过会！“重组新规”后首单！

Core Viewpoint - The new merger and acquisition regulations are encouraging more quality companies to propose beneficial plans [1] Group 1: First Successful Restructuring Project - On May 29, the project of issuing shares and convertible bonds to purchase assets and raise supporting funds by Fulede was approved by the Shenzhen Stock Exchange's restructuring committee, marking the first restructuring project to pass since the release of the new regulations [2][6] - The project aims to acquire Fulehua, a leading manufacturer of copper-clad ceramic substrates, addressing the critical material bottleneck in power semiconductors and breaking the monopoly of foreign companies in this field [7] - This project is notable for being the first to use targeted convertible bonds as one of the payment tools since the release of the "Six Merger Rules," with a total of 59 counterparties involved, innovatively combining share issuance and targeted convertible bonds to integrate high-quality semiconductor resources [3][7] Group 2: Market Trends and Policy Support - Following the release of the "Six Merger Rules," the China Securities Regulatory Commission has introduced revised restructuring management measures, with the Shenzhen and Shanghai stock exchanges also updating their restructuring review rules to deepen market reforms and enhance vitality [10] - Since the release of the "Six Merger Rules," there has been a surge in quality merger cases, with 817 restructuring projects disclosed in the Shenzhen market since September 2024, amounting to 379.7 billion, representing year-on-year increases of 63% and 111% respectively [10] - Among these, 99 major asset restructuring projects accounted for 178.4 billion, with year-on-year growth of 219% and 215%, indicating a strong focus on industrial mergers, particularly in sectors like semiconductors, basic chemicals, information technology, equipment manufacturing, and computers [10]