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].