More than 30 companies applied and 14 companies obtained the road pass. The chaos of restructuring and arbitrage was accurately curbed.

According to the usual practice in previous years, November is the last window period for listed companies to obtain the "road pass" for restructuring. According to statistics, as of December 1st, a total of 14 listed companies have obtained the "road pass" for restructuring this year. Due to the scarcity of the "road pass", the bankruptcy restructuring of listed companies has become the focus of capital pursuit. In 2024, the speculation on restructuring concept was in full swing. As soon as ST companies announced news of restructuring, their stock prices would soar. However, in 2025, the restructuring market returned to a rational track under the constraints of new regulatory rules. The market chaos such as "hoax restructuring" and arbitrage using restructuring rules that occurred in the past few years has been curbed.