Legal basis: Article 1 of the Implementation Opinions on Further Standardizing the Restructuring of State-owned Enterprises (1) Carefully formulate the enterprise restructuring plan. The main contents of the reform plan should include: the purpose and necessity of the reform, the assets, business, equity setting, product development and technological transformation of the reformed enterprise, etc. The specific form of reorganization; The corporate governance structure formed after reorganization; The implementation of the enterprise's creditor's rights and debts; Employee placement plan; The operating procedures of intermediary institutions such as restructuring, financial auditing and asset evaluation and the choice of property rights trading market. (two) the reorganization plan must clearly preserve the financial creditor's rights, implement the financial debts according to law, and obtain the consent of the creditors of the financial institution. Units that examine and approve the reorganization plan (including people's governments at all levels, state-owned assets supervision and administration institutions at all levels and their funded enterprises, departments other than state-owned assets supervision and administration institutions at all levels and authorized units, the same below) should carefully examine and prevent enterprises from using reorganization to evade financial debts, and refuse to approve the reorganization plan that fails to preserve financial claims and implement financial debts according to law. (III) Where the enterprise restructuring involves the transfer of state-owned property rights of enterprises, it shall be strictly implemented in accordance with the relevant national laws and regulations, the Interim Measures for the Administration of the Transfer of State-owned Property Rights of Enterprises (Order No.3 of the State-owned Assets Supervision and Administration Commission and the Ministry of Finance), the Notice on Printing and Distributing the Interim Provisions on the Administration of the Transfer of State-owned Property Rights of Enterprises (No.78 [2005] of the State-owned Assets Supervision and Administration Commission) and relevant supporting documents. Enterprises that intend to restructure through capital increase and share expansion should disclose information such as enterprise restructuring and investors through the property rights trading market, the media or the Internet, and select the best investors; Under special circumstances, with the approval of the state-owned assets supervision and administration institution, investors can be selected by providing information to a number of potential investors with relevant qualifications. If the enterprise restructuring involves public offering of shares, it shall be implemented in accordance with the Securities Law of People's Republic of China (PRC) and other relevant laws and regulations. (four) the enterprise restructuring must issue a legal opinion on the restructuring plan. The legal opinion shall be issued by the legal adviser of the unit that examines and approves the reorganization plan or the law firm that the unit decides to hire. If it is planned to be restructured into a state-controlled enterprise and the employees (including management) do not hold the equity of the enterprise, the unit that examines and approves the restructuring plan may authorize the enterprise legal adviser to issue it. (five) the restructuring plan of state-owned enterprises shall perform the decision-making or approval procedures in accordance with the Provisional Regulations on the Supervision and Administration of State-owned Assets of Enterprises (Order No.378 of the State Council) and the relevant provisions of the State-owned Assets Supervision and Administration Commission of the State Council, otherwise the restructuring shall not be implemented. If the restructuring of state-owned enterprises involves matters such as finance and labor security, it must be reported to the relevant departments of the people's government at the same level for approval in advance, and then reported to the state-owned assets supervision and administration institution for coordination and approval; Examination and approval matters involving government social management shall be reported to the relevant government departments for examination and approval in accordance with relevant state laws and regulations; Enterprises funded by state-owned assets supervision and administration institutions are restructured into non-state-owned enterprises (enterprises without state-owned shares and shares), and the restructuring plan must be reported to the people's government at the same level for approval. (six) the unit that examines and approves the restructuring plan must establish the relevant examination and approval procedures, authority and responsibility system in accordance with the principle of unity of rights, obligations and responsibilities. (VII) The unit that examines and approves the restructuring plan must establish a file management system for important information such as restructuring plan examination and approval, asset verification, financial audit, asset evaluation, entry transaction, pricing, transfer price, implementation of creditor's rights, and employee resettlement plan, and the holders of state-owned property rights of restructured enterprises should properly keep relevant information.