每经热评丨并购重组新政拉开资本大戏 警惕“炒小炒差”让政策红利变味

Core Viewpoint - The recent revision of the "Major Asset Restructuring Management Measures for Listed Companies" by the China Securities Regulatory Commission is a key factor in activating the A-share merger and acquisition market, with several companies announcing restructuring plans, notably Haiguang Information's proposed stock swap merger with Zhongke Shuguang [1] Group 1: Market Impact - The new policy is expected to significantly invigorate the A-share merger and acquisition market during a critical economic transformation period, facilitating capital exit paths beyond IPOs and accelerating the securitization of quality assets [1] - Mergers and acquisitions can enhance resource allocation efficiency and support the integration and upgrading of industrial chains, allowing traditional industries to adopt emerging technologies for transformation and new industries to expand scale and international competitiveness [1] Group 2: Regulatory Considerations - There is a need to prevent the misinterpretation of the new regulations, particularly regarding the increased regulatory tolerance for financial condition changes and related party transactions, which should not be seen as leniency for ST and *ST companies [2] - The market has seen a resurgence in speculation on ST companies post-policy, with *ST Yushun's stock price increasing over threefold this year, but the focus of the new regulations is not on these companies, and the long-term trend is towards stricter delisting measures [2] Group 3: Investor Protection - Strengthening regulation is essential to empower and protect small investors, particularly against related party mergers that may involve profit transfers, and historical data shows that performance commitments often fail post-acquisition [2] - Regulatory bodies should enhance the participation and voting rights of small investors in the restructuring process, as evidenced by recent cases where proposed related party mergers were halted due to investor opposition [2][3]