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1. focus on the core and promote industrial integration

the merger and reorganization of listed companies is an important engine that can help companies optimize resource allocation, promote the integration of upstream and downstream of the industrial chain, and accelerate transformation and upgrading. at the policy level, the government will focus on the following aspects:

• increase support: encourage leading listed companies to focus on their core businesses, increase the integration of listed companies in the industrial chain, improve policy regulations such as share lock-up periods, and support mergers and acquisitions in the same industry and upstream and downstream between listed companies under different control, as well as mergers and acquisitions between listed companies under the same control.
• unleash market vitality: encourage private investment funds to legally acquire listed companies for the purpose of promoting industrial integration, and regulate and guide m&a activities through market mechanisms.
• establish standardized processes: improve the installment payment mechanism for restructuring share consideration, pilot a supporting fund-raising shelf issuance system, establish a simplified restructuring review procedure, streamline the review process and shorten the review and registration time for mergers and acquisitions between listed companies, and for issuance of shares to purchase assets by high-quality companies with standardized operations, a market value of more than 10 billion yuan, and an information disclosure quality evaluation of a for two consecutive years (which does not constitute a major asset restructuring).

2. innovate payment methods and flexibly promote mergers and acquisitions

in the process of mergers and acquisitions and restructuring, listed companies need to flexibly use a variety of payment tools, including shares, directional convertible bonds and cash, etc. we encourage transactions to be carried out through diversified payment methods, improve transaction flexibility, and promote the smooth progress of mergers and acquisitions and restructuring.

• restructuring payment mechanism: establish a mechanism for installment payment of restructuring share consideration and pilot a supporting fund-raising shelf issuance system.
• simplify the review process: simplify the restructuring process, shorten the review and registration time, make good use of the "small and fast" review mechanism, implement a "green channel" for mergers and acquisitions of technology-based companies that have made breakthroughs in key core technologies, speed up the review process, and improve the convenience of mergers and acquisitions.

3. improved service levels of intermediary institutions to facilitate smooth transactions

securities companies increased their investment in financial advisory services, gave full play to their role in matchmaking, and actively promoted m&a and restructuring transactions. they also regularly published outstanding m&a and restructuring cases to play a leading role in demonstration.

iv. strengthen supervision and maintain market order

through laws and regulations, we will clarify the definition of mergers and acquisitions and restructuring, strengthen supervision, avoid "deceptive" restructuring, severely punish illegal activities such as fraudulent issuance, financial fraud, insider trading, maintain the order of the mergers and acquisitions and restructuring market, and protect the rights and interests of small and medium-sized investors.