华东政法大学徐明：进一步优化并购重组估值逻辑

Core Viewpoint - The M&A restructuring market in China is active, driven by policies that encourage integration and upgrading of industries, aiming for the growth and strengthening of listed companies [1][2] Group 1: Market Activity - As of August 8, 2025, 88 listed companies have publicly disclosed M&A restructuring events as acquirers, with expectations for the total number of companies engaging in M&A this year to exceed 140, marking a new high since 2020 [1] - The recent policies, including the "New National Nine Articles," "Science and Technology Eight Articles," and "M&A Six Articles," are designed to support M&A restructuring, focusing on new productive forces and technological innovation [1] Group 2: Challenges and Recommendations - Current challenges in the M&A restructuring landscape include low and non-standardized reverse mergers through secondary market "stakeholding," difficulties in cross-border M&A, and the need for improved valuation practices [2] - Recommendations include optimizing valuation logic, enhancing institutional rationality, increasing policy adaptability, and ensuring strict accountability to combat illegal activities [2] - There is a need to carefully assess the necessity of M&A activities, avoiding mergers for the sake of mergers, and to be cautious of the risks associated with cross-border M&A [2]