The main laws and regulations of M&A of listed companies are: Basic Law, Company Law and Securities Law. Administrative regulations "Regulations on the Supervision and Administration of Listed Companies", and departmental rules include "Measures for the Administration of Acquisition of Listed Companies", "Measures for the Administration of Major Asset Restructuring of Listed Companies", "Measures for the Administration of Financial Consulting Business of Mergers and Acquisitions of Listed Companies" and some disclosure formats and standards. In these laws and regulations regulating the merger and reorganization of listed companies, there is no clear stipulation on how long it can not be reorganized after listing. It is more limited by the reorganization conditions and procedures.
As for the merger and reorganization of listed companies, after the completion of public offering, it should be restricted by the merger and reorganization of listed companies. As for those that have not yet been issued, they should belong to the scope of IPO. This part of the legal provisions should be defined by the Measures for the Administration of Securities Issuance and Underwriting and the Provisions for the Administration of Sponsorship Business.