“9·24”新政一周年 新旧动能转型提速

Core Viewpoint - The article emphasizes the active merger and acquisition (M&A) landscape in China, driven by supportive policies aimed at fostering new productive forces and technological innovation, while facilitating the transition from old to new economic drivers [1][3][4]. Group 1: Policy Support and Market Activity - A series of policies, including the "Six M&A Guidelines," have been introduced to encourage M&A activities, with a notable increase in significant asset restructuring projects reported in 2024 [3][4]. - Data shows that 131 major asset restructuring projects were disclosed in A-shares in 2024, with 58 occurring after the release of the "Six M&A Guidelines," indicating a surge in activity [3]. - The China Securities Regulatory Commission (CSRC) reported that 230 major asset restructurings have been disclosed since the implementation of the "Six M&A Guidelines," highlighting a robust M&A environment [5]. Group 2: Role of Private Equity and Venture Capital - Private equity (PE) and venture capital (VC) are increasingly recognized as vital players in the M&A landscape, with new regulations encouraging their participation in acquiring listed companies [5][6]. - The number of new PE and VC registrations has surpassed the total for the previous year, aligning with the capital market's focus on IPOs and M&A in sectors like information technology and renewable energy [6]. Group 3: Future Outlook and Recommendations - Experts believe that the ongoing reforms and the "Six M&A Guidelines" will continue to release institutional dividends, promoting industry consolidation, particularly in advanced manufacturing sectors [8]. - There is a call for further optimization of M&A valuation logic and regulatory frameworks to enhance the quality and effectiveness of M&A activities, ensuring that mergers are strategically sound rather than merely opportunistic [9].