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并购重组跟踪(二十):附“重组办法”修订前后对比
Soochow Securities·2025-05-19 11:06

Group 1: M&A Activity Overview - From May 12 to May 18, there were a total of 86 M&A events involving listed companies, with 33 classified as significant M&A transactions[8] - Out of the total M&A events, 19 were completed, including 1 significant M&A transaction[8] Group 2: Policy Updates - The China Securities Regulatory Commission (CSRC) revised the "Management Measures for Major Asset Restructuring of Listed Companies," emphasizing a phased payment mechanism for restructuring shares and simplifying the review process[6] - The new rules allow for a 48-month validity period for registration decisions on phased share issuances for asset purchases[21] Group 3: Encouragement for Private Equity - The revised measures encourage private equity funds to participate in M&A activities, with a reduction in lock-up periods for certain transactions[21] - For private equity funds with a 48-month investment period, the lock-up period for third-party transactions is reduced from 12 months to 6 months[21] Group 4: Market Performance - During the week of May 12 to May 18, the restructuring index outperformed the Wind All A index by 1.19%[16] - The rolling 20-day return difference between the restructuring index and the Wind All A index remained near the zero axis, indicating stable performance[16] Group 5: Failed M&A Events - There were 5 failed M&A events during the week, involving companies such as Xinkeng Intelligent and Aisen Co., with total transaction values including 600,000 CNY for Huafeng Chemical's failed acquisition[13]