According to lawyers involved in the first “low-value express” M&A and restructuring deal, the mechanism does not mean loosened regulation of such deals.
The proposed deal of Beijing TRS Information Technology to acquire Keyun Big Data was approved unconditionally by the China Securities Regulatory Commission (CSRC) on 18 October, and was the first such deal under the new review mechanism launched by the commission, with Tian Yuan Law Firm as the legal adviser of TRS.
Liu Yan, the leader of the project team and a partner at Tian Yuan, told China Business Law Journal that the process was hastened under the “low-value express” review mechanism, where pre-review and CSRC feedback were removed, and the company would proceed directly to the review and inquiry by the commission’s M&A and restructuring committee.
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