Shanghai Stock Exchange revises and releases rules for restructuring review and related guidelines.

According to the unified deployment of the China Securities Regulatory Commission, the Shanghai Stock Exchange recently revised and issued the "Shanghai Stock Exchange Major Asset Restructuring Review Rules" and supporting business guidelines. This is another important measure to implement the new "Nine National Policies" and "Six Mergers and Acquisitions". The newly revised "Restructuring Review Rules" now include a simplified review procedure for stock-based restructuring of listed companies that meet certain conditions, greatly simplifying the review process, shortening the review period, and improving the efficiency of restructuring. Compared to the draft for opinions, the scope of application of the "small rapid" review procedure and the simplified review procedure has been expanded, encouraging eligible listed companies to choose the more efficient review procedure. At the same time, it further improves the disclosure and review requirements for related matters such as the staggered payment of consideration in share-based restructuring. This revision also includes new disclosure and review requirements for the acquisition of non-profitable assets, cross-industry mergers and acquisitions, absorption mergers, staggered payments, etc., in order to support technological innovation and the development of new quality productivity; it adds multiple assessment methods as disclosure and review requirements for pricing basis, further enhancing regulatory inclusiveness; it improves the specific disclosure and review requirements for the positioning of restructuring and listing standards, clarifying self-examination requirements such as target assets loss, high evaluation increment rate, goodwill and impairment risks, while enhancing system adaptability and ensuring the quality of injected assets.