Equity M&A refers to the M&A behavior in which investors acquire the equity of the target company by purchasing the equity of the shareholders of the target company or subscribing for the capital increase of the target company. Due to the different nature of the target enterprises, the regulatory attitudes of relevant government departments are also different. For mergers and acquisitions that do not involve state-owned shares or listed companies, it is usually only necessary to go to the industrial and commercial department for change registration. According to the Anti-Monopoly Law and other relevant regulations, M&A transactions may need to be approved by provincial or national anti-monopoly review agencies if they meet the standards set by the State Council. Involving foreign mergers and acquisitions, it also needs the approval of the business department, the development and reform commission and other departments. Involving the merger and acquisition of state-owned shares, it needs to be approved or approved by the state-owned assets management department or put on record, and go through the procedures of evaluation and market transaction. Where the equity of listed companies is involved, M&A transactions need to be approved by the CSRC, mainly to ensure that the interests of other shareholders will not be harmed, and to fulfill the obligation of information disclosure according to regulations.
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