More than 30 companies applied, and 14 companies obtained the "road permits". The reorganization of the arbitrage chaos was effectively curbed.

According to the usual practice in previous years, November is the final window period for listed companies to obtain the "road pass" for restructuring. According to reporters' statistics, more than 30 listed companies applied for restructuring in 2025, and as of December 1st, 14 companies have obtained the "road pass". Due to the scarcity of "road pass", bankruptcy restructuring of listed companies has become the focus of capital pursuit. In 2024, the speculation on restructuring concepts was rampant, and whenever ST companies were rumored to undergo restructuring, their stock prices would soar. However, in 2025, the restructuring market returned to a rational track under the constraints of new regulations. Market abuses such as "hoax restructuring" and arbitrage using restructuring rules that have emerged in the past few years have been curbed.