BEIJING, July 11 -- The China Securities Regulatory Commission (CSRC) released a new rule governing major asset restructuring by listed companies on Friday, with the market playing a bigger role.

Under the new rule, major asset restructuring such as asset purchases, sales and swaps can proceed without approval from the CSRC.

But restructuring involving stock issuance and a backdoor listing through acquiring a listed shell company still need to be examined and approved by the CSRC.

Han Fuling, a finance professor with the Central University of Finance and Economics, said the new rule will bring about a new round of restructuring on the stock market, with more opportunities emerging.

The commission also clarified tightened oversight of backdoor listings. Requirements for a backdoor listing will be the same as those for an initial public offering.