5、小米汽车副总裁否认"退订会造成小米汽车崩塌"传闻 6、乌方官员称谈判毫无成果 // 宏观预警 // 1、市场监管总局局长罗文：综合整治"内卷式"竞争 ，维护公平竞争市场秩序 国家市场监督管理总局局长罗文发文指出，当 前，"内卷式"恶性竞争破坏市场公 平竞争秩序，扭曲了 资源配置与价格信号，成为企业创新发展、向价值链中高端攀升的阻碍 。 我们要深刻认识到，综合整 治"内卷式"竞争是一项系统工程，要坚持系统施策，强化政府、企业、行业协会的协同治理，健全长效 机制，充分激发各类经营主体的内生动力和创新活力，推动有效市场和有为政府更好结合，形成既"放 得活"又"管得住"的经济秩序。 2、沪深交易所本周对风险警示板股票进行重点监控 // 今日关注 // 3、公募考核基准变化导致调仓？多位公募人士：该说法不准确、不专业 1、上市公司重大资产重组新规落地，提出多个"首次" 4、张坤卸任易方达副总，选择专注投资 杭州热联集团股份有限公司发布关于新增借款的公告，截至第1季度末，公司新增借款40.73亿元，占上 年末净资产100.36亿元的40.58%。 新增借款主要用于满足公司大宗商品产业服务业务的资金需求，符 合行业特征 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released revised regulations for major asset restructuring of listed companies, aiming to enhance the efficiency and quality of mergers and acquisitions in the capital market [1][4]. Summary by Sections Regulatory Changes - The revised restructuring rules implement the "Six Opinions on Mergers and Acquisitions" by establishing a phased payment mechanism for share consideration in restructurings, clarifying the validity period for approvals, issuance conditions, lock-up periods, and ongoing supervision [1][4]. - The new rules also increase the tolerance for valuation, competition with peers, and related party transactions, reflecting a targeted approach to improve the quality of listed companies [1][4]. Simplified Review Procedures - The restructuring review rules specify conditions for simplified review procedures, applicable to two types of transactions: share swap mergers between listed companies and asset purchases by high-quality companies with a market value exceeding 100 billion yuan and a continuous A rating for information disclosure [2][3]. - A negative list for simplified review procedures has been established, including companies or their controlling shareholders facing administrative penalties or significant credit issues within the last twelve months [2][3]. Responsibilities and Mechanisms - Companies and related parties must commit to meeting the requirements for simplified review procedures, while independent financial advisors are required to provide clear verification opinions [3]. - The exchanges will enhance post-event supervision to prevent misuse of simplified review procedures, ensuring compliance with the established regulations [3]. New Tools for Small and Medium Enterprises - The Beijing Stock Exchange has introduced three new institutional tools, including a "small-scale rapid" review mechanism, to support small and medium-sized listed companies in utilizing restructuring tools for high-quality development [4][5]. - The phased payment mechanism for share consideration is designed to mitigate transaction risks and enhance flexibility, particularly beneficial for small enterprises sensitive to risk [5]. Future Outlook - Different types of companies will find suitable and efficient merger and acquisition tools, with large companies able to quickly complete transactions through simplified procedures, while smaller companies can leverage the "small-scale rapid" review mechanism [6]. - The market-oriented reform of the merger and acquisition system will enable high-quality listed companies on the Beijing Stock Exchange to effectively utilize restructuring for sustainable development [6].

5月16日证监会消息，为贯彻落实党的二十届三中全会精神和《国务院关于加强监管防范风险推动资本市场高质量发展的若干意见》等要求，进一步深化上 市公司并购重组市场改革，在深入调研论证的基础上，中国证监会发布了《关于修改<上市公司重大资产重组管理办法>的决定》，自公布之日起施行。 修改内容涉及多个"首次" 本次对《上市公司重大资产重组管理办法》（以下简称《重组办法》）的修改主要包括以下内容： ——首次建立分期支付机制。新规建立重组股份对价分期支付机制。将申请一次注册、分期发行股份购买资产的注册决定有效期延长至48个月。 ——首次引入私募基金"反向挂钩"安排。新规鼓励私募基金参与上市公司并购重组。对私募基金投资期限与重组取得股份的锁定期实施"反向挂钩"，明确私 募基金投资期限满48个月的，第三方交易中的锁定期限由12个月缩短为6个月，重组上市中控股股东、实际控制人及其控制的关联人以外的股东的锁定期限 由24个月缩短为12个月。 此外，新规明确上市公司之间吸收合并的锁定期要求。对被吸并方控股股东、实际控制人或者其控制的关联人设置6个月锁定期，构成收购的，执行《上市 公司收购管理办法》18个月的锁定期要求；对被吸并方其他 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released revised regulations for major asset restructuring of listed companies, aiming to deepen the reform of the mergers and acquisitions market by introducing mechanisms for installment payments, enhancing regulatory flexibility, and encouraging private equity fund participation [1][2][3]. Summary by Sections Major Changes in Regulations - Establishment of an installment payment mechanism for restructuring shares, allowing a registration decision validity period of up to 48 months and merging calculations for installment shares [2]. - Increased regulatory flexibility regarding financial condition changes, competition, and related party transactions, shifting the focus from major adverse changes to ensuring no significant negative impacts arise [2][3]. - Introduction of a simplified review process for restructuring transactions, allowing for quicker registration decisions by the CSRC within five working days [3]. Lock-up Period and Mergers - Clarification of lock-up period rules to support mergers between listed companies, with a six-month lock-up for controlling shareholders of the absorbed company and an 18-month requirement for acquisitions [3]. - No lock-up period is imposed on other shareholders of the absorbed company [3]. Encouragement of Private Equity Participation - Implementation of a "reverse linkage" mechanism for private equity fund investment periods and lock-up periods, reducing lock-up periods for certain transactions based on the investment duration [3]. - Adjustments made to align with the new Company Law and other relevant regulations [3]. Market Activity and Future Outlook - Since the introduction of the "Six Opinions on Deepening the Reform of the Mergers and Acquisitions Market," the scale and activity of the restructuring market have significantly increased, with over 1,400 disclosed asset restructurings and more than 600 planned this year, representing a 1.4 times increase from the previous year [4]. - The total amount of completed major asset restructuring transactions has exceeded 200 billion yuan, marking an 11.6 times increase compared to the same period last year [4]. - The CSRC plans to continue implementing the revised regulations to further stimulate market activity [5].

5月16日，资本市场又一重磅新规落地——中国证监会正式对外公布实施修订后的《上市公司重大资产 重组管理办法》。 并购重组是支持上市公司注入优质资产，提升投资价值的重要工具。2024年9月，证监会发布"并购六 条"，优化并购重组市场环境，激发市场活力。 此次公布实施的新规，是为落实"并购六条"，在简化审核程序、创新交易工具、提升监管包容度等方面 作出配套规定，创新性地设计了多个"首次"。 具体来说，即首次建立简易审核程序；首次调整发行股份购买资产的监管要求；首次建立分期支付机 制；首次引入私募基金"反向挂钩"安排。 这一变化，从规则层面明确提高对财务状况变化、同业竞争和关联交易监管的包容度，降低了上市公司 并购的制度性成本，增强了对科技创新行业并购、国有资产整合等的监管适应性，有利于支持上市公司 收购未盈利优质企业。 另一个"首次"是建立了重组股份对价分期支付机制。 以往，上市公司重组交易是"一锤子买卖"。此次，通过调整支付机制，能满足上市公司视后续标的经营 状况灵活调整支付股份数量的需求。特别是在科技型企业估值波动较大的情况下，充分保障上市公司利 益。 在首次引入私募基金"反向挂钩"安排方面，新规明确，私募基 ...

Group 1 - The China Securities Regulatory Commission (CSRC) encourages private equity funds to participate in mergers and acquisitions of listed companies, establishing a simplified review process for the first time [1] - The CSRC has adjusted regulatory requirements for issuing shares to purchase assets and introduced a phased payment mechanism for the first time [1] - The CSRC has introduced a "reverse linkage" arrangement for private equity funds for the first time [1] Group 2 - Multiple public fund industry insiders stated that recent analyses regarding public fund assessment benchmarks leading to market adjustments are inaccurate and lack basic knowledge and evidence [2] Group 3 - The Hong Kong Hang Seng Index will include Midea Group and ZTO Express, while BYD will join the Hang Seng Tech Index, removing Reading Group [3] Group 4 - E Fund announced that renowned fund manager Zhang Kun will no longer serve as deputy general manager due to work adjustments and will focus on investment management in the future [4] Group 5 - Jinlitai's board disagreed with shareholders' proposal to convene an extraordinary general meeting [5] - 20CM's two consecutive trading limits for Toxin Pharmaceutical: Ivos will reduce its holdings by 1.3128 million shares from March 14 to May 15, 2025 [5] - Tailing Microelectronics: The National Fund's shareholding ratio has decreased to 6.95% [5] - Two consecutive trading limits for Liren Liyang: The revenue proportion of ergotamine products is very low [5] - Tunnel Holdings: The controlling shareholder plans to increase its stake in the company by 250 million to 500 million yuan [5] - CATL announced the H-share offering price set at HKD 263.00 per share [5]

据新华社报道，5月1 6日，中国证监会正式对外公布实施修订后的 《上市公司重大资产重组管理办法》 ， 在简 化审核程序、创新交易工具、提升监管包容度等方面作出优化。 全文如下： 为贯彻落实党的二十届三中全会精神和《国务院关于加强监管防范风险推动资本市场高质量发展的若干意见》 等要求，进一步深化上市公司并购重组市场改革，在深入调研论证的基础上，中国证监会发布了《关于修改＜ 上市公司重大资产重组管理办法＞的决定》，自公布之日起施行。 本次对《上市公司重大资产重组管理办法》（以下简称《重组办法》）的修改主要包括以下内容：一是建立重 组股份对价分期支付机制。将申请一次注册、分期发行股份购买资产的注册决定有效期延长至4 8个月。二是提 高对财务状况变化、同业竞争和关联交易监管的包容度。三是新设重组简易审核程序。明确适用简易审核程序 的重组交易无需证券交易所并购重组委审议，中国证监会在5个工作日内作出予以注册或者不予注册的决定。四 是明确上市公司之间吸收合并的锁定期要求。对被吸并方控股股东、实际控制人或者其控制的关联人设置6个月 锁 定 期 ， 构 成 收 购 的 ， 执 行 《 上 市 公 司 收 购 管 理 办 法 ...

证监会：对重组导致的财务状况变化、同业竞争和关联交易适当提高监管包容度 金十数据5月16日讯，证监会发布《上市公司筹划和实施重大资产重组的监管要求》。根据修订后的 《重组办法》调整相关条款。便利上市公司并购重组，对重组导致的财务状况变化、同业竞争和关联交 易适当提高监管包容度，将第四条第四项修改为"本次1交易应当有利于上市公司增强持续经营能力，不 会导致财务状况发生重大不利变化；有利于上市公司突出主业、增强抗风险能力；有利于上市公司增强 独立性，不会导致新增重大不利影响的同业竞争，以及严重影响独立性或者显失公平的关联交易"。 相关链接 ...

Core Viewpoint - The article discusses the tactics used by struggling listed companies to navigate regulatory pressures and financial difficulties, specifically focusing on three main strategies: shell swapping, suspension of trading, and storytelling. These tactics are often seen as desperate measures rather than genuine efforts for restructuring and growth [1][4]. Group 1: Shell Swapping - Shell swapping is a common first response for companies facing financial distress, where they seek new ownership or shift to a more popular asset class. However, the value of shell companies has diminished due to the expansion of IPO channels and tighter regulations on reverse mergers [5]. - The article highlights a case where a company with a market value of less than 20 billion attempted to inject a seemingly attractive but heavily indebted new energy asset, which could have led to regulatory issues. The recommendation was to pursue a dual approach of lightweight capital increase and synergistic acquisitions to avoid regulatory pitfalls [5]. Group 2: Trading Suspension - Trading suspension is viewed as a tactical move to buy time when companies face significant uncertainties or stock price volatility. However, regulatory bodies have taken a firm stance against prolonged suspensions without substantial progress [7]. - The article emphasizes that companies should maintain communication with the market rather than using suspension as a means to avoid issues. A case is mentioned where a company maintained regular updates during a restructuring process, which was better received by the market [7]. Group 3: Storytelling - Storytelling has become a prevalent strategy in capital markets, but many companies focus on trendy narratives rather than the actual quality of assets. This can lead to acquiring assets that do not deliver real value [8]. - A specific example is provided where a traditional manufacturing company attempted to enter the industrial robotics sector but faced significant challenges, leading to a recommendation to seek out companies with genuine orders and technological foundations instead [8]. Conclusion - The article concludes that while shell swapping, trading suspension, and storytelling may appear as tools for capital operation, their misuse can lead to self-harm. Genuine integration, collaboration, and sustainable growth are essential for success in today's capital markets [9][11].

Core Viewpoint - The Supreme Court and the China Securities Regulatory Commission jointly issued guidelines to enhance the quality of listed companies, emphasizing the importance of legal enforcement and judicial services in promoting high-quality development of the capital market [1] Group 1: Legal Enforcement and Company Quality - The guidelines stress that improving the quality of listed companies is crucial for the high-quality development of the capital market [1] - Legal actions will target capital violations, including hidden shareholding and illegal wealth creation practices [1] - Information disclosure by issuers regarding shareholders and actual controllers must be truthful, accurate, and complete [1] Group 2: Governance and Shareholder Rights - Courts are instructed to invalidate illegal agreements related to shareholding and benefit transfer, distributing responsibility based on fault [1] - The guidelines support shareholders in exercising their rights and clarify the reasonable boundaries for the board's review of shareholder proposals [1] - There is a push for standardized corporate governance practices [1] Group 3: Mergers, Acquisitions, and Bankruptcy - The guidelines advocate for legal support in mergers and acquisitions, declaring any anti-takeover provisions in company charters that violate laws to be invalid [1] - Investors can file civil compensation lawsuits for losses caused by false statements related to delisting [1] - The guidelines promote careful handling of bankruptcy reorganization cases to improve operational capabilities and resolve debt crises sustainably [1]