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★并购重组审核大提速 激发市场活力更可期
Zheng Quan Shi Bao·2025-07-03 01:56

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released revised rules for major asset restructuring of listed companies, introducing a simplified review process aimed at enhancing efficiency in mergers and acquisitions [1][2]. Summary by Relevant Sections New Review Rules - The new rules establish a simplified review process for eligible companies, allowing for quicker approvals for mergers and acquisitions, with a maximum processing time of 12 working days from application to CSRC registration [2][3]. - Companies with a market capitalization exceeding 100 billion yuan and a consistent A rating for information disclosure over the past two years can benefit from this expedited process [2][4]. Efficiency Improvements - The review process has been streamlined, reducing the time taken for approvals significantly compared to previous regulations, which could take one to six months for smaller transactions [3][5]. - The simplified review process is expected to lower transaction costs for market participants and stimulate market activity, receiving positive feedback from industry stakeholders [2][4]. Negative Conditions and Responsibilities - The new rules outline negative conditions under which the simplified review process may not be applicable, including recent administrative penalties against companies or their controlling shareholders [4][5]. - Responsibilities have been reinforced for all parties involved, including commitments from companies and independent financial advisors to ensure compliance with the simplified review criteria [4][5]. Industry Response and Future Outlook - The optimization of the merger and acquisition review mechanism has been a long-standing demand within the industry, with many firms expressing a desire for improved efficiency to facilitate high-quality acquisitions [5][6]. - Several securities firms have indicated plans to focus on merger and acquisition activities in 2025, establishing dedicated teams and exploring new opportunities in strategic emerging industries [5][6].