突发！并购重组新规狂飙猛进，审核机制大转向，交易额暴增11.6倍

Core Viewpoint - The recent amendments to the merger and acquisition regulations by the China Securities Regulatory Commission (CSRC) aim to invigorate the M&A market and enhance the role of the capital market as the main channel for corporate mergers and acquisitions, aligning with the directives from the 20th National Congress and subsequent policy initiatives [1][4]. Summary by Sections Regulatory Changes - The new regulations introduce a phased payment mechanism for share consideration in mergers, extend the registration validity period to 48 months, and allow for the combined calculation of share indicators across phases [2]. - The regulatory framework has become more accommodating regarding financial condition changes, industry competition, and related party transactions, shifting from "improvement" to "not causing significant adverse changes" [2]. - A simplified review process has been established, allowing certain transactions to bypass the M&A committee review, with the CSRC making decisions within five working days [2]. Market Impact - Following the introduction of the "Six M&A Measures," the scale and activity of the M&A market have significantly increased, with over 1,400 asset restructuring disclosures, including more than 160 major restructurings [3]. - The number of asset restructuring plans disclosed this year has reached over 600, 1.4 times that of the same period last year, with major restructurings around 90, 3.3 times higher than last year [3]. - The total value of completed major asset restructuring transactions has exceeded 200 billion yuan, 11.6 times that of the same period last year [3]. Focus on New Productive Forces - New productive forces have emerged as a key theme in the M&A market, with 40% of M&A activities this year involving this sector, resulting in approximately 250 asset restructurings, double that of the previous year [3]. - Major asset restructurings in the new productive forces sector have surpassed 50, four times that of the previous year [3]. - The number of major asset restructurings disclosed on the Sci-Tech Innovation Board has already exceeded the total for the entire year of 2024, indicating a robust market response [3].