中国证监会从严监管上市公司募集资金用途改变和使用进度缓慢

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced new regulations for the management and use of funds raised by listed companies, effective from June 15, 2025, aimed at stricter oversight of fund usage and progress [1][2]. Group 1: Regulatory Changes - The new regulations, titled "Regulations on the Supervision of Funds Raised by Listed Companies," elevate the previous guidelines to a foundational rule level, emphasizing the importance of proper fund usage [1]. - The regulations mandate that raised funds must be used specifically for main business operations and support the development of the real economy, prohibiting their use for permanent working capital or repaying bank loans [1][2]. Group 2: Fund Usage Restrictions - The regulations clearly define scenarios that constitute a change in the use of raised funds, such as canceling original investment projects or permanently supplementing working capital, and impose penalties for unauthorized changes [2]. - It is emphasized that controlling shareholders, actual controllers, and related parties are prohibited from occupying raised funds, and companies must disclose any such situations to prevent disguised changes in fund usage [2]. Group 3: Fund Security and Oversight - Stricter supervision of fund accounts is introduced, requiring that any temporary working capital supplements be conducted through specialized accounts [3]. - The regulations urge intermediary institutions to fulfill their responsibilities, particularly when significant changes occur in investment projects, requiring sponsors to provide explanations regarding the rationale behind such changes [3].