According to the Refinancing Rules, the principal adjustments to some clauses of the refinancing system include: 1. simplifying the issuance conditions and expanding the coverage of refinancing on the Growth Enterprise Market; 2. optimizing the institutional arrangement for private placement, a move to support listed companies in incorporating strategic investors; 3. granting a proper extension of the validity period of the approval document, to make it more convenient for listed companies to determine the gap period between approval and issuance. Among others, the Refinancing Rules remove a previous requirement for the public issuance of securities on the Growth Enterprise Market, which reads that the asset-liability ratio by the end of the preceding period shall be higher than 45%; removes another requirement for private placement of shares on the Growth Enterprise Market, which reads that profits have been made for two consecutive years; and adjusts a previous requirement, which reads that the funds raised from the last issuance on the Growth Enterprise Market have been used up basically, and the progress and effect of such use are basically identical with the information disclosed, to be one of the requirements for information disclosure, rather than one of the issuance conditions.