China's top securities regulator on Friday removed the profitability requirement for two consecutive years for companies that seek to float shares on the startup ChiNext board on the Shenzhen Stock Exchange.

The China Securities Regulatory Commission said at a news conference in Beijing it is revising refinancing rules for listed companies and is soliciting public opinion on the draft revision.

The goal is to further simplify procedures for listed companies to raise funds, improve the arrangement for private placement and support companies to introduce strategic investors, according to Chang Depeng, a CSRC spokesman.