According to reports from Every Daily Economic News journalist Li Lei and editor Peng Shuiping, on April 10, with the approval of the State Council, the China Securities Regulatory Commission (CSRC) issued the &#34;Opinions on Deepening the Reform of the ChiNext to Better Serve the Development of New Quality Productive Forces&#34; (hereinafter referred to as the &#34;ChiNext Opinions&#34;). This document proposes a series of targeted reform measures aimed at continuously deepening the comprehensive reform of capital market investment and financing, optimizing the innovation and regulatory system of the entire ChiNext chain, and further enhancing the inclusiveness and adaptability of the system, marking a new round of comprehensive deepening of capital market reforms.
As a comprehensive and systematic reform &#34;package,&#34; the ChiNext reform covers multiple aspects, including mergers and acquisitions (M&amp;A) and restructuring, continuously promoting the implementation of the &#34;Six M&amp;A Guidelines&#34; on the ChiNext, supporting ChiNext listed companies to focus on their main businesses, absorb and merge domestic listed companies that have been listed for less than three years, and improve the quality and efficiency of industrial chain integration.
It is reported that M&amp;A and restructuring are important market tools in the capital market, playing a significant role in optimizing resource allocation, promoting industrial integration and upgrading, and enhancing the quality and investment value of listed companies. Industry insiders analyzed to Every Daily Economic News that this ChiNext reform supports ChiNext listed companies in absorbing and merging domestic listed companies that have been listed for less than three years, without restrictions on the listing board of the absorbed companies. &#34;The further relaxation of M&amp;A and restructuring will open up new industrial integration for newly listed companies in the era of stock. It is expected that the activity of M&amp;A cases in the same industry or upstream and downstream within the ChiNext will increase in the future, helping companies achieve leapfrog development of 'new quality productive forces' through scale effects.&#34;
<h2>Continuously Deepening the Reform of ChiNext M&amp;A and Restructuring: Activating Stock Integration</h2>
As the core tool for optimizing resource allocation in the capital market, M&amp;A and restructuring play a key role in promoting industrial upgrading and enhancing the strength of listed companies. Since the release of the &#34;Six M&amp;A Guidelines&#34; in September 2024, the scale and activity of the ChiNext M&amp;A and restructuring market have significantly increased.
Statistics show that after the release of the &#34;Six M&amp;A Guidelines,&#34; the ChiNext disclosed 669 new restructuring cases, a year-on-year increase of 79%; 82 new major restructuring cases were disclosed, a year-on-year increase of 148%, with industrial M&amp;A accounting for 80% and acquisitions of new quality productive force targets accounting for 90%.
Among these, a number of representative cases have gradually emerged. For example, AVIC Electromechanical's acquisition of Chengfei Group achieved a breakthrough in industrial integration, Guanghong Technology's acquisition of a European automotive electronics company opened a new chapter in cross-border M&amp;A, and Fulede used a diversified payment tool combining share issuance and targeted convertible bonds to acquire Fulehua. Xinbang Intelligent optimized transaction arrangements through an installment payment model, planning to pay for shares in two installments to acquire Yindichip Micro. These cases not only demonstrate the market's rapid response to the new policies but also reflect the flexible application of M&amp;A tools and the deep advancement of industrial integration.
Tian Liang, chief analyst of the financial industry at CITIC Securities, clearly pointed out in a research report that the further relaxation of M&amp;A and restructuring will open up industrial integration for newly listed companies in the stock era. It is expected that the activity of M&amp;A cases in the same industry or upstream and downstream within the ChiNext will increase in the future, helping companies achieve leapfrog development of &#34;new quality productive forces&#34; through scale effects
<h2>Industrial integration is a key encouraged direction, supporting listed companies in transformation and upgrading, and becoming stronger and better</h2>
Industrial integration is a key encouraged direction in merger and acquisition policies. The arrangements for mergers and acquisitions of listed companies are dynamically adjusted based on their own development needs and the industrial development cycle, and greater space should be allowed at the regulatory level for companies to make independent decisions according to market-oriented and rule-of-law principles.
Industry insiders analyzed to the &#34;Daily Economic News&#34; reporter that the &#34;Six Guidelines for Mergers and Acquisitions&#34; emphasize supporting mergers and acquisitions among listed companies in the same industry and upstream and downstream. This reform of the ChiNext supports ChiNext listed companies in merging with domestic listed companies that have been listed for less than three years, without restrictions on the listing board of the merged party. On one hand, from the practice of domestic and foreign markets, companies have more standardized governance and more transparent finances after going public, and have secondary market stock prices as the pricing basis. As a target for mergers and acquisitions, this is conducive to fully releasing synergy effects and better achieving industrial integration. Many listed companies on the ChiNext are leaders in niche fields, and through mergers and acquisitions, they can achieve strong chain reinforcement and strong partnerships, which is beneficial for companies to grow larger and stronger.
On the other hand, it is clearly required that relevant shareholders continue to fulfill the regulatory requirements of the lock-up period, ensuring through strict lock-up arrangements that this system will not become a channel for the controlling shareholders and actual controllers of the merged party to reduce holdings and cash out.
Zhao Ran, chief analyst of non-bank finance and forward-looking research at CITIC Securities Research and Development Department, also pointed out that the optimization of merger and acquisition policies will activate the motivation for industrial integration.
Specifically, first, the &#34;ChiNext Opinions&#34; clearly support ChiNext listed companies in merging with domestic listed companies that have been listed for less than three years, while continuing to fulfill the relevant regulatory requirements of the lock-up period. This arrangement breaks the previous practice that companies could only be merged after being listed for three years, which is conducive to leaders in niche tracks achieving industrial chain integration and business expansion through mergers and acquisitions, providing more flexible tools for industrial integration. In addition, the &#34;ChiNext Opinions&#34; support ChiNext companies in issuing special products such as sci-tech bonds and green bonds, precisely meeting the financing needs of innovative enterprises. Sci-tech bonds focus on the field of technological innovation, providing financial support for corporate R&amp;D investment and technology transformation; green bonds assist companies in green transformation, aligning with the &#34;dual carbon&#34; goals and the development orientation of &#34;green and low-carbon&#34; new productive forces.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OvL9qgGNArjJcCmzPI1FO5Gz_MjS7mIySr_r7MtfuirZIAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OvL9qgGNArjJcCmzPI1FO5Gz_MjS7mIySr_r7MtfuirZIAA/641"/>
Key points of financing and merger system innovation (Source: CSRC, CITIC Securities)
Daily Economic News

399006

159957

159949

03147

83147

159915

On April 10th, the China Securities Regulatory Commission released the "Opinions on Deepening the Reform of the ChiNext to Better Serve the Development of New Quality Productive Forces," marking the in-depth advancement of the ChiNext merger and acquisition reform. This reform removes the "three-year threshold," supporting ChiNext listed companies in absorbing and merging domestic companies that have been established for less than three years, aiming to enhance the efficiency of industrial chain integration. Industry insiders expect that in the future, merger and acquisition cases within the ChiNext will become active, helping enterprises achieve leapfrog development. Since the release of the "Six Merger and Acquisition Guidelines," the scale of the ChiNext merger and acquisition market has significantly increased, with 669 newly disclosed reorganizations, a year-on-year increase of 79%

腾讯新闻 - 财经

ChiNext

ChinaAMC ChiNext Composite ETF

Huaan SZSE ChiNext Composite 50 ETF

CSOP CHINEXT

CSOP CHINEXT-R

E Fund GEM ETF

Industry hot discussion on the ChiNext merger and acquisition reform: breaking the "three-year threshold" to activate new momentum for existing integration