The China Securities Regulatory Commission (CSRC) announced that it would raise the refinancing threshold for listed companies, state media reported. Under the new administrative rule, listed companies scheduled to refinance on the market will be required to pay dividends of at least 30% of distributed profits to shareholders who have held stock for three years. The previous threshold was 20%. The move is reportedly aimed at boosting the long-term investment environment by rewarding long-term shareholders and promoting the "healthy development" of capital markets. The new rules also attempt to increase the transparency of listed firms by requiring companies to reveal cash dividend policies and previous cash dividend data to investors in annual reports.