科创板开市6周年丨超110单并购重组落地 新兴产业成主战场

Group 1 - The core viewpoint of the articles highlights the significant opportunities arising in the Sci-Tech Innovation Board's merger and acquisition (M&A) market due to the implementation of the "Eight Guidelines" and "Six Merger Rules" in 2024, which have led to increased market activity and innovative transaction structures [1][2][4] - Following the release of the "Eight Guidelines," over 110 equity acquisition transactions have been disclosed by companies on the Sci-Tech Innovation Board, with 35 of these being major cash and share transactions, surpassing the total of 17 such transactions from 2019 to 2023 [2][3] - The majority of the new M&A transactions are concentrated in emerging industries, with 90% of the major transactions focusing on sectors such as new-generation information technology, biomedicine, and high-end equipment manufacturing, indicating a strong alignment with the development of new productive forces [2][3] Group 2 - There has been a notable increase in the acquisition of unprofitable targets, overseas targets, and companies planning for IPOs, with 30 new acquisitions of unprofitable targets, 14 of overseas targets, and 8 of IPO candidates reported after the "Eight Guidelines" were released [3][4] - The innovative payment mechanisms in M&A transactions have become more diverse, with companies utilizing convertible bonds, private placements, and acquisition loans, enhancing the feasibility of transactions [4][5] - The market has seen a rise in innovative valuation and pricing mechanisms, with examples including a valuation increase rate exceeding 900% for certain acquisitions and the use of performance-based "Earn-out" mechanisms, reflecting a shift towards more market-oriented valuation practices [5][6]