证监会发布实施修订后的重组办法 据悉，此次修订主要包括五个方面内容。其一，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。 其二，提高对财务状况变化、同业竞争和关联交易监管的包容度。具体如，新规将上市公司应当充分说明并披露本次交易有利于"改善财务状况""有利于上 市公司减少关联交易、避免同业竞争、增强独立性"的要求，调整为"不会导致财务状况发生重大不利变化，不会导致新增重大不利影响的同业竞争及严重影 响独立性或者显失公平的关联交易"。 其三、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。 其四、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；对被吸并方其他股东不设锁定期。 其五、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 ...

Core Viewpoint - The new regulations for major asset restructuring of listed companies have been officially implemented, aimed at simplifying review processes and enhancing regulatory inclusiveness, which is expected to stimulate market vitality and promote high-quality development in the capital market [1][2]. Group 1: Key Measures of the New Regulations - Establishment of a phased payment mechanism for restructuring shares, allowing companies to register once and issue shares in phases over a period of 48 months, with options for performance compensation or phased payments [2][3]. - Introduction of a simplified review process for restructuring transactions, which do not require review by the M&A Committee of the stock exchange, allowing the China Securities Regulatory Commission (CSRC) to make registration decisions within 5 working days [2]. - Increased regulatory tolerance regarding changes in financial conditions, competition among peers, and related party transactions [2]. Group 2: Encouragement of Private Fund Participation - Encouragement for private funds to participate in mergers and acquisitions, with a "reverse linkage" mechanism for investment periods and lock-up periods, reducing lock-up periods for certain shareholders [3]. - Since the introduction of the "six merger rules," the scale and activity of the M&A market have significantly increased, with over 1,400 asset restructuring disclosures and more than 160 major asset restructurings reported [3]. - In the current year, the number of disclosed asset restructurings has reached over 600, 1.4 times that of the same period last year, with major asset restructurings amounting to approximately 90, 3.3 times the previous year [3].

上交所修订形成了《上海证券交易所上市公司重大资产重组审核规则(2025年5月修订)》，经中国证监 会批准，现予以发布，并自发布之日起施行；深交所对《深圳证券交易所上市公司重大资产重组审核规 则》进行了修订，经中国证监会批准，现予以发布，自发布之日起施行。 ...

上交所发布《上海证券交易所上市公司重大 资产重组审核规则（2025年5月修订）》。 ...

智通财经5月16日电，上交所发布《上海证券交易所上市公司重大资产重组审核规则（2025年5月修 订）》。 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released revised regulations for major asset restructuring of listed companies, aimed at deepening the reform of the mergers and acquisitions market, enhancing regulatory measures, and encouraging private equity fund participation [1][2][3]. Summary by Relevant Sections Key Changes in Regulations - Establishment of a phased payment mechanism for restructuring shares, allowing a registration decision validity period of up to 48 months for phased issuance of shares to purchase assets [2] - Increased tolerance for financial condition changes, related party transactions, and competition, shifting the requirement from significant adverse changes to ensuring no major adverse impacts arise [2] - Introduction of a simplified review process for restructuring transactions, allowing the CSRC to make registration decisions within 5 working days without the need for review by the stock exchange's merger and acquisition committee [2] - Clarification of lock-up period rules to support mergers between listed companies, with a 6-month lock-up for controlling shareholders of the acquired company and an 18-month requirement for acquisitions [2] - Encouragement for private equity funds to participate in mergers and acquisitions, with a reverse linkage mechanism for investment duration and lock-up periods [2] Market Impact - Since the introduction of the "Six Opinions on Deepening the Reform of the Mergers and Acquisitions Market" in September 2022, the scale and activity of the mergers and acquisitions market have significantly increased, with over 1,400 asset restructuring disclosures, including more than 160 major restructurings [3] - In 2023, the number of disclosed asset restructurings has exceeded 600, 1.4 times that of the same period last year, with approximately 90 major restructurings, 3.3 times the previous year [3] - The total transaction amount of completed major asset restructurings has surpassed 200 billion yuan, 11.6 times that of the same period last year, indicating effective capital market functionality [3] Future Directions - The CSRC will continue to implement the revised regulations to further stimulate the vitality of the mergers and acquisitions market [4]

5月16日，滨海能源召开第十一届董事会第二十次会议，审议通过了《关于公司发行股份购买资产并募集配套资金暨关联交易方案的议案》《关于<天 津滨海能源发展股份有限公司发行股份购买资产并募集配套资金暨关联交易预案> 及其摘要的议案》等相关议案。公司股票将于5月19日（星期一）开 5月16日晚间，滨海能源（股票代码：000695）发布公告称，公司拟向旭阳集团等发行股份购买其合计持有的沧州旭阳化工有限公司（以下简称"沧州 旭阳"）100%股权，同时募集配套资金。公司股票将于5月19日起复牌。 滨海能源在公告中表示，本次交易标的资产的交易价格尚未最终确定，根据标的公司未经审计的财务数据初步判断，预计标的公司相关财务数据占上 市公司相应财务数据的比例将达到《重组管理办法》规定的重大资产重组标准。因此，本次交易预计构成上市公司重大资产重组。 市起复牌。 对于此次交易的目的，滨海能源披露，一是整合注入实际控制人优质资产，推动上市公司转型升级；二是提升上市公司业绩及可持续增长能力，实现 股东利益最大化。 交易完成后，滨海能源将新增包括己内酰胺、尼龙6、尼龙弹性体等产品在内的尼龙新材料业务，形成"负极材料+尼龙新材料"双主业并行发 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced modifications to the "Management Measures for Major Asset Restructuring of Listed Companies" to enhance the reform of the merger and acquisition market, aligning with the directives from the 20th National Congress and the State Council's opinions on risk prevention and high-quality capital market development [1][2][3] Group 1 - Establishment of a phased payment mechanism for share consideration in restructuring, extending the registration decision validity period to 48 months and allowing for combined calculations of phased share issuances [1] - Increased tolerance for financial condition changes, related party transactions, and competition among peers, shifting the requirement to ensure no significant adverse changes in financial status or new major adverse impacts from competition [2] - Introduction of a simplified review process for restructuring transactions, allowing the CSRC to make registration decisions within 5 working days without the need for review by the M&A Committee of the stock exchange [2] Group 2 - Clarification of lock-up period rules to support mergers between listed companies, establishing a 6-month lock-up for controlling shareholders of the absorbed company and an 18-month lock-up for acquisitions [2] - Encouragement of private equity fund participation in mergers and acquisitions, with reduced lock-up periods for funds that meet certain investment duration criteria [2] - Adaptations made in accordance with the new Company Law, including terminology updates and the removal of references to company supervisors [3]

证券代码：000695 证券简称：滨海能源 公告编号：2025-027 天津滨海能源发展股份有限公司 关于发行股份购买资产并募集配套资金暨关联交易的 一般风险提示暨股票复牌公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或者重大遗漏。 （公告编号：2025-023）。停牌期间， 公司按照规定及时履行信息披露义务，于 2025 年 5 月 10 日披露了《天津滨海能 源发展股份有限公司关于筹划发行股份购买资产并募集配套资金事项的停牌进 展公告》（公告编号：2025-024）。 《关于公司发行股份购买资产并募集配套资金暨关联交易方案的议案》《关于< 天津滨海能源发展股份有限公司发行股份购买资产并募集配套资金暨关联交易 预案>及其摘要的议案》等相关议案。具体内容详见公司在巨潮资讯网 （http://www.cninfo.com.cn）披露的相关公告。根据深圳证券交易所的相关规 定，经公司申请，公司股票（证券简称：滨海能源，证券代码：000695）将于 2025 年 5 月 19 日（星期一）开市起复牌。 截至本公告披露日，公司本次交易所涉及的审计、评估工作尚未完成，公司 董 ...

Group 1 - The company plans to issue shares to acquire 100% equity of Cangzhou Xuyang from Xuyang Group, Xuyang Coal Chemical, Shenchuang Investment New Materials Fund, and Agricultural Bank Financial Asset Investment [10][20] - The transaction is expected to enhance the company's business scope by adding nylon new materials to its existing lithium battery anode materials, creating a dual main business model [20][22] - The final transaction price will be determined based on an evaluation report from a qualified appraisal agency, which is yet to be completed [10][21] Group 2 - The company aims to raise funds from no more than 35 specific investors to support the acquisition and related expenses [10][16] - The funds raised will be used for transaction-related taxes, intermediary fees, project construction, and to supplement working capital or repay debts [16][20] - The transaction is classified as a related party transaction, with Xuyang Group and Xuyang Coal Chemical being controlled by the same actual controller as the company [19][22] Group 3 - The company has committed to ensuring the accuracy and completeness of the information provided regarding the transaction, with legal responsibilities for any misrepresentation [2][4] - The transaction is not expected to change the actual controller of the company, maintaining continuity in management [19][22] - The company will disclose detailed financial impacts of the transaction in a future restructuring report once the evaluation and audit are completed [22][21]