This situation is rare, the SASAC's state-owned holding company just apply for approval, but the final review in the secondary market must be approved by the SEC before implementation.

The SEC and SASAC are both agencies under the leadership of a government that will generally pass, but it depends on the specific listed company to declare whether the SEC's materials are compliant with the regulations, as well as reorganization of the party's industry, background, assets credit and so on a series of questions whether compliance, and then finally look at the reorganization of the time when it is better. For your reference