并购重组，深圳启动20万亿超级计划！

Core Points - The Shenzhen Municipal Financial Management Bureau and other departments have launched an action plan to promote high-quality development through mergers and acquisitions (M&A) for local listed companies from 2025 to 2027, aiming for a total market value of over 20 trillion yuan and the cultivation of 20 companies with a market value of over 100 billion yuan by the end of 2027 [1][2] Group 1: Focus on New Quality Productivity - The action plan emphasizes the integration of M&A with Shenzhen's "20+8" strategic emerging industry clusters, supporting leading companies in sectors like integrated circuits, artificial intelligence, new energy, and biomedicine to enhance their supply chains through acquisitions [2] - The plan aims to replicate successful M&A models seen in tech giants like Amazon and Nvidia, which have achieved growth through continuous integration and technology upgrades [2] - Successful cases such as BYD's acquisition of Jabil's mobile electronics business and Luxshare Precision's acquisition of Qorvo's semiconductor assets illustrate the value of M&A in expanding customer boundaries and deepening industry integration [2] Group 2: Building a Patient Capital System - To address funding challenges for M&A, the plan proposes a comprehensive financial support system, encouraging the use of various financing tools such as cash, shares, and convertible bonds [3] - The establishment of a "patient capital" system is highlighted, with initiatives to involve industry funds in quality M&A projects and support the cultivation of acquisition targets through angel and seed funds [3] - The plan aims to create a virtuous cycle of "exit-reinvestment" to provide stable, long-term funding for valuable M&A projects, avoiding short-term profit-seeking behaviors [3] Group 3: Connecting with Hong Kong Market - The action plan identifies the connection with the Hong Kong capital market as a key task, supporting enterprises in conducting cross-border mergers and acquisitions through various investment methods [4] - Encouragement for collaboration between Shenzhen and Hong Kong to establish equity investment funds for industrial acquisitions is included [4] - The plan also emphasizes the need for cooperation between Shenzhen Stock Exchange and Hong Kong Stock Exchange to explore interconnected mechanisms for M&A and financing [4][5]