Refinancing by Chinese companies this year has been unusually active but, contrary to a market rumor, hasn't come close to topping the total raised in initial public offerings over the past 10 years, the China Securities Regulatory Commission said. The value of refinancing from January through July totaled 343 billion yuan compared with 1.88 trillion yuan raised through IPOs from 2003 to 2012, a CSRC spokesman said.

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