原标题：如何看待新修订的《上市公司重大资产重组管理办法》？ 作者：粤开证券首席经济学家、研究院院长罗志恒 二是交易方式、退出机制极大优化，实现了"灵活有序"。一方面，建立了分期支付机制，允许上市公司 在48个月内分期支付股份对价。不仅缓解了上市公司一次性融资压力，如首期发行30%股份即可锁定核 心资产，也有利于避免科技企业并购时的估值波动风险。另一方面，引入了私募基金"反向挂钩"安排， 明确私募基金投资期限满48个月的，锁定期限可相应缩短。这有助于鼓励私募基金参与上市公司并购重 组，同时吸引长期资本、耐心资本。 下一阶段，并购市场将被进一步激活，产业链整合将进一步提速。但这一过程必然带来新的问题挑战， 需要前瞻预判，特别需要关注以下四个问题： 一是如何打消地方政府顾虑，更好推动地方政府参与并购重组浪潮。特别是在异地吸收合并过程中，被 吸收法人主体往往会客观上灭失，进而产生纳税主体灭失的问题。这就需要大力推动"反三角"收购—— 买方新设SPV吸收合并卖方标的，吸并完成后注销SPV主体，打消地方政府对纳税主体、公司数量减少 的担忧。因此需要尽快推出示范性案例，细化相关监管指引。 粤开证券宏观分析师原野 5月7日， ...

Core Viewpoint - The revised "Major Asset Restructuring Management Measures" by the China Securities Regulatory Commission (CSRC) aims to simplify review processes, innovate transaction tools, and enhance regulatory inclusiveness in the restructuring of listed companies [1][4]. Summary by Relevant Sections Key Changes in the Revised Measures - The revised measures introduce 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][6]. - A new mechanism for phased payment of shares in asset purchases has been established, extending the registration decision validity period to 48 months [5][6]. - The requirements for financial condition changes, related party transactions, and competition have been adjusted to focus on avoiding significant adverse impacts rather than merely improving financial conditions [5][6]. Encouragement for Private Equity Participation - The revised measures encourage private equity funds to participate in mergers and acquisitions by implementing a "reverse linkage" mechanism for lock-up periods, reducing the lock-up period from 12 months to 6 months for private equity funds whose investment period exceeds 48 months [6][8]. Market Impact and Activity - Since the introduction of the "Six Measures for Mergers and Acquisitions," the scale and activity of the mergers and acquisitions market have significantly increased, with over 1,400 asset restructuring disclosures and more than 200 billion yuan in completed major asset restructuring transactions [8].

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].

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]

在5月7日国新办发布会上，"一行一局一会"（中国人民银行、国家金融监督管理总局、中国证券监督管理委员会）三 大掌门人齐聚，再次释放了多个重磅利好信号。中国证监会主席吴清就当前市场形势、监管方向和未来政策部署进行了全 面阐述。 其中，吴清指出，支持转型升级，特别是支持上市公司通过并购重组来转型升级。自去年"并购六条"发布以来，沪深 两市披露重组项目近1400单，同比增长40%，其中重大资产重组超160单，同比增长2.4倍。"我们目前正抓紧修订《上市公 司重大资产重组管理办法》以及相关监管指引，进一步完善'并购六条'配套措施，以更大力度支持上市公司并购重组，围 绕产业逻辑'强身健体'、激发活力、提高质量，不断提升创新能力以及风险抵御能力。"吴清表示。 制图：佘诗婕 再次修订 具体来看，去年9月24日，证监会发布《关于深化上市公司并购重组市场改革的意见》（即"并购六条"）。 据IPO日报统计，截至4月30日，2025年沪深交易所并购重组委已经审核了9家上市公司的并购重组项目，不考虑罗博 特科首次上会暂缓审议，目前并购重组过会率为100%。 从并购上会项目数量上来看，2025年前4个月的上会项目已经达到2024年全年 ...