In China, listed companies refinance. Why do you say, "Big shareholders raise their hands and small shareholders pay?"

Big shareholders raise their hands to pay the bill.

There are many ways for listed companies to refinance. Now, I will make an answer to your issue of additional issuance.

There are only two forms of issuance, one is public offering and the other is private offering. Under normal circumstances, the price of private placement is greatly discounted relative to the market price. At this time, the major shareholders raised their hands to save money, while the minor shareholders voted to watch the fun. Public offering is different. If a major shareholder wants to participate in the issuance, the purchase price of a single share is the same as that of a minor shareholder. Even if the investors of state-owned assets want to participate in the public offering, they need to pay real money and silver, and there is no free acquisition of equity. As for the major shareholders who do not participate in the public offering, is their equity diluted? This is true in theory, but in practice, due to many factors, as long as the major shareholder thinks that he will not participate in the public offering, even if the shareholders' rights and interests are diluted, he can still maintain the status of the actual controller and he can give up participating in the offering.

One more thing needs to be clarified: rights issue and issuance are two different concepts.