火爆！并购受理项目已超去年全年！

Core Viewpoint - The A-share merger and acquisition (M&A) market is experiencing a recovery driven by supportive policies and industrial upgrades, with significant increases in project numbers and completion rates in 2025 compared to 2024 [1][3][4]. Group 1: M&A Market Activity - In the first half of 2025, the number of M&A projects submitted for review reached 86.67% of the total for 2024, with a 100% approval rate for M&A restructuring [1][3]. - The number of disclosed asset restructuring plans by listed companies exceeded 600, which is 1.4 times that of the same period last year, with major asset restructurings around 90, 3.3 times higher than last year [3][4]. - The total transaction amount for completed major asset restructurings surpassed 200 billion yuan, an increase of 11.6 times compared to the same period last year [3]. Group 2: Policy Support - Recent policies, including the revised "Major Asset Restructuring Management Measures," have created a favorable environment for companies to enhance their industrial chain resilience through M&A [5][6]. - The new measures introduced simplified review processes, adjusted regulatory requirements for share issuance in asset purchases, and established mechanisms for staggered payments for shares [6]. Group 3: Semiconductor Industry Focus - The semiconductor sector has emerged as a hot spot for M&A activity, with over 20 disclosed restructuring plans since the beginning of 2025 [7][8]. - Notable M&A cases include major players like Huada Jiutian acquiring shares in Chip and Semiconductor, and Haiguang Information merging with Zhongke Shuguang [7][8]. - The M&A trend in the semiconductor industry is characterized by horizontal and vertical integrations, aimed at acquiring key technologies and enhancing market competitiveness [8].