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Core Viewpoint - The revised "Major Asset Restructuring Review Rules" aim to streamline the review process for listed companies, enhancing efficiency and encouraging mergers and acquisitions in the market [1][4]. Summary by Sections Simplified Review Process - The new rules introduce a simplified review procedure for eligible listed companies, significantly reducing the review timeline and increasing restructuring efficiency [1][4]. - The simplified review applies to two scenarios: absorption mergers between eligible listed companies and transactions involving quality companies with a market value over 10 billion that do not constitute major asset restructuring [4]. Review Efficiency - For transactions qualifying for the simplified review, the exchange will accept applications within 2 working days and provide review opinions within 5 working days, without requiring inquiries or submissions to the restructuring committee [4][5]. Negative List for Simplified Review - To prevent misuse of the simplified review process, a negative list has been established, maintaining consistency with existing small-scale rapid review procedures [6][7]. - The negative conditions include recent administrative penalties or public reprimands against the company or its major stakeholders, penalties against intermediaries, and significant complexities in the transaction [8]. Regulatory Flexibility - The revised rules reflect a more accommodating regulatory stance towards mergers and acquisitions, aligning with industry development trends and enhancing the tolerance for related party transactions and competition [9][10]. - The Shanghai Stock Exchange has updated its guidelines to support various acquisition methods and improve disclosure requirements, thereby fostering innovation and development [10]. Future Directions - The exchanges plan to enhance the implementation of these rules through training and improved consultation services, aiming to further boost review efficiency and regulatory flexibility [11]. - The Shenzhen Stock Exchange emphasizes its commitment to supporting high-quality development in listed companies while ensuring risk prevention and strong regulation [11].