China's Securities Regulator Proposes Amendments to Private Placement Rules

China's securities regulator on Friday proposed amendments to make it easier for listed companies to raise capital via private placements. Under the revisions, eligible companies will be able to undertake multiple private placements using a single shelf registration. The amendment is meant to reduce market disruption from a large, one-off fundraising, the China Securities Regulatory Commission said. The securities regulator also proposed raising the cap for small-scale fast-track financing by companies listed on the Shanghai and Shenzhen stock exchanges to 600 million yuan from 300 million yuan. Among the revisions was also a proposal to strengthen the regulatory requirements for convertible bond issuance. The draft is open for public comment, the regulator said.