Core Viewpoint - The modification of the "Management Measures for Major Asset Restructuring of Listed Companies" aims to deepen the reform of the merger and acquisition market, enhancing market vitality and facilitating high-quality development of the capital market [1][3]. Summary by Sections Modifications to the Restructuring Measures - Establishment of a phased payment mechanism for restructuring shares, extending the registration decision validity period to 48 months [2]. - Increased tolerance for changes in financial conditions, industry competition, and related party transactions [2]. - Introduction of a simplified review process for restructuring transactions, allowing the China Securities Regulatory Commission (CSRC) to make registration decisions within 5 working days without the need for review by the merger and acquisition committee [2]. - Specification of lock-up period requirements for absorbing mergers, with a 6-month lock-up for controlling shareholders and an 18-month requirement for acquisitions [2]. - Encouragement of private equity fund participation in mergers and acquisitions, with adjusted lock-up periods based on investment duration [2]. Market Impact - Following the modification, the measures outlined in the "Opinions on Deepening the Reform of the Merger and Acquisition Market" have been fully implemented, significantly boosting market activity [3]. - Since the release of the "Merger Six Articles," over 1,400 asset restructuring disclosures have been made, including more than 160 major asset restructurings [3]. - In the current year, over 600 asset restructurings have been disclosed, 1.4 times that of the same period last year, with approximately 90 major asset restructurings, 3.3 times the previous year [3]. - The total amount of completed major asset restructuring transactions has exceeded 200 billion, 11.6 times that of the same period last year, demonstrating the effective functioning of the capital market [3].
中国证监会修改《上市公司重大资产重组管理办法》 深化上市公司并购重组市场改革
证监会发布·2025-05-16 13:10