The China Securities Regulatory Commission pushed the new version of the merger and acquisition system to clarify that the GEM company is not allowed to list on the backdoor.

On October 24th, the China Securities Regulatory Commission issued the revised Measures for the Administration of Major Assets Restructuring of Listed Companies and the Decision on Amending the Measures for the Administration of the Acquisition of Listed Companies on the 24th to further promote the marketization process of mergers and acquisitions of listed companies and promote listing. The company has deepened industry integration and industrial upgrading.

With the concept of “deregulation and strengthening supervision”, this revision further reduces and simplifies the administrative licensing of mergers and acquisitions, and makes arrangements for strengthening information disclosure, strengthening post-event supervision, urging intermediaries to perform their duties, and protecting investor rights. .

The new M&A restructuring system has eliminated the approval of major purchases, sales, and replacements of listed companies that do not constitute a backdoor listing, and canceled the approval of the pre-examination of the tender offer and the exemption of the two tender offer. In addition, the revision of the system also improved the market-based pricing mechanism for the issuance of shares to purchase assets, and increased the pricing flexibility and price adjustment mechanism for the pricing of issued shares.

In response to the backdoor listing, the newly introduced merger and acquisition restructuring method clearly stipulates the requirements for the implementation of the backdoor listing and the IPO audit, and clarifies that the GEM listed companies are not allowed to list on the backdoor. The method further enriched the M&A and reorganization payment instruments, and reserved institutional space for the listed companies to issue preferred shares, directional issue of convertible bonds, and targeted warrants as M&A and payment methods.

The measures to eliminate the threshold requirements for the purchase of assets from non-related third parties and the mandatory requirements for compensation for profit forecasting have enriched the tender offer performance guarantee system, reduced the tender offer cost, and clearly defined the divisional system review, strengthened the post-event supervision and supervision. The relevant subject is responsible for returning to justice.

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