M&A and reorganization play a crucial role in achieving industrial integration, transformation, and upgrading. They optimize resource allocation and support listed companies in attaining high-quality development. Additionally, these strategies are effective in fostering and developing new quality productive forces in the current evolving landscape. To enhance its role as the primary channel for M&A and reorganization in the capital market, invigorate the M&A and organization market, and assist listed companies and other relevant market entities in understanding the rules and staying informed on the latest regulatory trends, the Shanghai Stock Exchange (SSE) has compiled and published the Handbook of Rules, Policies, and Cases on M&A and Reorganization of Listed Companies. This handbook is designed to aid listed companies in planning and executing M&A and reorganization effectively.
This handbook is divided into three parts. The first part provides an overview of M&A and reorganization rules, covering the main regulatory foundations for M&A and reorganization. The second part discusses the latest directions of M&A and reorganization policy following the implementation of the full registration system in February 2023, highlighting support for high-quality M&A and reorganization of listed companies. The third part focuses on topics such as valuation and pricing, performance commitments, which are of significant interest to the market. It sorts out typical cases based on public information to create a curated selection of case studies.
The planning, implementation, and disclosure of M&A and reorganization matters by publicly listed companies must adhere to relevant normative documents, including laws and regulations, self-discipline rules, and formal opinions from regulatory authorities.
