深圳锚定“三年千亿”并购目标 加速产业整合升级

Core Viewpoint - The "Shenzhen Action Plan for Promoting High-Quality Development of Mergers and Acquisitions (2025-2027)" aims to enhance the local M&A market ecosystem and facilitate efficient M&A projects by listed companies, with a core target of completing over 100 billion yuan in M&A transactions by the end of 2027 [1] Group 1: Development Goals - The plan sets multiple development goals, including completing over 200 M&A projects, cultivating industry demonstration cases, achieving a total market value of over 20 trillion yuan for listed companies, and forming 20 enterprises with a market value of over 100 billion yuan [1] - Shenzhen aims to establish a matrix of M&A funds, nurture excellent fund managers, and create a trillion-yuan "20+8" industrial fund cluster covering key industrial chains [1] Group 2: Asset Side - The plan focuses on guiding the "20+8" industries, supporting leading companies in strategic emerging industries to conduct upstream and downstream M&A, and encouraging future industries to achieve scale expansion and technological breakthroughs through acquisitions [2] - It emphasizes supporting specialized and innovative enterprises in acquiring quality assets or participating in restructuring, while enhancing the valuation tolerance of local state-owned listed companies for light asset technology firms [2] - Shenzhen will establish a project database for key M&A targets, creating a rolling reserve system through a mechanism of "city-district linkage + departmental collaboration + market recommendation" [2] Group 3: Funding Side - The plan aligns with new regulations from the China Securities Regulatory Commission on M&A payment tools, introducing flexible payment methods such as installment payments and supporting fundraising for M&A [3] - It innovates "M&A+" financing tools, exploring pilot programs for non-resident M&A loans and technology enterprise M&A loans, while reducing M&A risks through financing guarantees and insurance [3] - The plan encourages social capital to participate in M&A through CVC and industrial funds, and promotes direct investment, M&A funds, and asset securitization [3] Group 4: Cross-Border Resource Allocation - The plan proposes measures to optimize cross-border resource allocation, supporting Shenzhen enterprises to list or refinance in Hong Kong to enhance cross-border M&A efficiency [3] - It encourages the use of cross-border asset transfers, dual equity investments, and syndicate loans to facilitate cross-border acquisitions, and promotes cooperation between Shenzhen and Hong Kong in establishing equity investment funds for industrial M&A [3] Group 5: Ecological Services and Risk Prevention - Shenzhen will support the Shenzhen Stock Exchange in building an M&A adaptation system and conducting specialized research, while promoting the integration of technology M&A business with the intellectual property trading center [4] - The plan emphasizes risk prevention by strengthening the prevention of malicious acquisitions and compliance reviews, and establishing a special coordination mechanism to streamline project approvals and reduce costs [4]