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The China Securities Regulatory Commission has issued the “Opinions on Deepening Market Reform of Mergers and Acquisitions and Restructuring of Listed Companies.”
Author:
Source:
China Securities Regulatory Commission Website
Release Date:
2024-10-18
The China Securities Regulatory Commission has issued the “Opinions on Deepening Market Reform of Mergers and Acquisitions and Restructuring of Listed Companies.”
Mergers and acquisitions (M&A) and corporate restructuring are crucial market mechanisms for supporting economic transformation and upgrading, as well as achieving high-quality development. The new “Nine Measures” have laid out key initiatives to invigorate the M&A and restructuring market. To further stimulate market dynamism in this area, the China Securities Regulatory Commission, based on extensive research, has formulated the “Opinions on Deepening Reform of the Listed Company M&A and Restructuring Market,” which upholds a market-oriented approach and seeks to better leverage the capital market’s role as the primary channel for corporate M&A and restructuring. The main contents are as follows:
First, we will support listed companies in transforming and upgrading toward new‑type productive forces. The China Securities Regulatory Commission will actively encourage listed firms to pursue mergers and reorganizations centered on strategic emerging industries and future‑oriented sectors. This includes cross‑industry M&A aimed at transformation and upgrading, acquisitions of non‑profitable assets that help strengthen industrial chains and enhance critical technological capabilities, as well as supporting companies in the “two‑innovation” sector in acquiring upstream and downstream assets within their value chains, thereby guiding more resources and factors of production to converge on new‑type productive forces.
Second, we will encourage listed companies to strengthen industrial consolidation. While supporting the development of emerging industries, the capital market will continue to help traditional sectors enhance industry concentration and improve resource allocation efficiency through restructuring. To address the integration needs of listed companies, we will provide support by refining lock-up period regulations and substantially streamlining review procedures. At the same time, through mechanisms such as “reverse linkage” in lock-up periods, we will incentivize private equity funds to actively participate in mergers and acquisitions and corporate restructurings.
Third, we will further enhance regulatory flexibility. While upholding established rules, the CSRC will also respect market dynamics, economic principles, and the logic of innovation, thereby increasing its tolerance for matters such as restructuring valuations, performance commitments, intra‑industry competition, and related-party transactions, so as to better leverage the market’s role in optimizing resource allocation.
Fourth, enhance the efficiency of restructuring transactions. The CSRC will support listed companies in issuing shares and convertible bonds, among other payment instruments, in tranches; paying transaction consideration in installments; and raising accompanying financing in stages, thereby improving transaction flexibility and capital‑use efficiency. At the same time, a streamlined review procedure for restructurings will be established, significantly simplifying the review process, shortening review timelines, and boosting restructuring efficiency for eligible listed‑company restructurings.
Fifth, we will enhance the service standards of intermediary institutions. The vitality of the M&A and restructuring market hinges on the effective functioning of these intermediaries. The CSRC will guide securities firms and other relevant entities to strengthen their service capabilities, fully leveraging their roles in transaction matchmaking and professional advisory services to support listed companies in carrying out high‑quality M&A and restructuring activities.
Sixth, strengthen regulatory oversight in accordance with the law. The China Securities Regulatory Commission will guide all parties to transactions to conduct mergers and acquisitions and restructuring activities in a standardized manner, ensure strict compliance with statutory obligations such as information disclosure, crack down on all types of illegal and non-compliant practices, effectively uphold market order in the restructuring sector, and robustly safeguard the legitimate rights and interests of small and medium-sized investors.
To implement the “Opinions on Deepening Market Reform of Mergers and Acquisitions and Restructuring of Listed Companies,” the China Securities Regulatory Commission and the stock exchanges have revised the Measures for the Administration of Major Asset Restructurings of Listed Companies and other relevant rules, while simultaneously soliciting public comments.
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