CSRC Said to Ban Listed Firms from Selling Shares to Invest in Four Fields

(Beijing) – The securities regulator has prohibited listed firms from selling more stock to raise capital for investments related to Internet finance, video games, film and TV, and virtual reality, a person close to the China Securities Regulatory Commission (CSRC) says.

The four fields were singled out because they were viewed as not closely related to the so-called real economy, which is broadly defined as industries that produces tangible products and services, the source and an investment banker with knowledge of the matter said.