["Roads" are scarce and commitments to increase the "threshold" for bankruptcy and reorganization of A-shares have been raised] November 11th, "Roads" for bankruptcy and reorganization of A-share listed companies are becoming increasingly scarce. As of November 9, there were only three A-share listed companies that had been ruled by the court to accept bankruptcy reorganization during the year, namely *ST Huawen, *ST Xifa and *ST Zhongji. In the same period last year, the number was 9. In contrast, many listed companies are still in the pre-reorganization stage, and some industrial investors of pre-reorganization companies have taken the initiative to increase their commitments and set longer lock-in periods and higher self-owned capital ratio constraints above the regulatory bottom line. Industry insiders said that the restructuring logic of listed companies has changed from "shell arbitrage" to deep industry integration and empowerment. Reorganization no longer simply regards debt resolution as the single goal. The feasibility of reorganization, the ability to empower industrial investors, the compliance of funding sources, and the continued operating value of the original main business are more stringent. The threshold for subsequent reorganization will be increasingly higher. (Shanghai Securities News)