CSRC: The validity period of the registration decision to apply for registration and issurance of shares for purchasing assets in installments will be extended to 48 months.

The China Securities Regulatory Commission issued the "Decision on Amending the Measures for the Administration of Major Asset Restructuring of Listed Companies". It establishes a mechanism for phased payment of consideration for restructuring shares. The validity period of the registration decision for one-time registration and phased issuance of shares to purchase assets is extended to 48 months; it is clarified that the lock-up period for phased issuance of shares starts from the end of the first period of share issuance; when calculating whether it constitutes a restructuring for listing and other related indicators, the shares issued in each phase are combined for calculation; in the case of mandatory performance commitments, it is specified that listed companies and trading parties can choose to fulfill the commitment obligation through performance compensation or phased payment and performance compensation; for listed companies paying consideration for purchasing assets with phased issuance of shares, each period of share issuance must comply with the conditions specified in the first paragraph of Article 43, but subsequent issuances do not need to repeat the registration process; supervision is conducted through strengthening information disclosure, requiring intermediary agencies to verify and check, and strengthening accountability measures.