上市公司并购重组迎新规 鼓励私募基金参与上市公司并购重组

Group 1 - The China Securities Regulatory Commission (CSRC) has released a revised "Major Asset Restructuring Management Measures" aimed at enhancing the efficiency of mergers and acquisitions in the market [1] - The new measures introduce a simplified review process, allowing certain restructuring transactions to bypass the review by the M&A Committee of the stock exchange, with the CSRC making a decision within 5 working days [1] - The revised rules set a 6-month lock-up period for controlling shareholders and actual controllers of the absorbed company, while other shareholders do not face a lock-up period [1] Group 2 - The new regulations encourage private equity funds to participate in mergers and acquisitions, with a "reverse linkage" mechanism that shortens lock-up periods for funds that have held investments for 48 months [1] - Analysts believe that the relaxation of merger and acquisition policies will benefit private equity fund exits in the primary market and enhance the performance of brokerage direct investment businesses [2] - Leading brokerage firms are expected to benefit more from the M&A business due to their advantages in capital strength, professional talent, and brand influence [2]