Which of the following statement is NOT true about replacement financing?

A、Ittakesplaceintheexpansionstage.;
B、LeverageBuyout(LBO)andPrivateInvestmentinPublicEquity(PIPE)arebothreplacementfinancing.;
C、Replacementfinancinghasamoderatelevelofrisks.;
D、Replacementfinancinghappensmainlywhenthecompanywantstomakestrategicdecisions.