What conditions do enterprises need to meet when applying for refinancing?

Refinancing refers to the direct financing of listed companies in the securities market through rights issue, additional issuance and convertible bonds. The conditions for refinancing of listed companies are mainly stipulated in the Measures for the Administration of Securities Issuance of Listed Companies. All kinds of refinancing methods of listed companies not only meet the general conditions for public offering of securities, but also have their own special provisions. The allotment of shares to the original shareholders (referred to as "allotment") meets the following conditions at the same time: the number of shares to be allotted does not exceed 30% of the total share capital before this allotment; The number of shares that the controlling shareholder shall publicly commit to subscribe for before the shareholders' meeting; Distribution on a commission basis as stipulated in the Securities Law; If the controlling shareholder fails to fulfill the commitment to subscribe for shares, or the entrustment period expires, and the number of shares subscribed by the original shareholder does not reach 70% of the number to be placed, the issuer shall return the subscribed shareholders at the issue price plus the interest on bank deposits in the same period. The public offering of shares to unspecified objects (referred to as "additional issuance") must meet the following conditions: the weighted average return on equity in the last three fiscal years is not less than 6% on average. The net profit after deducting non-recurring gains and losses is compared with the net profit before deducting, and the lower is used as the basis for calculating the weighted average return on equity; Except for financial enterprises, there are no trading financial assets and available-for-sale financial assets, loans to others, entrusted wealth management and other financial investments at the end of the recent period; The issue price shall not be lower than the average price of the company's shares in the 20 trading days before the announcement of the prospectus or the average price of the previous trading day. The public offering of convertible corporate bonds must meet the following conditions: the weighted average return on equity in the last three fiscal years is not less than 6% on average. The net profit after deducting non-recurring gains and losses is compared with the net profit before deducting, and the lower is used as the basis for calculating the weighted average return on equity; The accumulated balance of corporate bonds after this issuance shall not exceed 40% of the net assets at the end of the latest period; The average annual distributable profit realized in the last three fiscal years is not less than the interest of corporate bonds for one year. The above is excerpted from "Elementary Course of Shareholders' School" compiled by shanghai securities news Society for reference only.