Core Viewpoint - The Shanghai and Shenzhen Stock Exchanges have revised and released guidelines for bankruptcy restructuring, aiming to enhance information disclosure and improve the quality and effectiveness of bankruptcy restructuring for listed companies [1][2]. Group 1: Regulatory Framework - The revisions of the guidelines are in line with the directives from the State Council aimed at improving the quality of listed companies through better management of mergers, acquisitions, and bankruptcy restructuring [1][2]. - The new guidelines build on previous regulations and practices, reflecting a comprehensive approach to standardizing the bankruptcy restructuring process for listed companies [1][2]. Group 2: Key Revisions - The revised guidelines require companies to disclose whether they possess restructuring value and to detail any significant legal violations or major operational deficiencies [3]. - There are clear requirements for the standardization of restructuring plans, including the pricing of shares for investors and compliance with relevant regulations from the China Securities Regulatory Commission [4]. - The guidelines enhance the disclosure requirements for profitability forecasts in restructuring plans, mandating objective and prudent assessments along with the involvement of financial advisors for verification [5]. - Important matters related to the bankruptcy restructuring of significant subsidiaries must be disclosed, particularly their impact on the parent company's operations and ongoing viability [6]. - The guidelines stipulate the disclosure of payment arrangements for shares acquired by restructuring investors and the intended use of funds, while also streamlining the reporting process to focus on significant developments [7]. - Additional adjustments include the removal of certain requirements for financial advisors and clarifications on voting results from major shareholders during restructuring meetings [8]. Group 3: Market Implications - The new regulations reflect a dual focus on standardization and development, aiming to shift bankruptcy restructuring from a short-term relief mechanism to a long-term governance strategy, and from merely preserving companies to creating value [8].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released the "Guidance No. 11 on the Supervision of Listed Companies - Matters Related to Bankruptcy Reorganization," which emphasizes the importance of timely and fair disclosure of information related to bankruptcy reorganization by listed companies and relevant parties [1][2]. Group 1: Information Disclosure Requirements - The guidance strengthens the prevention of insider trading by requiring listed companies and related parties to disclose information regarding bankruptcy reorganization in a timely, fair, and accurate manner [1]. - Companies applying for bankruptcy reorganization must self-examine and disclose any significant legal violations, major defects in information disclosure, and issues related to fund occupation and guarantees [1]. Group 2: Reorganization Plan Regulations - The guidance regulates the number of shares increased through capital reserves, stating that the increase should not exceed 15 shares for every 10 shares, ensuring that the interests of minority shareholders are not excessively diluted [2]. - The price at which reorganization investors acquire shares must not be lower than 50% of the market reference price, promoting the improvement of company operations through collaboration [2]. - Reorganization investors are required to hold their shares for a minimum of 36 months if they gain control of the company, and for at least 12 months for other investors [2]. Group 3: Debt Restructuring and Performance Commitment - Companies must verify that there are no significant uncertainties in the execution of the reorganization plan before recognizing debt restructuring gains, and auditing firms are held accountable for the timing of these recognitions [3]. - The guidance emphasizes that performance compensation commitments from previous major asset restructurings cannot be altered through the reorganization plan, and companies should take legal action to enforce these commitments if necessary [3]. Group 4: Transitional Arrangements - For companies that have already had their bankruptcy reorganization applications accepted by the court before the release of the guidance, the new regulations regarding share increase ratios and pricing do not apply [3].

文/梧桐小新 3月14日，证监会发布《上市公司监管指引第11号——上市公司破产重整相关事项》，自公布之日起施行。起草说明显示，《指引》主要内容为明确职责分工，强 化重整涉及证券市场相关事项及信息披露监管；明确破产重整信息披露要求，强化内幕交易防控；优化重整计划草案规范要求，引导市场各方充分博弈，构建长 效发展机制；对严格做好债务重组收益确认提出要求；强化承诺监管，引导督促履行业绩补偿承诺。 《指引》共涉及14条内容，明确证监会对上市公司破产重整中涉及证券市场相关事项进行监督管理；证券交易所对上市公司破产重整中的信息披露进行自律管 理。要求上市公司对是否存在退市风险、资金占用违规担保、信息披露或规范运作重大缺陷进行自查并披露。 《指引》进一步明确重整计划中的权益调整要求， 规定资本公积转增比例不得超过每十股转增十五股；重整投资人入股价格不得低于市场参考价的五折，市场参 考价按重整投资协议签订日前二十、六十或一百二十个交易日均价之一确定；要求重整投资人按是否取得控制权分别锁定三十六个月、十二个月。同时，《指 引》明确不得在重整计划实施的重大不确定性消除前，提前确认债务重组收益。 2024年12月31日，最高法和证 ...

重大退市风险面前突然来了一个涨停板！ 在东方集团连续跌了七个跌停板之后，今天早上亦一度跌停，并跌破1元/股，但随后股价快速拉升涨停，上演"地天 板"走势，截至上午收盘，成交额超8亿元。 然而就在此时，该股罕见地于中午发布风险提示公告称，预计将触及重大违法强制退市情形，请广大投资者理性投 资。与此同时，还表示，公司存在不符合重整条件的风险。 7个跌停之后突现地天板 今天上午，A股市场再现惊人一幕。此前连续7天跌停的东方集团，今天早上亦一度跌停，但随后被快速拉起封死涨 停，股价实现地天板，涨停板封单达到了惊人的158万手。 中国证监会于 2025年2月28日通报了东方集团财务造假案阶段性调查进展情况，现已初步查明，东方集团披露 的 2020 年至 2023年财务信息严重不实，涉嫌重大财务造假。上述查明事实显示，公司预计将触及《上海证券交易 所股票上市规则》规定的连续多年财务造假等重大违法强制退市情形。随后，公司股价连续跌停。 去年6月20日，因涉嫌信息披露违法违规，根据相关法律法规，证监会对东方集团立案。随后东方集团多次发布关于 立案调查进展暨风险提示公告，其中指出，若后续经证监会行政处罚认定的事实，触及《上海证 ...