CSRC: Improving lock-up period rules to support mergers and acquisitions between listed companies.

CSRC issued the "Decision on Amending the Regulations on Major Asset Restructuring of Listed Companies", which improves the lock-up period rules to support mergers and acquisitions between listed companies. It clarifies the lock-up requirements for mergers and acquisitions between listed companies, setting a 6-month lock-up period for the controlling shareholders, actual controllers, or related parties controlled by the target company in a merger. In cases where the merger constitutes an acquisition, the 18-month lock-up period requirements of the "Regulations on the Acquisition of Listed Companies" shall apply. No lock-up period is set for other shareholders of the target company in the merger.