《上市公司重大资产重组管理办法》修订稿点评：重组办法优化落地，活力效率双提升

Policy Commentary - The revised "Major Asset Restructuring Management Measures" aims to enhance the efficiency and vitality of the restructuring market, aligning with the "New National Nine Articles" and the "Six Merger Articles" to promote active mergers and acquisitions [1][3] - The new measures allow for a phased payment mechanism for share issuance in acquisitions, which is expected to stimulate mergers in emerging industries by reducing short-term financial pressure on acquirers and increasing transaction flexibility [3][4] - The revised rules clarify that two types of transactions do not require review by the M&A Committee, which will further enhance the efficiency of high-quality large-cap companies' acquisition reviews [3][4] Related Research - As of May 16, 2025, the A-share market has disclosed 74 merger and acquisition plans this year, representing a year-on-year increase of 161% and 190% compared to the same periods in 2023 and 2024, respectively [4] - The total disclosed transaction value of mergers and acquisitions reached 832.19 billion, surpassing the level of the same period in 2023, although it is about 78% of the value in 2024 [4] - The implementation of the revised measures is expected to eliminate institutional barriers for companies engaging in mergers and acquisitions, attracting more market participants and promoting deeper market development [4]