Second anniversary of the implementation of the "Six Rules on M&A": The Shanghai Stock Exchange's main board restructuring continues to "evolve"

China News Service, Shanghai, October 15 (Gao Zhimiao) A reporter learned from the Shanghai Stock Exchange on the 15th that in the two years since the release of the "Six Mergers and Acquisitions", the Shanghai Stock Exchange's main board restructuring has remained active and constantly "evolved": in terms of quantity, more than 1,200 non-major cash restructurings have been disclosed, and 117 major asset restructurings have been disclosed. In the direction of integration, the logic of industrial mergers and acquisitions continues to strengthen. There are endless cases of developing new productive forces and industrial transformation and upgrading. Large-scale restructuring and normalized industrial mergers and acquisitions complement each other.

In September 2024, the China Securities Regulatory Commission issued the "Opinions on Deepening the Market Reform of Mergers, Acquisitions and Reorganizations of Listed Companies" (Six Articles on Mergers and Acquisitions). In the past two years, companies listed on the Shanghai Stock Exchange have actively used mergers, acquisitions and restructuring tools to implement a number of representative projects in the direction of deepening the reform of state-owned enterprises, promoting industrial integration, and promoting transformation and upgrading. The accumulation of high-quality assets has accelerated, industrial synergy has gradually increased, and the results of the reform have continued to show.

Since the implementation of the "Six Mergers and Acquisitions", a total of 35 capital injection projects by major shareholders on the Shanghai Stock Exchange have been disclosed, of which central state-owned enterprises account for more than 70%, and 15 projects have been implemented. Through the injection of high-quality assets, business integration and asset replacement, central state-owned enterprises promote the concentration of group resources in listed companies and further focus on their main responsibilities and main businesses.

Daily industry mergers and acquisitions are also active. In the first three quarters of this year, the main board of the Shanghai Stock Exchange disclosed 195 cash asset purchase transactions. Among the 157 equity transactions after excluding operating asset purchases, 81 were industrial integration transactions, accounting for 51.59%. Listed companies continue to improve the industrial chain layout and enhance the resilience of the development of their main businesses by acquiring upstream and downstream enterprises, supplementing key technologies, and expanding channel resources. Industrial integration has become an important direction for equity cash acquisitions.

Optimization of existing assets was promoted simultaneously. In the first three quarters of this year, the Shanghai Stock Exchange Main Board disclosed 216 non-significant cash asset sales transactions. Some listed companies further focus on advantageous businesses, improve asset structure, and promote the concentration of existing resources into advantageous industries and core businesses by divesting non-core businesses and inefficient assets and revitalizing existing resources.

From the optimized layout of central state-owned enterprises to the market-oriented integration of key industries, from the transformation and upgrading of traditional enterprises to the improvement and strengthening of securities institutions, the Shanghai Stock Exchange's main board mergers and acquisitions and reorganizations pay more attention to industrial synergy and long-term value creation. In the next step, the Shanghai Main Board will continue to support listed companies in making good use of M&A and restructuring tools, promote the aggregation of high-quality assets, the integration of industrial resources and the transformation of development momentum, better utilize the function of the capital market in optimizing resource allocation, and inject new vitality into improving the quality of listed companies and serving the high-quality development of the real economy.