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★沪深交易所新设重组简易审核程序
Zhong Guo Zheng Quan Bao·2025-07-03 01:56

Core Viewpoint - The revised major asset restructuring review rules and supporting business guidelines aim to optimize the restructuring review process, enhance efficiency, and invigorate the merger and acquisition market in China [1][2] Group 1: Revised Rules and Procedures - The new rules establish a simplified review procedure for eligible listed companies, allowing for absorption mergers and asset purchases without significant restructuring, with a review period of 2 working days for acceptance and 5 working days for feedback [1] - The China Securities Regulatory Commission (CSRC) has also shortened the registration time to 5 working days [1] Group 2: Market Impact and Reception - Industry insiders believe that the simplified review process will effectively reduce transaction costs for market participants and stimulate market activity, receiving high recognition from market entities [1] Group 3: Accountability and Oversight - The revision sets negative conditions for the application of the simplified review process, aligning with existing "small-scale rapid" review procedures, and adjusts the disciplinary actions for intermediary institutions from "disciplinary punishment" to "public condemnation" [1][2] - Companies and related parties must commit to meeting the requirements for the simplified review process, while intermediary institutions are responsible for thorough verification, and exchanges will enhance post-event supervision of relevant restructuring transactions [2]