北京并购重组“新规”出台，聚力新质生产力激活资本市场

Core Viewpoint - The document outlines a set of policies aimed at revitalizing the capital market and promoting high-quality development of listed companies in Beijing through mergers and acquisitions (M&A) and restructuring [1][3]. Group 1: Focus on New Productive Forces and Industry Integration - The policy emphasizes support for key industries such as artificial intelligence, healthcare, integrated circuits, commercial aerospace, and low-altitude technology [3]. - It encourages listed companies to pursue M&A in strategic emerging industries to accelerate the construction of a modern industrial system in the capital [3]. - The document advocates for industry integration, urging promising listed companies to become "chain leaders" through M&A, aiming for market capitalizations of hundreds of billions to trillions [3]. - Traditional industries are encouraged to enhance industry concentration through M&A to reduce excessive competition [3]. - The M&A market in Beijing has shown significant activity, with 18 major asset restructuring plans disclosed since September last year, predominantly in TMT and strategic emerging industries [3]. Group 2: Constructing an Efficient Service Ecosystem - The policy aims to leverage both government and market forces to ensure effective implementation [4]. - It supports various ownership entities in M&A and provides differentiated services for state-owned and private listed companies [4]. - The document emphasizes enhancing the professional capabilities of intermediary institutions and the role of brokers in facilitating transactions [4]. - Key initiatives include establishing a dynamic management list of priority M&A targets and creating a non-profit M&A service platform for comprehensive support [4]. Group 3: Balancing Activity and Regulation - The policy places significant importance on risk prevention while encouraging M&A [5]. - It emphasizes legal supervision to combat financial fraud and insider trading, protecting the rights of small investors [5]. - A risk monitoring and early warning mechanism will be established to address irrational market factors [5]. - The need for a balance between "activity" and "regulation" is highlighted, with companies required to provide clear answers regarding valuation and performance commitments [6]. Group 4: Optimizing the Business Environment - The document outlines measures to improve the business environment, including simplifying administrative approvals and encouraging the establishment of market-oriented M&A funds [7]. - There is a general consensus among market participants that these policies will lead to deeper and broader development in Beijing's M&A market, facilitating innovative and cross-industry M&A cases [7].