Qualified listed companies on the mainland may be able to get faster approvals for their merger and acquisition applications, according to a new policy that has introduced separate M&A examination paths.

The policy, which took effect on Tuesday, has set three new types of categories for M&A examination processes: exempt/fast, normal and deliberate examination.

The speed of the examination processes will be determined by the evaluations made by stock exchanges, the China Securities Regulatory Commission, the Securities Association of China and financial advisors, a spokesman for the CSRC said earlier.

The separate examination processes will support China's industrial upgrading endeavor, which aims to mitigate overcapacity in some sectors.

Companies in nine industries affected by overcapacity, such as automobile, iron and steel, cement and shipping, will enjoy priority status in getting exemptions or quick approvals.

Asset-restructuring processes will bring fundamental changes to the companies' portfolios, operation models and profit structures, and could boost their performance in the short term, said Huang Xuejun, an analyst at Guosen Securities Co Ltd.

The essence of the separation of the approval processes is to give incentives to "qualified intermediate agencies, companies and M&A projects," said Pi Haizhou, a financial commentator and independent investor.

"The companies have to not only guarantee their own honesty but also vouch for the integrity of their financial advisor, which is a big step forward compared to the former policy where standards were mixed," Pi added.

M&A opportunities are expected to rise in traditional sectors undergoing an upgrading process, particularly in environmental protection industries, as well as emerging high-tech industries, including electronic products, renewable energy, and equipment manufacturing, according to a report from Northeast Securities Co Ltd.