上市公司募资补流应对不差钱公司说“不”

Core Viewpoint - The Shenzhen Stock Exchange has issued guidelines to facilitate fundraising for companies on the ChiNext board that meet the criteria of being light-asset and high R&D investment, allowing them to use more than 30% of raised funds for liquidity and debt repayment [1][2] Group 1: Guidelines for Fundraising - Companies that qualify as light-asset and high R&D investment can allocate over 30% of raised funds for liquidity and debt repayment [1] - Even companies that do not meet these criteria can exceed the 30% limit if their fundraising projects align with national strategic priorities and are justified [1] - Companies under delisting risk warnings are restricted to using no more than 30% of raised funds for liquidity and debt repayment [2] Group 2: Concerns about Fundraising Practices - There is a prevalent issue of companies altering the use of raised funds for liquidity, raising concerns about the necessity of such actions [4] - Companies that can afford cash dividends should not engage in fundraising for liquidity or debt repayment, indicating they are financially stable [4][5] - Companies with surplus funds for investment should also refrain from fundraising for liquidity, as this suggests they do not require additional funds [5] - Companies with ample cash reserves and low debt ratios are similarly not in need of fundraising for liquidity or debt repayment [6] - Companies with significant overdue accounts receivable should prioritize collecting these debts rather than fundraising for liquidity, as this indicates underlying financial management issues [6]