证监会修改《上市公司重大资产重组管理办法》点评：并购重组市场活跃度有望显著提升

Investment Rating - The industry investment rating is maintained as "Increase" [6] Core Viewpoints - The modification of the asset restructuring policy aims to implement the new "National Nine Articles" requirements and related measures from the "M&A Six Articles" [2] - The new "National Nine Articles" emphasizes enhancing the reform of mergers and acquisitions, with various measures to invigorate the M&A market [2] - The modifications to the restructuring regulations include establishing a phased payment mechanism for shares, increasing regulatory tolerance for financial condition changes, and introducing a simplified review process for certain transactions [3] Summary by Sections M&A Market Activity - The M&A market is expected to see a significant increase in activity due to the new regulations, with the number of planned asset restructurings, major asset restructurings, and completed major asset restructuring transaction amounts being 1.4 times, 3.3 times, and 11.6 times higher than the same period last year, respectively [4] Regulatory Changes - Key changes in the restructuring regulations include: - Establishing a phased payment mechanism for share acquisitions, extending the registration decision validity period to 48 months [3] - Increasing regulatory tolerance for changes in financial conditions and related party transactions [3] - Introducing a simplified review process for certain restructuring transactions, allowing for a decision within 5 working days [3] - Setting a 6-month lock-up period for major shareholders of the acquired company [3] - Encouraging private equity funds to participate in M&A by linking investment periods to lock-up periods [3] Market Implications - The efficiency of resource allocation in M&A is expected to improve, further invigorating both primary and secondary markets, which is beneficial for brokerage firms' investment banking businesses [4]