沪深交易所修订并发布相关指引 进一步提高上市公司破产重整质效

Core Viewpoint - The Shanghai and Shenzhen Stock Exchanges have revised and released guidelines for bankruptcy restructuring, aiming to enhance information disclosure and improve the quality and effectiveness of bankruptcy restructuring for listed companies [1][2]. Group 1: Regulatory Framework - The revisions of the guidelines are in line with the directives from the State Council aimed at improving the quality of listed companies through better management of mergers, acquisitions, and bankruptcy restructuring [1][2]. - The new guidelines build on previous regulations and practices, reflecting a comprehensive approach to standardizing the bankruptcy restructuring process for listed companies [1][2]. Group 2: Key Revisions - The revised guidelines require companies to disclose whether they possess restructuring value and to detail any significant legal violations or major operational deficiencies [3]. - There are clear requirements for the standardization of restructuring plans, including the pricing of shares for investors and compliance with relevant regulations from the China Securities Regulatory Commission [4]. - The guidelines enhance the disclosure requirements for profitability forecasts in restructuring plans, mandating objective and prudent assessments along with the involvement of financial advisors for verification [5]. - Important matters related to the bankruptcy restructuring of significant subsidiaries must be disclosed, particularly their impact on the parent company's operations and ongoing viability [6]. - The guidelines stipulate the disclosure of payment arrangements for shares acquired by restructuring investors and the intended use of funds, while also streamlining the reporting process to focus on significant developments [7]. - Additional adjustments include the removal of certain requirements for financial advisors and clarifications on voting results from major shareholders during restructuring meetings [8]. Group 3: Market Implications - The new regulations reflect a dual focus on standardization and development, aiming to shift bankruptcy restructuring from a short-term relief mechanism to a long-term governance strategy, and from merely preserving companies to creating value [8].