The pace of refinancing has slowed down, but the demand for bank capital replenishment is strong. On August 27th, the China Securities Regulatory Commission announced multiple optimized refinancing regulatory arrangements (hereinafter referred to as the "new refinancing regulations"), including controlling large-scale refinancing and restricting refinancing of listed companies with breakdowns, net losses, and other situations. From the perspective of net breaking situation, the banking industry belongs to the field of control - A-share listed banks still have a large area of net breaking. Since the release of the new regulations on refinancing for one month, no listed bank has passed the final review of the projects under review, and the market is generally concerned about whether the progress of refinancing will be "hindered". Industry insiders believe that the new regulations on refinancing are aimed at stabilizing market liquidity and confidence, and avoiding a large number of low qualification companies from refinancing and causing a "bleeding effect" on the market. Banks usually have a large amount of refinancing, and banks with urgent capital replenishment needs should be appropriately released to supplement their support for the real economy. There has been no substantial progress in refinancing. Since the beginning of this year, the progress of refinancing by listed banks has slowed down. Only Zhejiang Commercial Bank has completed the rights issue and Postal Savings Bank has completed the additional issuance, while Minsheng Bank's long awaited 50 billion yuan convertible bond "blood supply" plan has been announced to be terminated. The issuance plan has undergone two inquiries from the Shanghai Stock Exchange, focusing on its financing scale and real estate loan business situation, and directly asking Minsheng Bank whether it has excessive financing. After the release of new regulations on refinancing, the market has generally paid attention to the progress of listed banks' refinancing. For example, Hangzhou Bank previously announced that it will carry out a "fixed increase+bond issuance" package of replenishment plans. On September 14th, the bank announced that its A-share fixed increase plan has been approved by the Zhejiang Regulatory Bureau of the State Financial Supervision and Administration, and this issuance plan aims to raise 8 billion yuan to supplement core tier 1 capital. However, there is still a suspense surrounding the scheduled increase of Hangzhou Bank, and it still needs to apply to the China Securities Regulatory Commission and the Shanghai Stock Exchange and follow the procedures. From the semi annual report, it can be seen that Hangzhou Bank urgently needs to replenish capital. Two of its three indicators of capital adequacy in the first half of the year have decreased compared to the end of the previous period, with a decrease of 0.20 percentage points in capital adequacy ratio and only 8.14% in core tier one capital adequacy ratio, which is close to the regulatory red line. In addition to the Hangzhou Bank's fixed increase plan waiting to be implemented, there are also plans for Ruifeng Bank, Changsha Bank, and Xiamen Bank to issue convertible bonds. Ruifeng Bank's issuance plan is in a "inquired" state, while Changsha Bank and Xiamen Bank are in a "accepted" state. In addition, CITIC Bank has recently responded to inquiries regarding its share allocation plan. It is necessary to appropriately release those who urgently need capital replenishment. Although the market is concerned about the slowdown in the pace of refinancing, the China Securities Regulatory Commission has clearly stated in the new regulations on refinancing that for large-scale refinancing of listed companies in the financial industry or other industries with large market capitalization, a pre communication mechanism should be implemented to pay attention to the necessity of financing and the timing of issuance. Some investors have expressed concern about the progress of Xiamen Bank's convertible bond issuance. Xiamen Bank responded at the biannual performance briefing that its 5 billion yuan convertible bond application is currently undergoing review by the Shanghai Stock Exchange. After passing the review, a decision to approve registration from the China Securities Regulatory Commission is required before implementation. The final issuance time depends on the approval time of regulatory authorities. The new regulations on refinancing have differentiated provisions, and banks' large-scale refinancing is not completely prohibited