Legal analysis: system reform also refers to the change of enterprise ownership. Generally speaking, what we call enterprise restructuring refers to the restructuring of state-owned enterprises. However, enterprise restructuring also includes the restructuring of other enterprises, such as collective enterprises, joint-stock cooperative enterprises and Chinese-foreign cooperative enterprises. Even more types of non-enterprise unit restructuring, such as institution restructuring, are also collectively referred to as enterprise restructuring. The goals of enterprise restructuring include limited liability companies and joint-stock companies. With the increasing demand for listing, many enterprises take listing limited liability companies as the goal of reform.
Legal basis: Article 40 of the Law of People's Republic of China (PRC) on State-owned Assets of Enterprises, the enterprise restructuring shall be decided by the institution performing the investor's duties in accordance with legal procedures, or by the company's shareholders' meeting or shareholders' meeting.