In order to strictly supervise the misconducts of non-public offerings of listed companies, China Securities Regulatory Commission has recently introduced new regulations of refinancing to restrict the issuance of secondary shares through non-public offerings. Anbound research team believes that the introduction of these new regulations should be able to curb the stock market refinancing chaos to a certain extent, and this would be beneficial to the capital market shift to value investment to provide long-term healthy development system protection for the capital market, which in turn would help to change the negative perspective of Chinese and foreign investors in Chinese stock market and attract more long-term investors. However, in the long run, China should concentrate on making the capital market to guide long-term investors to invest in long-term value enterprises, establish a comprehensive delisting system, and better integration with the international market.