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on september 24, the china securities regulatory commission issued the opinions on deepening the reform of the m&a and restructuring market of listed companies (hereinafter referred to as the opinions or the six merger and acquisition measures). at the same time, the china securities regulatory commission and the stock exchanges revised the measures for the administration of major asset restructuring of listed companies (hereinafter referred to as the restructuring measures) and other rules and solicited public opinions.

as soon as the “six measures for mergers and acquisitions” were implemented, listed companies responded immediately.

on the evening of september 25, qinchuan iot (688528), a company listed on the science and technology innovation board, and fulide (301297), a company listed on the growth enterprise market, simultaneously announced that they were planning major asset restructuring of upstream and downstream assets in the industrial chain, among which fulide planned to use new payment tools such as convertible bonds.

qinchuan iot, a company listed on the science and technology innovation board, announced on the evening of september 25 that it is planning a major asset reorganization and intends to acquire 60% of the equity of chengdu paiwote technology co., ltd. (hereinafter referred to as "paiwote"). after the transaction is completed, qinchuan iot will become the controlling shareholder of paiwote. the transaction is still in the planning stage. according to qinchuan iot's preliminary calculations, the transaction is expected to constitute a major asset reorganization.

founded in 2011, paiwote is a company based on digital new infrastructure. the above businesses overlap with qinchuan iot. qinchuan iot's business scope covers industrial iot fields such as smart city iot terminal products (smart gas, smart water), and related intelligent terminals are an indispensable support for smart city construction. qinchuan iot said that the company is accelerating the growth of new businesses and enhancing the company's market competitiveness by improving cooperation and coordination in the upstream of the industrial chain.

coincidentally, the gem company fulide also announced an announcement on the evening of september 25 that it was planning a major event, which was expected to constitute a major asset reorganization.

it is understood that ferrotec is planning to acquire the semiconductor industry-related assets of its indirect controlling shareholder ferrotec group by issuing rmb common stock and convertible bonds, cash (if any), etc. ferrotec is mainly engaged in precision cleaning services for equipment in the pan-semiconductor field, and its related businesses also have upstream and downstream relationships with the semiconductor industry.

recently, the china securities regulatory commission issued the "six articles on mergers and acquisitions" with the aim of adhering to the market-oriented direction and better playing the role of the capital market as the main channel in corporate mergers and acquisitions and restructuring.

the opinion will support listed companies to transform and upgrade to new quality productivity as one of the important reform directions. the csrc said it will actively support listed companies to carry out mergers and acquisitions around strategic emerging industries and future industries, including cross-industry mergers and acquisitions based on transformation and upgrading, acquisitions of unprofitable assets that help to strengthen the supply chain and improve key technology levels, and support "two innovation" sector companies to acquire upstream and downstream assets in the industrial chain, etc., to guide more resource elements to gather in the direction of new quality productivity.

it is worth mentioning that fulide plans to introduce the payment method of issuing convertible bonds, which is also one of the reform directions of the "six mergers and acquisitions". the "opinion" proposes that the csrc will support listed companies to issue shares and convertible bonds and other payment tools in installments, pay the transaction price in installments, and provide supporting financing in installments according to transaction arrangements, so as to improve transaction flexibility and capital utilization efficiency.

wu qing, chairman of the china securities regulatory commission, explained at a press conference held by the state council information office that further promoting the effective allocation of resources by supporting corporate mergers and acquisitions is a very important function of the capital market. especially in the context of the accelerated global industrial transformation and the accelerated transformation and upgrading of my country's economic structure, it is urgent to play a key role in corporate mergers and acquisitions to help industrial integration and improve quality and efficiency.

according to statistics, nearly 50 major restructuring cases have been disclosed in the market since may this year, and the market response has been relatively positive. among them, the issue of shares by puyuan jingdian to purchase 67.74% of the equity of naisu electronics took only two months from the acceptance of the transaction application to the approval of the registration by the china securities regulatory commission. it became the first m&a and restructuring registration of listed companies after the release of the "eight measures on deepening the reform of the science and technology innovation board to serve technological innovation and the development of new productivity", and it was also the first m&a and restructuring project registered on the science and technology innovation board this year.

wu qing said that the csrc will, while further abiding by the rules, respect market laws, economic laws, and innovation laws, and will further increase tolerance for matters such as restructuring valuations, performance commitments, competition among peers, and related transactions based on actual conditions, so as to better play the role of the market in optimizing resource allocation.