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china securities journal | author: huang lingling huang yiling

another wave of good news for a-shares!

on the evening of september 24, the china securities regulatory commission issued the "opinions on deepening the reform of the listed company merger and acquisition market". subsequently, the shanghai and shenzhen stock exchanges respectively issued the newly revised rules for the review of major asset restructuring of listed companies (hereinafter referred to as the rules) and solicited public opinions. the feedback period ended on october 9.

the rules further optimize the restructuring review procedures, improve the efficiency of restructuring reviews, and invigorate the m&a and restructuring market by clarifying the applicable circumstances of the simplified review procedures, setting a negative list for the simplified review procedures, and stipulating relevant mechanisms for the simplified review procedures.

market insiders said that the revised rules will streamline the review process and shorten the review and registration time. the main channels of mergers and acquisitions and restructuring will further serve the real economy to improve quality and efficiency, continuously enhance market vitality, and improve the quality of listed companies.

four-dimensional optimization rules

the opinion proposes to establish a simplified review procedure for restructuring, streamline the review process and shorten the review and registration time for mergers and acquisitions between listed companies, and the issuance of shares to purchase assets (not constituting major asset restructuring) by high-quality companies with standardized operations, a market value of more than 10 billion yuan and an information disclosure quality rating of a for two consecutive years.

to implement the above requirements, the shanghai and shenzhen stock exchanges have revised their rules as follows: