(Yicai Global) June 7 -- Some 90 percent of listed companies' mergers and acquisitions are no longer subject to China Securities Regulatory Commission (CSRC) approval, CSRC Vice Chairman Jiang Yang said at the Belt and Road and Cross-Border Investment CEO Summit at the CIC Forum, per a speech transcript published on the CSRC website yesterday.
The CSRC has worked to reform market-oriented M&As since 2014, said Jiang. The commission has streamlined administrative approval procedures for such deals, and 90 percent of listed firm's M&As aren't subject to the commission's approval, he said. The CSRC also improved M&A market mechanisms by carrying out pricing mechanism reforms, enriching tender offer performance guarantee methods and increasing the number of payment instruments accepted for M&A use. The commission enhanced M&A supervision and investor protection.
"These measures have achieved remarkable results," Jiang said. "M&As have become the most efficient and dynamic part of the capital market. Transaction volume continues to grow and market transparency keeps increasing." The process of auditing, reviewing and gathering feedback on share issuances in asset-class M&As has been standardized and made public, he said.