募资监管存在进一步完善空间

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released revised "Regulations on the Supervision of Fundraising by Listed Companies" to enhance the management and efficiency of fundraising by listed companies, indicating a significant focus on the issues surrounding the use of raised funds [1][3]. Group 1: Issues with Fundraising - Listed companies often use excess funds raised (over-raised funds) for permanent working capital or to repay bank loans, which has become a common practice, especially with the market-oriented nature of new stock issuances under the registration system [1][2]. - There are instances where the intended use of raised funds is altered, such as canceling or terminating original investment projects, or reallocating funds to new projects, which raises concerns about the efficiency of fund usage [2][3]. - Funds raised may also be misappropriated for financial investments or used by actual controllers, major shareholders, and related parties, despite the existence of dedicated supervisory accounts [2]. Group 2: Regulatory Measures - The revised regulations explicitly prohibit the use of over-raised funds for permanent working capital or bank loan repayments, allowing only for investment in designated projects, new projects, or stock buybacks [3]. - There is a need for further enhancement in regulations to prevent the temporary use of over-raised funds for working capital from becoming a long-term practice, as the current rules allow for temporary usage without clear restrictions [3][4]. - In cases where investment projects are canceled or terminated, the regulations should mandate that the raised funds be used for stock buybacks and cancellations to prevent misuse and ensure accountability [4].