In addition, according to Ifind data of tonghuashun, as of May 17 this year, the meeting passing rate of M & A and restructuring of listed companies is 80.77%, which is lower than the audit scale and meeting passing rate of the same period last year.
As for the situation that the assets performance of the listed companys M & A and restructuring project winning the bid is affected by the epidemic situation, on May 15, the person in charge of the relevant departments of the CSRC said that for the M & A and restructuring project of the listed company that is really affected by the epidemic situation, it is necessary to make proper regulatory arrangements in terms of performance commitment requirements, restructuring scheme adjustment, etc., and encourage the listed company to improve performance and quality through M & A and restructuring.
Securities Daily noted that in recent years, insider trading and other illegal cases are frequent in Chinas capital market, while M & A is a high incidence area of insider trading. So how to prevent the illegal behavior in the process of M & A?
He Nanye suggested that, first, strictly disclose information, require both parties and intermediary institutions to fully disclose information in the whole process of M & A and reorganization, and accept market supervision; second, strengthen the ability of intermediary institutions to perform their duties, carry out on-site inspection and financial inspection from time to time, and strengthen the review of the quality of intermediary institutions practice; third, increase the punishment of illegal behaviors, only Only by strengthening the punishment can we form a strong deterrent effect, and make both parties and intermediaries more legal, compliant and responsible.
When it comes to the combination of the new securities law and the new restructuring rules, what new trends will the M & A and restructuring present this year? He Nanye said, novel coronavirus pneumonia, the first step is to encourage the merger and reorganization, and the activity and the number of mergers and acquisitions will be further simplified. Secondly, the cycle of mergers and acquisitions will be greatly shortened. Once again, the merger and reorganization of emerging industries will accelerate, and hopefully become the next draught of mergers and acquisitions. The inspiration and impact of the epidemic, M & A and restructuring based on online and offline integration are expected to increase, and the traditional business model will be further reshaped.
Li Zhan said that the new securities law has been formally implemented. In order to promote the implementation of the requirements of deepening the market-oriented reform of M & A and restructuring, the CSRC has intensively revised the relevant rules of M & A and restructuring in the past year. These changes mean that the regulatory policies of M & A and restructuring of listed companies have gradually turned loose, and it is believed that more listed companies will absorb high-quality assets through M & A and restructuring to achieve transformation and upgrading in the future. At present, the response of listed companies to the new rules of M & A is relatively positive. It is expected that the next two years will be a year of equity financing, and the gradual loosening of policies will drive the recovery of M & a scale.
Source: responsible editor of Securities Daily: Yang qian_nf4425