CSRC: Encouraging private equity funds to participate in the mergers and acquisitions of listed companies

According to the Securities Times APP, on May 16th, the China Securities Regulatory Commission revised the "Management Measures for Major Asset Restructuring of Listed Companies" to deepen the market reform of mergers and acquisitions of listed companies. It mentioned encouraging private equity funds to participate in the mergers and acquisitions of listed companies. A "reverse link" is implemented for the lock-up period of private equity funds investing period and obtaining shares in the restructuring. It is specified that if the private equity fund investment period is 48 months, the lock-up period in third-party transactions is reduced from 12 months to 6 months, and the lock-up period for shareholders other than the controlling shareholders, actual controllers, and related parties controlled by them in the listing restructuring is reduced from 24 months to 12 months. In addition, in accordance with the new "Company Law" and other regulations, adaptive adjustments have been made to the relevant provisions of the "Restructuring Measures".