GF SECURITIES(000776) 证券时报网·2025-01-21 07:40Core Viewpoint - The recent trend of former IPO candidates becoming acquisition targets in the A-share market reflects significant changes in the capital market and industry dynamics, driven by multiple factors including economic conditions, regulatory changes, and the strategic needs of listed companies [1][3][7]. Group 1: Factors Driving the Trend - The shift from IPO to mergers and acquisitions (M&A) is influenced by the new normal of economic development, where high-quality growth is prioritized, making established companies more favorable for acquisitions compared to startups [2][4]. - The capital market is currently focused on "strengthening regulation, preventing risks, and promoting high-quality development," with M&A seen as a key method to enhance new productive forces [3][6]. - Listed companies face challenges in sustaining performance growth and are increasingly looking to M&A as a means to expand their operations and improve their competitive edge [4][6]. Group 2: Industry Distribution and Characteristics - Companies in sectors such as technology, pharmaceuticals, and manufacturing are more inclined to acquire former IPO candidates, as these acquisitions can enhance their resource allocation and operational efficiency [5][6]. - The trend of acquiring former IPO candidates is particularly strong in industries focused on strategic emerging sectors and "hard technology," which align with national strategies [5][7]. - Traditional industries are also leveraging M&A to enhance their capabilities and transform their operations, with policies supporting such consolidation efforts [6][7]. Group 3: Future Trends and Implications - The ongoing trend of former IPO candidates being acquired is expected to reshape the industry landscape, as companies seek to enhance their quality and competitiveness through strategic acquisitions [7][8]. - The focus of M&A is shifting from market capitalization to industrial logic, emphasizing the importance of synergy and collaborative value creation [7][8]. - Investment institutions play a crucial role in facilitating this M&A wave, as they seek to exit investments while also supporting long-term growth in new productive forces [8].