China Securities Regulatory Commission: Support for GEM-listed companies to absorb and merge companies listed domestically for less than three years.

The China Securities Regulatory Commission has issued the "Opinions on Deepening the Reform of the ChiNext Board and Better Serving the Development of New Quality Productive Forces", which points out the need to improve the financing and M&A system, enhance the flexibility and convenience of stock and bond financing. It guides listed companies to raise funds reasonably and as needed, introduces a shelf offering system for refinancing, allows listed companies to authorize the board of directors to implement simplified procedures for refinancing at temporary shareholders' meetings, and increases the limit of simplified procedures. It supports ChiNext-listed companies in absorbing domestic companies that have been listed for less than three years, while continuing to comply with regulatory requirements for lock-up periods. It supports ChiNext-listed companies with standardized operations and outstanding innovation capabilities in flexibly setting performance evaluation indicators when implementing equity incentives. It supports ChiNext-listed companies in issuing technology innovation bonds, green bonds, securitization of intellectual property rights, and other products, and supports high-quality companies in using a concise information disclosure arrangement for corporate bonds.