Watchdog makes move on placements

CSRC tightens regulations for listed groups in an effort to address 'serious problems'

China's securities watchdog on Friday tightened the regulations on private placements by listed companies, aiming to curb their excessive fundraising which has led to speculative trading and market volatility.

The China Securities Regulatory Commission modified the refinancing rules and capped the maximum shares that listed companies can sell through private placements at no more than 20 percent of their total capitalization.