政策红利持续释放 深市并购重组绘就产业升级新图景

Core Viewpoint - The recent merger and acquisition activities in the Shenzhen Stock Exchange (SZSE) are being driven by policy support, capital empowerment, and industrial upgrades, leading to a significant increase in the number of disclosed projects and total transaction value since the introduction of the "Six Guidelines" by the China Securities Regulatory Commission (CSRC) [1][2]. Group 1: Merger and Acquisition Trends - The SZSE has seen a total of 767 disclosed merger and acquisition projects since the "Six Guidelines" were released, with a combined value of 2,940 billion yuan, including 89 major asset restructurings valued at 1,149 billion yuan [1]. - Companies are increasingly focusing on synergistic effects through mergers and acquisitions, enhancing industrial integration and improving supply chain layouts [2]. - Notable examples include State Power Investment Corporation's acquisition of 100% of China National Nuclear Power Co., which aims to consolidate nuclear power assets, and Beijing Huada Jiutian's acquisition of a leading EDA company to strengthen its position in the integrated circuit industry [2]. Group 2: Transformation and Upgrading - Many companies are pursuing cross-industry acquisitions to accelerate structural adjustments and technological innovations, such as Shandong Yanggu Huatai's acquisition of a company specializing in polyimide materials for semiconductor applications [3]. - Companies are also focusing on strengthening weak links in their supply chains by acquiring quality but unprofitable assets, as seen in Jingrui Electronic Materials' acquisition of a majority stake in a microelectronics materials company [3]. - Mergers and acquisitions are becoming a vital channel for companies planning to go public to achieve asset securitization, exemplified by China Nuclear Suval's acquisition of a nuclear instrument company that previously withdrew its IPO application [3]. Group 3: Regulatory Support and Efficiency - The CSRC is actively reforming the merger and acquisition environment to enhance efficiency, including simplifying review processes and allowing flexible payment methods for transactions [6][7]. - Since the implementation of the "Six Guidelines," two companies in the SZSE have utilized targeted convertible bonds to improve the flexibility and efficiency of their mergers and acquisitions [6]. - Future regulatory measures are expected to further support mergers and acquisitions for technology-driven companies, enhancing review efficiency and payment flexibility [7].