Core Viewpoint - Shenzhen has introduced the "Action Plan for Promoting High-Quality Development of Mergers and Acquisitions (2025-2027)" with a quantitative target of 20 trillion yuan in market value and 1 trillion yuan in transaction volume, aiming to deeply integrate industry and capital [1][2] Group 1: Policy Framework - The plan aligns with national reform requirements such as the new "National Nine Articles" and "Six Articles on Mergers and Acquisitions," while also providing targeted strategies based on Shenzhen's "20+8" industrial strategy [1] - It emphasizes a "new-oriented" industrial merger logic, moving away from traditional scale expansion to focus on the "20+8" industrial system [1] Group 2: Support for Strategic Industries - The plan supports leading enterprises in strategic emerging industries to acquire unprofitable quality assets to overcome technological bottlenecks [1] - It encourages future industries to accelerate iteration through mergers and acquisitions [1] Group 3: Capital Supply Innovations - The plan addresses industry pain points by establishing a support system of "patient capital + tool matrix," including pilot non-resident acquisition loans and technology special loans to reduce financing costs [1] - It aims to cultivate a trillion-level industrial fund group to inject long-term capital into the M&A market [1] Group 4: Cross-Border Collaboration - The plan supports enterprises in Hong Kong financing to strengthen capital reserves and innovates tools for cross-border share swaps and two-way mergers, enhancing the interconnection of exchanges between the two regions [2] - This strategy allows Shenzhen enterprises to efficiently utilize "two markets" and seize opportunities in the global industrial chain restructuring [2] Group 5: Challenges and Considerations - The implementation of the plan faces challenges such as avoiding blind mergers that lead to resource waste and balancing scale expansion with core capability enhancement [2] - There are higher demands on financial institutions regarding the professional valuation of tech company mergers and compliance risks associated with cross-border acquisitions [2] Group 6: Global Perspective - Shenzhen's exploration is seen as a "testing ground" for capital market reform, using M&A tools to facilitate industrial upgrades [2] - The policy is expected to provide a replicable model for the national M&A market, potentially leading to the emergence of industry benchmark cases as policy dividends are gradually released [2]
【时代风口】 以资本之笔 绘产业新篇
Zheng Quan Shi Bao·2025-10-23 17:55