中国证券监督管理委员会令 第 230号 《关于修改<上市公司重大资产重组管理办法>的决定》已经2025年5月16日中国 证券监督管理委员会2025年第5次委务会议审议通过，现予公布，自公布之日起施 行。 主席 吴清 2025年5月16日 【第230号令】《关于修改<上市公司重大资产重组管理办法>的决定》全文可点 击 "阅读原文" 。 ...

2025年5月16日 现公布《上市公司监管指引第9号——上市公司筹划和实施重大资产重组的监管要 求》，自公布之日起施行。 中国证监会 中国证券监督管理委员会公告 〔2025〕11号 【第11号公告】《上市公司监管指引第9号——上市公司筹划和实施重大资产重组 的监管要求》 全文可点击 "阅读原文" 。 ...

Core Viewpoint - The modification of the "Management Measures for Major Asset Restructuring of Listed Companies" aims to deepen the reform of the merger and acquisition market, enhancing market vitality and facilitating high-quality development of the capital market [1][3]. Summary by Sections Modifications to the Restructuring Measures - Establishment of a phased payment mechanism for restructuring shares, extending the registration decision validity period to 48 months [2]. - Increased tolerance for changes in financial conditions, industry competition, and related party transactions [2]. - Introduction of a simplified review process for restructuring transactions, allowing the China Securities Regulatory Commission (CSRC) to make registration decisions within 5 working days without the need for review by the merger and acquisition committee [2]. - Specification of lock-up period requirements for absorbing mergers, with a 6-month lock-up for controlling shareholders and an 18-month requirement for acquisitions [2]. - Encouragement of private equity fund participation in mergers and acquisitions, with adjusted lock-up periods based on investment duration [2]. Market Impact - Following the modification, the measures outlined in the "Opinions on Deepening the Reform of the Merger and Acquisition Market" have been fully implemented, significantly boosting market activity [3]. - Since the release of the "Merger Six Articles," over 1,400 asset restructuring disclosures have been made, including more than 160 major asset restructurings [3]. - In the current year, over 600 asset restructurings have been disclosed, 1.4 times that of the same period last year, with approximately 90 major asset restructurings, 3.3 times the previous year [3]. - The total amount of completed major asset restructuring transactions has exceeded 200 billion, 11.6 times that of the same period last year, demonstrating the effective functioning of the capital market [3].

Core Viewpoint - The article emphasizes the importance of supporting and empowering people with disabilities in the context of China's modernization efforts, highlighting the need for improved social security and public services for this group [2][3]. Group 1: Government Initiatives - Xi Jinping's important instructions stress the need for a comprehensive development of the disability sector, ensuring equal rights and enhancing social security systems for people with disabilities [2]. - Local governments and party committees are urged to prioritize disability work and improve public service quality for people with disabilities [2][3]. Group 2: Recognition and Encouragement - The article reports on the recognition of 200 "National Self-Reliance Models," 200 "Advanced Collectives in Disability Work," and 60 "Advanced Individuals in Disability Work" at the conference [3]. - The event aims to inspire people with disabilities to draw strength from self-reliance models and actively pursue their life dreams [2][3].

Core Viewpoint - The emphasis is on strengthening the domestic circulation as a strategic move to promote stable and sustainable economic growth, aligning with Xi Jinping's economic thought and the decisions of the Central Committee [2][3]. Group 1: Domestic Circulation Strategy - The focus is on enhancing domestic demand and internal circulation as unique advantages of a large economy, aiming to counter uncertainties in international circulation [3]. - The strategy involves four key aspects: efficient allocation of resources, deep integration of technological and industrial innovation, self-sufficiency in industrial and supply chains, and dynamic balance between supply and demand [3]. Group 2: Economic Support Measures - There is a call to address key issues and weaknesses that restrict economic circulation, including support for foreign trade enterprises and stabilizing employment, particularly for graduates and migrant workers [4]. - Efforts to boost consumption include upgrading major consumption sectors and stimulating service consumption, alongside expanding effective investment and promoting private investment [4]. - The importance of fostering local development highlights the need for technological innovation and brand creation based on regional resources [4].

Group 1 - The core viewpoint of the article is the announcement of the new regulatory rules for the management of funds raised by listed companies in China, which will take effect on June 15, 2025 [2][3]. Group 2 - The China Securities Regulatory Commission (CSRC) has issued the announcement as document number 10 for the year 2025 [1]. - The full text of the "Regulations on the Supervision of Funds Raised by Listed Companies" is available for further reading [3].

2024年，证监会坚持以习近平新时代中国特色社会主义思想为指导，深入学习贯 彻党的二十届三中全会精神，全面落实中央经济工作会议、全国金融系统工作会议部 署，突出强本强基、严监严管，聚焦"打大、打恶、打重点"，坚持"惩防治"并举，"行 民刑"协同，坚决做到"长牙带刺"、有棱有角，全力提升执法效能，努力实现严而有 力、严而有度、严而有方、严而有效。 一、2024年总体执法情况 2024年，证监会持续加大执法力度，依法从严查办证券期货违法案件739件，作 出处罚决定592件、同比增长10%，处罚责任主体1327人（家）次、同比增长24%， 市场禁入118人、同比增长15%；向公安机关移送涉嫌犯罪案件和线索178件，同比增 长51%。 从案件构成看，信息披露案件249件位居首位，占案件总数的34%；中介机构未勤 勉尽责案件95件，连续三年增加，占案件总数的13%；内幕交易案件178件、操纵市 场案件71件，分别占比24%、10%，数量与往年基本持平。 证监会坚持"追首恶""惩帮凶"，通过加大追责力度，压实主体责任，引导上市公 司实际控制人、控股股东、董监高等"关键少数"依法依规行事、中介机构审慎勤勉履 职、从业人员廉 ...

锲而不舍落实中央八项规定精神，以优良党风引领社风民风 ※ 习近平 新一届中央领导集体要定规矩，这（指《十八届中央政治局关于改进工作作风、密切联系群众 的八项规定》——编者注）是很重要的规矩。没有规矩，不成方圆。从我们在座各位做起来，新人 新办法。制定这方面的规矩，指导思想就是从严要求，体现党要管党、从严治党。党风廉政建设， 要从领导干部做起，领导干部首先要从中央领导做起。正所谓己不正，焉能正人。最重要的就是要 防微杜渐，不要"温水煮青蛙"。现在，有些形式主义、官僚主义的东西，有些铺张浪费、豪华奢侈 的东西，上上下下都有些表现，我们不能安之若素、司空见惯、见怪不怪。既然作规定，就要朝严 一点的标准去努力，就要来真格的。不痛不痒的，四平八稳的，都是空洞口号，就落不到实处，还 不如不做。定规矩，就要落实一些已经有明确规范的事情，就要约束一些不合规范的事情，就要规 范一些没有规范的事情。规矩是起约束作用的，所以要紧一点。紧一点自然就不舒服了，舒适度就 有问题了，就是要不舒服一点、不自在一点，我们不舒服一点、不自在一点，老百姓的舒适度就好 一点、满意度就高一点，对我们的感觉就好一点。这也是新形象新气象。 （ 2012年 ...

Core Viewpoint - The article emphasizes the importance of judicial and administrative collaboration to support the high-quality development of the capital market, highlighting the need for improved investor protection and regulatory frameworks [3][4]. Group 1: Overall Requirements - The guiding ideology is based on Xi Jinping's thoughts, focusing on the implementation of the 20th National Congress decisions regarding financial and capital market construction [4]. - The goal is to enhance the collaborative role of judicial adjudication and securities regulation, improving the judicial protection mechanism and regulatory capabilities [4][5]. Group 2: Investor Protection - There is a strong focus on protecting investor rights, particularly for small and medium investors, ensuring their rights to information, participation in governance, and fair market participation [5][8]. - The article calls for the establishment of a robust judicial environment for long-term investments, promoting a healthy market ecosystem [8][9]. Group 3: Judicial Rule Improvement - The need for continuous improvement of judicial rules to adapt to changing market conditions is highlighted, including the development of judicial interpretations for insider trading and market manipulation [6][10]. - The article stresses the importance of high-quality adjudication in enhancing the capital market's development [6][10]. Group 4: Regulatory Collaboration - The establishment of a multi-faceted dispute resolution mechanism is proposed to facilitate non-litigation methods for resolving securities disputes [21][22]. - Strengthening information sharing and collaboration between judicial and regulatory bodies is emphasized to enhance risk prevention and response capabilities [23][24]. Group 5: Market Participant Regulation - The article outlines the need for strict regulation of securities, futures, and fund management institutions to ensure their stable operation and protect investor interests [15][16]. - It emphasizes the importance of adhering to appropriate management responsibilities and ensuring compliance with legal standards in financial transactions [15][16]. Group 6: Enhancing Judicial and Regulatory Capacity - The article calls for strengthening the training and professional development of financial judges and regulatory personnel to improve their understanding of financial markets and legal frameworks [26]. - It highlights the importance of maintaining a clean and accountable judicial and regulatory environment to ensure fair enforcement of laws [26].

Core Viewpoint - The article discusses the release of the "Guiding Opinions on Strict and Fair Law Enforcement to Support the High-Quality Development of the Capital Market" by the Supreme People's Court and the China Securities Regulatory Commission, which aims to enhance judicial policies and improve the quality of capital market governance [1][2]. Summary by Sections Judicial Policy and Regulation - The "Guiding Opinions" serve as a comprehensive document to improve judicial policies and regulations in the capital market, focusing on enhancing the effectiveness of judicial and regulatory oversight [1][2]. Investor Protection - Emphasis is placed on protecting investors by combating fraudulent issuance and financial information disclosure violations, and improving the civil compensation system for false statements. Regular representative litigation for securities disputes will be conducted to facilitate investors in safeguarding their rights and reduce the costs of legal action [2]. Market Participant Regulation - The document aims to regulate the behavior of market participants to create a healthy market environment. It encourages securities, futures, and fund management institutions to operate prudently and supports self-regulatory organizations in fulfilling their responsibilities [2]. Judicial and Administrative Coordination - The opinions stress the importance of judicial and administrative collaboration, promoting a diversified dispute resolution mechanism and enhancing the connection between judicial procedures and administrative regulatory processes [2]. Organizational Support - There is a focus on improving the capabilities of judicial and regulatory bodies, including strengthening the financial trial team and optimizing the jurisdiction and trial mechanisms for financial cases [2]. Implementation and Future Steps - The Supreme People's Court and the China Securities Regulatory Commission will work together to implement the "Guiding Opinions," aiming to solidify the institutional foundation for judicial support in the capital market and enhance the coordination between judicial and regulatory efforts [3][4].