<div class=newsTextDataWrapInner><p>SHANGHAI (Feb 17): China's securities regulator unveiled new rules on Friday to restrict &quot;excessive&quot; and &quot;frequent&quot; fundraising by some listed companies, with a focus on private share placements.</p></div>

<div class=newsTextDataWrapInner><p>A listed company's private share placement plan must not exceed 20% of its share base, and should not be made within 18 months of a previous fundraising by the firm, the China Securities Regulatory Commission (CSRC) said in a statement on its official microblog.</p></div>

<div class=newsTextDataWrapInner><p>In addition, non-financial companies with &quot;relatively big&quot; holdings in financial assets or wealth management products were barred from applying for additional fundraising.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>The new rules were effective immediately.</p></div>

<div class=newsTextDataWrapInner><p>The CSRC said that some listed companies had raised capital that far exceeded their actual needs, and had kept the money idle or invested it in wealth management products.</p></div>

<div class=newsTextDataWrapInner><p>China's private placement market jumped five-fold from 2013 to 1.18 trillion yuan (US$172 billion) in 2016, dwarfing the market for initial public offerings (IPO), which raised just 147.6 billion yuan last year.</p></div>

<div class=newsTextDataWrapInner><p><em>Reuters</em> reported on Friday that many in the market had been expecting a tightening of the rules governing private placements.</p></div>


SHANGHAI (Feb 17): China's securities regulator unveiled new rules on Friday to restrict "excessive" and "frequent" fundraising by some listed companies, with a focus on private share placements.

A listed company's private share placement plan must not exceed 20% of ...

China unveils rules to check 'excessive' additional fundraising by companies

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<p>Donald Trump tapped Kash Patel to be FBI director, nominating a loyalist to lead the chief US law enforcement agency — which the president-elect has long derided as corrupt.</p>


<p>Australia Prime Minister Anthony Albanese said on Sunday that criticism by Elon Musk of Australia's social media ban on children under 16 was the X owner pushing an agenda for the social platform, while indicating he was open to talk to the billionaire about the ban, legislated this week.</p>


<p>US lender JPMorgan Chase agreed on Friday to drop its lawsuit against Tesla that accused the electric vehicle maker of "flagrantly" breaching a contract between the two companies in 2014 relating to warrants Tesla sold to the bank.</p>


<p>The Syrian army said on Saturday dozens of its soldiers had been killed in a major attack led by Islamist Hayat Tahrir al-Sham rebels who swept into the city of Aleppo, forcing the army to redeploy in the biggest challenge to President Bashar al-Assad in years.</p>


<p>Black Friday spending in US retail stores was muted this year in contrast to a more robust rise online, as bargain-hungry Americans skipped stores in favour of their phones and laptops, according to data from Mastercard and other data providers.</p>


<p>US hiring probably jumped in November after hurricanes and a major strike undercut job growth a month earlier, consistent with a labour market that’s healthy yet gradually cooling.</p>


<p>Adani Group founder Gautam Adani responded for the first time on Saturday to allegations by US authorities that he was part of a US$265 million (RM1.2 billion) bribery scheme, saying that his ports-to-power conglomerate was committed to world class regulatory compliance.</p>


<p>Britain's Institute of Directors said on Sunday that optimism among its members had fallen to the lowest since the onset of the Covid-19 pandemic, following tax rises in finance minister Rachel Reeves' first budget on Oct 30.</p>
