BEIJING — China has unveiled new rules on piloting separate listings of listed companies' subsidiaries to help expand financing channels, according to the China Securities Regulatory Commission (CSRC).

The new rules specified qualifications for listed companies to spin off and list their subsidiaries, which require them to have been listed for at least three years and be profitable for three consecutive fiscal years.

The listed companies should disclose relevant information and apply for review from the board and the shareholder meeting before spinning off, according to the new rules.

The listed companies are also required to hire intermediate agencies including independent financial consultants, law firms and accounting firms to assess and supervise the separate listings.

The CSRC vowed to improve the quality of listed companies by supporting them in listing their business units, as well as to tighten oversight and crack down on unlawful practices.