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陈晨星:政策、产业、资本三方共振,并购浪潮正加速涌动
2 1 Shi Ji Jing Ji Bao Dao·2025-08-06 03:25

Core Insights - The current transformation of the Chinese economy is shifting from "incremental expansion" to "stock optimization," impacting the merger and acquisition (M&A) landscape [1] - A wave of M&A activity is being driven by favorable policies, including the new "National Nine Articles" encouraging M&A restructuring and the China Securities Regulatory Commission's "Six Articles on M&A" promoting market-oriented reforms [1][3] - There is a growing presence of local state-owned capital through the establishment of large-scale M&A funds in cities like Shanghai and Shenzhen [3] Group 1 - The closed-door seminar "Breaking the M&A Deadlock: The Investment and Exit Game in the Stock Era" gathered over 50 participants from government investment funds, industrial capital, GP/LP, and intermediary institutions to discuss M&A market trends, opportunities, and challenges [1] - Industry giants are increasingly engaging in cross-border resource integration, with notable acquisitions such as Tencent Music's proposed purchase of Ximalaya and Anta's acquisition of Jack Wolfskin [3] - The seminar aimed to address critical issues such as the practical implementation of policy benefits, bridging valuation gaps between buyers and sellers, and efficiently releasing the urgent exit demands of GP/LP through M&A [3] Group 2 - Since its establishment in 2010, the "21st Century Economic Report • Venture Capital Edition" has closely monitored the growth trajectory of the equity investment industry and the innovative logic of capital [4] - The publication has intensified its forward-looking research on the equity investment industry chain, focusing on the needs of institutions for "finding money, finding projects, and finding exit paths" [4] - Upcoming events include closed-door meetings and public forums on themes such as high-quality development of government investment funds/state-owned enterprises and meetings between investors and scientists [5]