Yesterday (16th), the China Securities Regulatory Commission officially announced and implemented the newly revised "Management Measures for Major Asset Restructuring of Listed Companies", which will support the merger and acquisition of listed companies with multiple "first time" and greater efforts.

The newly revised "Management Measures for Major Asset Restructuring of Listed Companies" encourages private equity funds to participate in mergers and acquisitions of listed companies, and introduces the "reverse linkage" arrangement for private equity funds for the first time.

The new regulations implement a "reverse linkage" to the investment period of private equity funds with the lock-up period of shares acquired by restructuring, and clearly state that if the investment period of private equity funds exceeds 48 months, the lock-up period in third-party transactions will be shortened from 12 months to 6 months, and the lock-up period as a small and medium shareholder during restructuring and listing will be shortened from 24 months to 12 months.

This institutional arrangement helps encourage private equity funds to participate in mergers and acquisitions and reorganizations of listed companies, effectively alleviate the problem of "difficulty in exit", and smooth the virtuous cycle of fund fund fund fund fund financing, fund investment and financing, post-investment management, and capital exit.

Chief Researcher of China Merchants Union Dong Ximiao: Encourage private equity funds to be patient capital and invest in the field of scientific and technological innovation, so as to promote resources to gather in the field of new quality productivity and generate more "unicorn" enterprises with influence and development potential, which is of great significance to promoting my country's economic transformation and achieving sustainable growth.

Since the beginning of this year, listed companies have disclosed more than 600 asset restructuring orders

The reporter learned from the China Securities Regulatory Commission that the "Opinions on Deepening the Reform of the Merger and Acquisition Market of Listed Companies", that is, the "Six Articles on Merger and Acquisitions", has significantly increased in the past eight months since the release of the "Six Articles of Merger and Acquisitions", and the activity of the M&A market has increased significantly. The Shanghai and Shenzhen stock markets have disclosed more than 1,400 asset restructuring orders, of which more than 160 major asset restructuring orders.

Since this year, listed companies have disclosed more than 600 asset restructuring orders, 1.4 times that of the same period last year. Among them, there were about 90 major asset restructuring orders, 3.3 times that of the same period last year. The scale of mergers and acquisitions and restructuring transactions hit a new high. Since the beginning of this year, the amount of major asset restructuring transactions that have been implemented has exceeded 200 billion yuan, 11.6 times that of the same period last year.

"Hard technology" mergers and acquisitions continue to emerge, promoting listed companies to develop towards "new" and "quality". Since the beginning of this year, nearly 20 traditional manufacturing companies have actively carried out cross-industry mergers and acquisitions, transforming and upgrading to new quality productivity, of which 70% are emerging industries such as integrated circuits, new generation information technology, new materials, and new energy. Especially for the Science and Technology Innovation Board, the number of new major asset restructurings disclosed this year has exceeded the full year of 2024.

Dong Ximiao: Mergers and acquisitions guide more resources to focus on industrial integration and transformation and upgrading, promote the layout of listed companies in emerging industries, and is conducive to the high-quality development of listed companies.

(CCTV reporter Yang Litian and Jiang Yong)