Group 1: M&A Market Dynamics - The A-share market is experiencing a surge in mergers and acquisitions (M&A) following the release of new regulations, with companies showing increased enthusiasm for M&A activities [1] - The first project approved under the new M&A regulations was announced by Fulede, marking a significant milestone in the A-share market [2] - Companies like Haiguang Information and Zhongke Shuguang are planning significant mergers, indicating a trend towards consolidation in the semiconductor and high-end equipment sectors [3] Group 2: Policy Impact and Company Strategies - Positive signals from policy changes are enhancing the investment value of listed companies, prompting many to seek M&A opportunities to strengthen their core businesses and improve industry chain integration [4] - Some companies have halted their M&A plans due to disagreements on transaction terms and changes in market conditions, reflecting a cautious approach to M&A activities [5] - Despite some terminations, companies like Ningbo Fuda and Donghu High-tech continue to explore M&A paths, focusing on strategic emerging industries for future growth [6] Group 3: Market Statistics and Future Outlook - Since the introduction of the "M&A Six Articles" in September 2023, there has been a notable increase in M&A activities, with 1,076 new transactions announced in the past six months, a 9.6% year-on-year increase [8] - The electronics sector leads in new M&A cases, with significant activity also observed in automotive, computing, machinery, pharmaceuticals, basic chemicals, and power equipment industries [8] - Continuous policy support is expected to provide a larger development space for the M&A market, enhancing the investment value of listed companies and overall market vitality [8]

Core Viewpoint - The A-share market is experiencing a significant increase in merger and acquisition (M&A) activities, driven by supportive policies and a more active market environment, which is expected to facilitate resource integration and transformation for companies [1][4][7]. M&A Activity Summary - From September 24, 2024, to May 23, 2025, there were 1,076 newly announced M&A transactions in the A-share market, representing a year-on-year increase of 9.6% [1][4]. - The Sci-Tech Innovation Board and the Growth Enterprise Market accounted for 359 M&A transactions, with a year-on-year growth of 12.9% [1]. - Major asset restructurings reached 135 cases, showing a substantial year-on-year increase of 114.3% [1]. New Transaction Models - Anhui Fulede Technology Development Co., Ltd. became the first company to pass the restructuring review under the new regulations, utilizing a combination of share issuance and convertible bonds for payment [2][3]. - The transaction involved 59 counterparties, showcasing innovative payment methods to meet diverse compensation requirements [3]. - Hunan Friendship Apollo Commercial Co., Ltd. announced a strategic shift to the power semiconductor sector through an acquisition, aiming to enhance its profitability and growth potential [3]. Regulatory Changes - The "National Nine Articles" introduced in April 2024 emphasized the need for M&A reform to invigorate the market [4]. - The China Securities Regulatory Commission (CSRC) released the "Six Articles on M&A" on September 24, 2024, focusing on enhancing support for industrial integration and improving regulatory flexibility [4]. - The revised "Major Asset Restructuring Management Measures" published on May 16, 2025, aims to simplify review processes and promote innovative transaction tools [4]. Market Trends - Since the release of the "Six Articles," the Shenzhen Stock Exchange has reported a total of 817 M&A transactions with a combined value of 379.7 billion yuan, reflecting a year-on-year increase of 63% in volume and 111% in value [5][6]. - Major asset restructurings in the Shenzhen market totaled 99 transactions, amounting to 178.4 billion yuan, with year-on-year increases of 219% in volume and 215% in value [6]. - The majority of new restructuring projects are focused on industries such as semiconductors, basic chemicals, information technology, and equipment manufacturing [6]. Opportunities for Securities Firms - The ongoing M&A activities present new growth opportunities for securities firms, as the revised regulations are expected to lower costs and enhance the incentive mechanisms for all parties involved [7]. - The implementation of the new measures is likely to boost revenues for financial advisory services and improve the bargaining power for value-added services [7]. - The changes are anticipated to optimize resource allocation within the securities industry, leading to increased concentration and efficiency [7].

Group 1 - Core viewpoint: Anhui Fulede Technology Development Co., Ltd. has received approval from the Shenzhen Stock Exchange's M&A Review Committee for its asset acquisition and fundraising plan, marking the first approved restructuring project in the A-share market following the new restructuring regulations [2][5] - The company plans to issue shares and convertible bonds to acquire 100% equity of Jiangsu Fulehua Semiconductor Technology Co., Ltd. from 59 trading parties, while also raising supporting funds from no more than 35 specific investors [4] - The transaction price is set at 6.55 billion yuan, with a premium rate of 115.71%. The payment includes 6.19 billion yuan through share issuance and 360 million yuan through convertible bonds, with an initial conversion price of 16.30 yuan per share [5] Group 2 - The approval process has shown significant efficiency improvements, with the review completed just one week after the company disclosed its acquisition intentions [5] - Following the implementation of the new major asset restructuring regulations by the CSRC on May 16, the capital market has seen a surge in M&A activities, with the number of major asset restructurings increasing by 3.3 times year-on-year and transaction amounts soaring by 11.6 times [6] - The new regulations introduced a "2+5+5" simplified review process, allowing for rapid approvals of transactions such as mergers and acquisitions, with the fastest registration for ChiNext companies taking only 12 days, a 60% acceleration compared to the previous rules [6]

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安徽富乐德科技发展股份有限公司 发行股份、可转换公司债券 购买资产并募集配套资金暨关联交易报告书 | 项 | 目 | 交易对方名称 | 发行股份、可转换公司债券购买 | 上海申和投资有限公司等 | 名江苏富乐华半导体科 | 59 | | --- | --- | --- | --- | --- | --- | --- | | 资产 | 技股份有限公司股东 | | | | | | 证券代码：301297 证券简称：富乐德 上市地点：深圳证券交易所 （草案）（注册稿） 募集配套资金的发行对象 不超过 35 名符合中国证监会规定的特定投资者 签署日期：二〇二五年五月 发行股份、可转换公司债券购买资产并募集配套资金暨关联交易报告书（草案） 上市公司声明 本公司及全体董事、监事、高级管理人员保证本草案及其摘要内容不存在虚 假记载、误导性陈述或者重大遗漏，并对其真实性、准确性和完整性承担个别和 连带的法律责任。 本公司全体董事、监事、高级管理人员保证本草案及其摘要所引用的相关数 据的真实性和合理性。 本草案所述事项并不代表中国证监会、深圳证券交易所对于本次重组相关事 项的实质性判断、确认或批准。本草案所述本次重组相关事项的 ...

证券代码：301297 证券简称：富乐德 上市地点：深圳证券交易所 安徽富乐德科技发展股份有限公司 发行股份、可转换公司债券 购买资产并募集配套资金暨关联交易报告书 （草案）（注册稿）摘要 | 项 目 | 交易对方名称 | | --- | --- | | 发行股份、可转换公司债券购买 | 上海申和投资有限公司等 59 名江苏富乐华半导体科 | | 资产 | 技股份有限公司股东 | | 募集配套资金的发行对象 | 不超过 名符合中国证监会规定的特定投资者 35 | 签署日期：二〇二五年五月 发行股份、可转换公司债券购买资产并募集配套资金暨关联交易报告书（草案）摘要 上市公司声明 本报告书摘要的目的仅为向公众提供有关本次交易的简要情况，并不包括重 组报告书全文的各部分内容。重组报告书全文同时刊载于深圳证券交易所网站。 本公司及全体董事、监事、高级管理人员保证本草案及其摘要内容不存在虚 假记载、误导性陈述或者重大遗漏，并对其真实性、准确性和完整性承担个别和 连带的法律责任。 本公司全体董事、监事、高级管理人员保证本草案及其摘要所引用的相关数 据的真实性和合理性。 本草案及其摘要所述事项并不代表中国证监会、深圳证券交 ...

证券代码：301297 证券简称：富乐德 公告编号：2025-037 安徽富乐德科技发展股份有限公司 安徽富乐德科技发展股份有限公司（以下简称"公司"）拟发行股份、可转 换公司债券购买江苏富乐华半导体科技股份有限公司 100.00%股权并募集配套 资金暨关联交易（以下简称"本次交易"）。 关于发行股份、可转换公司债券购买资产并募集配套资金 特此公告。 暨关联交易报告书（草案）（注册稿）修订说明的公告 安徽富乐德科技发展股份有限公司董事会 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 2025 年 5 月 31 日 2025 年 5 月 29 日，深圳证券交易所并购重组审核委员会召开 2025 年第 5 次并购重组审核委员会审议会议，对公司本次交易的申请进行了审议。根据深圳 证券交易所并购重组审核委员会发布的《深圳证券交易所并购重组审核委员会 2025 年第 5 次审议会议结果公告》，本次会议的审议结果为：本次交易符合重组 条件和信息披露要求。 公司结合实际情况，对重组报告书进行了部分补充、修订和完善，形成了重 组报告书（注册稿），主要修订内容如下（如无特别说 ...

东方证券股份有限公司 国泰海通证券股份有限公司 关于 安徽富乐德科技发展股份有限公司 发行股份、可转换公司债券购买资产 并募集配套资金暨关联交易 之 独立财务顾问报告 （注册稿） 独立财务顾问 二〇二五年五月 富乐德 发行股份、可转换公司债券购买资产并募集配套资金暨关联交易之独立财务顾问报告 声明和承诺 东方证券股份有限公司、国泰海通证券股份有限公司接受安徽富乐德科技发 展股份有限公司（以下简称"富乐德"或"上市公司"）的委托，担任富乐德发 行股份、可转换公司债券购买资产并募集配套资金暨关联交易的独立财务顾问， 并出具本独立财务顾问报告。 本独立财务顾问报告是依据《中华人民共和国公司法》《中华人民共和国证 券法》《上市公司重大资产重组管理办法》《上市公司并购重组财务顾问业务管理 办法》《上市公司向特定对象发行可转换公司债券购买资产规则》《公开发行证券 的公司信息披露内容与格式准则第 26 号——上市公司重大资产重组》《上市公司 监管指引第 9 号——上市公司筹划和实施重大资产重组的监管要求》和《深圳证 券交易所上市公司重大资产重组审核规则》等法律法规及文件的规定和要求，以 及证券行业公认的业务标准、道德规范， ...

富乐德表示，公司本次交易尚需获得中国证券监督管理委员会同意注册的决定后方可实施，能否经中国 证券监督管理委员会予以注册尚存在不确定性。公司将根据本次交易的进展情况，严格按照有关法律法 规的规定和要求及时履行信息披露义务。 中国经济网北京5月30日讯富乐德（301297）(301297.SZ)昨日晚间发布《关于公司发行股份、可转换公 司债券购买资产并募集配套资金事项获得深圳证券交易所并购重组审核委员会审核通过的公告》。 公告显示，富乐德拟发行股份、可转换公司债券购买江苏富乐华半导体科技股份有限公司(以下简称"富 乐华")100.00%股权并募集配套资金暨关联交易。 深圳证券交易所并购重组审核委员会于5月29日召开2025年第5次并购重组审核委员会审议会议，对公司 本次交易进行了审议。根据深圳证券交易所并购重组审核委员会发布的《深圳证券交易所并购重组审核 委员会2025年第5次审议会议结果公告》，本次会议的审议结果为：本次交易符合重组条件和信息披露 要求。 富乐德5月22日披露的关联交易报告书(草案)(上会稿)显示，本次交易方案包括发行股份、可转换公司债 券购买资产和募集配套资金两部分。本次募集配套资金以发行股份 ...

据披露，标的公司系控股股东旗下的优质半导体资产，收入规模较大，盈利能力较强， 2022 年、2023 年及 2024 年 1-6 月（均未经审计，下同）的营业收入分别为 11.07 亿元、16.92 亿元及 8.99 亿元，净利 润分别达 26,082.43 万元、35,350.19 万元和 12,789.98 万元。 5月30日，富乐德发布公告称，公司拟发行股份、可转 换公司债券购买江苏富乐华半导体科技股份有限 公司（简称：富乐华）100.00%股权并募集配套资金暨关联交易（以下简称"本次交易"）。深交所并购 重组审核委员会于2025年5月29日召开2025年第 5 次并购重组审核委员会审议会议，对公司本次交易进 行了审议，认为本次交易符合重组条件 和信息披露要求。 其进一步称，公司本次交易尚需获得中国证券监督管理委员会同意注册的决定后方可实 施，能否经中 国证券监督管理委员会予以注册尚存在不确定性。 富乐德是一家泛半导体（半导体、显示面板等）领域设备精密洗净服务提供商，主要聚焦于半导体和显 示面板两大领域，专注于为半导体及显示面板生产厂商提供一站式设备精密洗净及其衍生增值服务。同 时，上市公司逐步导入半导 ...