Reform of refinancing empowers the high-quality development of the real economy.

As one of the policy tools supporting enterprises to optimize their capital structure, refinancing continues to accurately guide funds towards high-tech and emerging industries supported by national strategies, serving the high-quality development of the real economy. Since 2025, the refinancing market has seen an increase in both quantity and quality, with a burst of vitality. Taking the Shanghai market as an example, Wind data shows that as of the time of writing on December 25th, Shanghai-listed companies have raised over 800 billion yuan in equity financing, involving over a hundred companies in the Shanghai market, a significant increase compared to the same period in 2024. At the same time, the speed of refinancing audits has increased. As of now, since the fourth quarter of 2025, nearly 40 new refinancing projects in the Shanghai market have been approved by the stock exchange, with an audit period of about 2 months, further shortened compared to previous periods.