On February 9th, the Shanghai, Shenzhen, and North stock exchanges announced a package of measures to optimize refinancing, mainly focusing on four aspects: further supporting the innovative development of high-quality listed companies, better adapting to the refinancing needs of science and technology innovation enterprises, enhancing the flexibility and convenience of refinancing, and strengthening the supervision of the entire refinancing process. In further supporting the innovative development of high-quality listed companies, the Shanghai, Shenzhen, and North stock exchanges have clarified that for representative and market recognized high-quality listed companies with standardized business governance and information disclosure, they will optimize refinancing audits to further improve refinancing efficiency. In order to better meet the refinancing needs of science and technology innovation enterprises, the Shanghai and Shenzhen stock exchanges have simultaneously solicited opinions on the recognition standards for "light assets, high R&D investment" of listed companies on the main board. It is proposed to allow eligible listed companies to use more than 30% of the raised funds for R&D investment related to their main business. At the same time, the Shanghai, Shenzhen, and Beijing stock exchanges have optimized the refinancing interval requirements. For technology-based listed companies that are listed according to the criteria of not making a profit and have not yet made a profit, if the previously raised funds have been basically used up or the direction of the raised funds has not been changed, the financing interval shall be adjusted to no less than 6 months. Listed companies with a situation of bankruptcy can raise funds reasonably through private placement, issuance of convertible bonds, and other means, and the raised funds need to be invested in their main business. This round of optimization focuses on improving the flexibility and convenience of refinancing, and clarifies that when a listed company discloses its refinancing plan, it should also briefly disclose the use of the previous raised funds and consider the progress of the next use. When applying, the progress of the previous raised funds should generally meet the standard of basic use up. Reasonably simplify the application materials for refinancing, and directly cite the content that has been disclosed in regular reports and other communication documents and the facts have not changed. In addition, in order to strengthen the supervision of the entire process of refinancing, this round of optimization will strictly enforce the responsibilities of the first person responsible for the information disclosure of listed companies and the "gatekeeper" of intermediary institutions, establish a mechanism for the disclosure of refinancing plans on exchanges, and strictly prevent listed companies from applying for refinancing with problems. (New Society)