The refinancing policies for listed companies on the Shanghai and Shenzhen Stock Exchanges will be revised as a part of the full implementation of the registration-based stock issuance system reform, in addition to the reform of the IPO-related rules. Relevant rules of include: the Measures for Administration of Securities Issuance Registration by Listed Companies (Draft for Comment) (the "Draft Refinancing Measures") and the Measures for Administration of the Pilot Project for Preferred Shares (Revision Draft for Comment), issued by the China Securities Regulatory Commission ("CSRC") on February 1, 2023; the Rules Governing the Review of Offering and Listing of Securities by Companies Listed on Shanghai Stock Exchange (Draft for Comment) (the "Draft SSE Refinancing Review Rules"), issued by the Shanghai Stock Exchange ("SSE"); and the Rules for Reviewing Stock Offering and Listing (Draft for Comment) (the "Draft SZSE Refinancing Review Rules"), issued by the Shenzhen Stock Exchange ("SZSE"). This article will share the key points of the draft rules regarding the refinancing of listed companies.