证监会修订《上市公司重大资产重组管理办法》，交大铁发申购在即

Market Performance - The overall performance of the Beijing Stock Exchange (BSE) was weak during the period from May 12 to May 23, 2025, with a closing market value of 780.92 billion yuan on May 23[5] - The BSE 50 Index fell by 3.68% compared to the opening market value on May 12, underperforming the ChiNext by approximately 2.8 percentage points[5] - Among 266 stocks on the BSE, 88 stocks rose, while 170 stocks declined during this period[20] Trading and Valuation Metrics - The total trading volume for the BSE during this period was 353.16 billion yuan, with an average trading amount of 1.33 billion yuan per stock[3] - The turnover rate reached 90.46%, indicating an increase in liquidity compared to the previous period[12] - The median price-to-earnings (PE) ratio for the BSE was 51.76 times, which is at a historical high level[12] New Listings and Upcoming IPOs - Tian Gong Co., Ltd. (920068.BJ) was the only new stock listed during this period, debuting on May 13, 2025, with a first-day increase of 411.9%[28] - The upcoming IPO for Jiao Da Tie Fa (920027.BJ) is set to issue 19.09 million shares at a price of 8.81 yuan per share, with an expected total fundraising of approximately 170 million yuan[30] Sector Highlights - Strong performance was noted in sectors such as shipping, controllable nuclear fusion, and mergers and acquisitions, with stocks like Guo Hang Yuan Yang and Chang Fu Co., Ltd. leading the gains[5] - The top five gainers included Tian Gong Co. (up 422.3%) and Guo Hang Yuan Yang (up 47.2%), while Lin Tai New Materials saw a decline of 32.8%[20][24] Regulatory Updates - The China Securities Regulatory Commission revised the "Major Asset Restructuring Management Measures," which aims to simplify review processes and enhance regulatory inclusiveness, potentially boosting M&A activities on the BSE[35]