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interface news reporter | chen jing

interface news reporter | chen jing

mergers and acquisitions are important market tools to support economic transformation and upgrading and achieve high-quality development. the new "nine national policies" have made important arrangements for the active mergers and acquisitions market.

in order to further stimulate the vitality of the m&a and restructuring market, on september 24, the china securities regulatory commission publicly solicited opinions on the "decision on amending the "administrative measures for major asset restructuring of listed companies" (draft for comments)".

a person from a large securities firm and investment bank said, "simplifying the approval process for mergers and acquisitions, such as simplifying the review process for acquisitions of minority equity interests in holding subsidiaries, can improve efficiency and reduce costs and uncertainties for enterprises. at the same time, the new policy clearly supports cross-border mergers and acquisitions and acquisitions of unprofitable assets, while increasing regulatory tolerance and transaction efficiency and solving key problems in actual operations. once implemented, it is expected to stimulate huge enthusiasm for mergers and acquisitions among listed companies and investment institutions."

increase tolerance for horizontal competition and related-party transactions

the main revisions to the draft for comments include: first, promoting the implementation of installment payment of restructuring share consideration. in order to meet the needs of listed companies to flexibly adjust share payment arrangements based on the subsequent operating conditions of the target, a mechanism for installment payment of restructuring share consideration is established, and the validity period of the approval document for applying for one-time registration and installment issuance of shares to purchase asset transactions is extended to 48 months.