[Two-way flow of controlling rights, intensive innovation in transaction structure, integration of listed state-owned enterprises plays a new chapter of "central land harmony"] October 13th, the first year of the "15th Five-Year Plan", "central land harmony" has become a new trend in the asset integration of state-owned enterprises. In 2026, there have been six groups of integration cases of listed companies of central and local state-owned enterprises, covering the acquisition of listed companies by local state-owned enterprises, local state-owned enterprises taking over the controlling stake of listed companies controlled by central enterprises, reverse investment of local state-owned enterprises in central enterprises, and strategic marriages of "assets for equity" that do not involve changes in control rights. The diversity and innovation of transaction structures are beyond the past. Behind this trend is a new round of state-owned assets and state-owned enterprise reforms with differentiated institutional arrangements based on hierarchical classification and enterprise-specific conditions. Space is left at the institutional level and greater autonomy is given at the execution level. When it comes to the choice of asset integration methods for state-controlled listed companies, they no longer only have a few options such as agreement transfer or free transfer. (Shanghai Securities News)