the previous period.