Cheng Hehong, the chief lawyer of China Securities Regulatory Commission, encourages technology-based listed companies to comprehensively utilize various payment tools such as stocks, convertible bonds, cash, etc. to implement merger and reorganization.

Cheng Hehong, Chief Lawyer of China Securities Regulatory Commission, stated in a keynote speech at the Tianjin Wudadao Financial Forum on June 5th, 2025, that the next step for the Commission is to strongly support the mergers and acquisitions of listed companies. They will effectively implement the newly revised "Management Measures for Major Asset Restructuring of Listed Companies", further stimulating the market vitality of mergers and acquisitions. Supporting listed companies in acquiring non-profitable assets that help strengthen and enhance key technology levels. Encouraging technology-based listed companies to comprehensively utilize various payment tools such as shares, targeted convertible bonds, cash, etc. to implement mergers and acquisitions, promoting the installment payment mechanism of share consideration, and simplifying the review process for restructuring.