# China stock exchanges

China’s Exchanges Loosen Re‑financing Rules to Back Tech R&D — with New Guardrails

China’s three main stock exchanges have eased refinancing rules to help R&D‑intensive and unprofitable science‑and‑technology firms raise capital more quickly, extended a ‘light‑asset, high‑R&D’ standard to main boards, and streamlined procedures while tightening oversight to prevent misuse. The package is calibrated to sustain long‑term innovation funding while guarding against speculative or control‑seeking abuses.