政策加码下的资本新通路：深圳以并购基金打通股权投资全链路

Core Viewpoint - Shenzhen has launched the "Shenzhen Action Plan for Promoting High-Quality Development of Mergers and Acquisitions (2025-2027)" to enhance resource allocation through mergers and acquisitions, supporting the growth of strategic emerging industries [1][3]. Group 1: Action Plan Goals - The plan aims for the total market value of listed companies in Shenzhen to exceed 20 trillion yuan by the end of 2027, with 20 companies reaching a market value of 100 billion yuan, over 200 completed M&A projects, and a total transaction amount exceeding 100 billion yuan [1][3]. - It emphasizes the establishment of a merger fund matrix and a systematic arrangement for post-investment services [1][3]. Group 2: Strategic Importance of M&A - Mergers and acquisitions have been elevated to a core strategic level for industrial upgrading in Shenzhen, with a focus on creating a supportive capital system for M&A [1][4]. - The plan highlights the importance of integrating capital operations with industrial management to cultivate globally competitive enterprises [4][6]. Group 3: Policy Context and Market Dynamics - Since 2024, policies in the equity investment sector have focused on regulatory standardization and innovation encouragement, creating a foundation for the development of new productive forces [3][5]. - The M&A market has shown significant activity, with 376 private equity funds successfully exiting through M&A in 2024, indicating a growing trend in this area [8][9]. Group 4: Ecosystem Development - The plan aims to create a complete M&A capital ecosystem through funding, mechanisms, and ecological interactions, moving from a transaction-driven approach to an ecosystem-driven model [6][10]. - It includes the establishment of a project database for M&A targets to alleviate information asymmetry and enhance project matching efficiency [6][9]. Group 5: Future Outlook - The focus on nurturing professional M&A fund managers and enhancing the capabilities of financial institutions is expected to create a market demonstration effect [9][10]. - The strategy involves a full-chain capital loop from nurturing quality targets to M&A integration, indicating a shift towards a more structured and scalable M&A capital approach [10].