Refinancing target climbs 30 percent

A total of 51 A-share listed companies have released private placement plans by Feb 25, aiming to raise an aggregate 79.095 billion yuan ($12.76 billion), the Securities Daily reported.

The target of refinancing is nearly 30 percent higher than the same period in 2011, the Securities Daily said.

The benchmark Shanghai Composite Index climbed by 2.5 percent this year, which has boosted investor confidence and opened the door for more Chinese enterprises to tap the capital market for fresh funds.

Due to the recent rally of the A share market, share prices of several companies are higher than the issue prices of the new shares, making private placement contracts more attractive.

Guangxi Guiguan Electric Power Co Ltd released the biggest refinancing plan so far, with its target to raise 15.48 billion yuan.