Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced new regulations for the management and use of raised funds by listed companies, effective from June 15, 2025, aimed at enhancing the safety, compliance, and efficiency of fund usage, thereby protecting investors' rights and promoting stable market development [1][7]. Group 1: Regulatory Changes - The new regulations emphasize that raised funds must be used specifically for their intended purposes, focusing on core business operations, and prohibit the use of excess funds for permanent working capital or repaying bank loans [1][4]. - The CSRC has elevated the status of the continuous supervision rules for raised funds from guidelines to foundational rules, indicating a stronger regulatory focus on the proper use of these funds [3][4]. Group 2: Specific Amendments - The regulations include 12 specific amendments, particularly stressing the need for raised funds to support ongoing and new projects, and to avoid arbitrary changes in fund usage [4][5]. - Companies are required to replace self-raised funds with raised funds within six months after the funds are received, and any delays in project implementation must follow strict review and disclosure processes [5][6]. Group 3: Investor Protection and Market Efficiency - The new rules aim to enhance the efficiency of fund usage and prevent misuse, thereby safeguarding investors' rights and improving the overall quality of listed companies [7][8]. - The regulations also encourage companies to utilize excess raised funds for stock buybacks, which can help return idle funds to the market and support other companies' IPOs [7][8].