Shanghai OPM Biosciences (SH:688293) Zheng Quan Shi Bao·2025-12-09 17:44Core Viewpoint - The approval of Aopumai's restructuring project exemplifies the implementation of the "Six Merger Guidelines," highlighting the policy direction to enhance the resource allocation function of mergers and acquisitions in the capital market [1][3]. Group 1: Restructuring Mechanism - The installment payment mechanism for share consideration enhances payment flexibility and better protects the interests of listed companies [1]. - Listed companies will pay the controlling shareholders and management team of the target company in installments based on the subsequent operating conditions of the target company, with the number of shares adjusted according to performance completion [1]. - This flexible payment method for mergers and acquisitions helps align the long-term interests of the core team of the target company with those of the listed company, strengthening collaborative development [1]. Group 2: Market Significance - On December 8, Aopumai's application for issuing shares to purchase assets was approved by the Shanghai Stock Exchange's M&A Committee, marking the first project in the A-share market to adopt the installment payment mechanism since the release of the "Six Merger Guidelines" [3]. - It is also the first project to apply the policy linking the investment period of private equity funds with the lock-up period for shares obtained through restructuring [3].