科创板“试验田”观察|丰富并购重组政策工具箱 市场活跃度攀升

Group 1 - The core viewpoint of the articles emphasizes the effectiveness of the "Science and Technology Innovation Board" (STAR Market) as a reform pilot, enhancing the capital market's support for technological innovation and improving the quality of listed companies in the A-share market [1][2] - The implementation of the "STAR Market Eight Articles" and "Merger and Acquisition Six Articles" has led to a series of supportive policies aimed at invigorating the merger and acquisition market, resulting in a more dynamic and efficient environment for transactions [2][3] - The number of mergers and acquisitions has significantly increased, with 106 new transactions reported, showcasing a rise in both quantity and quality, particularly in the cash and major restructuring deals since 2025 [3][4] Group 2 - The continuous optimization of merger and acquisition mechanisms has injected strong momentum into the STAR Market, with new policies enhancing the efficiency and convenience of the market [2][5] - The introduction of diverse payment tools for mergers and acquisitions, including convertible bonds and acquisition loans, has facilitated the integration of upstream and downstream industries, promoting collaborative effects [5][6] - The STAR Market's focus on acquiring high-quality, unprofitable "hard technology" companies has led to 28 transactions involving such targets, breaking traditional valuation frameworks and establishing a multi-dimensional valuation system [5][6]