深圳并购重组新政催生资本浪潮，万亿市场按下“加速键”

Core Viewpoint - The issuance of the "Shenzhen Action Plan for Promoting High-Quality Development of Mergers and Acquisitions (2025-2027)" marks a significant step towards accelerating the mergers and acquisitions market in Shenzhen, aiming to enhance its position as a global innovation capital formation center [1][4]. Policy Implementation - The "Action Plan" aligns with national policies supporting mergers and acquisitions, such as the "New National Nine Articles" and "Mergers and Acquisitions Six Articles," providing a solid policy foundation for market reform [4]. - Shenzhen aims to achieve a total market capitalization of over 20 trillion yuan for listed companies by the end of 2027, cultivate 20 companies with a market value of over 100 billion yuan, and complete over 200 merger projects with a total transaction value exceeding 100 billion yuan [4]. Industry Focus - The plan emphasizes the "20+8" industrial clusters, which include strategic emerging industries like integrated circuits, artificial intelligence, new energy, and biomedicine, as well as future industries such as synthetic biology and quantum information [5]. - It supports leading companies in these sectors to engage in upstream and downstream mergers and acquisitions to enhance their technological capabilities and market position [5]. Financial Support - The plan introduces various financial innovations to support mergers and acquisitions, encouraging the use of cash, shares, and convertible bonds for financing [6]. - It promotes bank loans and private equity funds to provide stable funding for mergers and acquisitions, creating a "patient capital" system to support long-term corporate growth [6][7]. Cross-Border Integration - The plan leverages Shenzhen's geographical advantage to connect with Hong Kong's capital market, facilitating cross-border mergers and acquisitions [8]. - It encourages leading enterprises to list or refinance in Hong Kong, enhancing the efficiency of cross-regional mergers and acquisitions [8][9]. Initial Success - The first merger following the new policy was announced by Shahe Co., which plans to acquire 70% of Shenzhen Jinghua Electronics, marking a significant shift from real estate to technology [10][12]. Future Outlook - The new policy is expected to foster the development of globally competitive enterprises and enhance the resilience of industrial chains, driving the transformation towards high-end, intelligent, and green industries [13]. - Shenzhen aims to become a key hub for mergers and acquisitions globally, attracting more domestic and international capital and high-quality enterprises [13][14].