平安银行宋卓：透视并购市场“新逻辑”

Core Insights - The Chinese M&A market is entering a new phase driven by regulatory innovation and capital empowerment, with a mature ecosystem emerging for mergers and acquisitions [1] - Recent policies such as the new "National Nine Articles," "Sci-Tech Innovation Board Eight Articles," and "M&A Six Articles" have significantly activated the M&A market, leading to a substantial increase in major transactions [2][3] Regulatory Changes - The introduction of the "M&A Six Articles" by the CSRC on September 24, 2024, has notably increased market activity after five years of declining transaction amounts, with a reported 163 major M&A transactions by A-share listed companies by August 31, 2025, representing a 117.30% year-on-year increase [2][3] - The total transaction amount reached 472.448 billion yuan, marking a 172.90% increase year-on-year [2] Market Dynamics - The development logic of the Chinese M&A market has shifted from simple scale expansion to value creation, emphasizing the importance of industrial logic and quality of targets [3][4] - The market has transitioned from a "dualistic" structure, where state-owned enterprises focused on resource integration and scale, to a more rational approach that values deep industry integration and technological advancement [3][4] Role of Financial Institutions - The recent draft of the "Commercial Bank M&A Loan Management Measures" expands the scope of M&A loans, allowing for minority stake acquisitions and increasing the financing ratio for controlling acquisitions from 60% to 70% [5] - This regulatory change aims to enhance the funding capabilities for M&A transactions, particularly for strategic investments that require collaboration across the industrial chain [5][6] Bank Strategies - Ping An Bank has focused on developing a systematic approach to M&A financing, targeting key strategic areas such as state-owned enterprise reform and technological innovation, with nearly 100 billion yuan in M&A loans provided to state-owned enterprises over the past three years [6][7] - The bank has also supported private equity (PE) acquisitions, facilitating connections between domestic and international capital, and has engaged in significant projects such as the acquisition of Yingde Gas, a leading industrial gas producer [6][7] Foreign Investment Trends - There is a notable shift in foreign capital investment in China, with Middle Eastern and European capital increasingly engaging in strategic partnerships and deeper industrial integration rather than merely financial investments [9][10] - This trend reflects a growing recognition of the value of Chinese innovation and technology, with foreign investors actively participating in sectors such as renewable energy, digital infrastructure, and biomedicine [10][11] Conclusion - The evolving landscape of the Chinese M&A market, characterized by regulatory support and strategic foreign investment, presents significant opportunities for value creation and industrial advancement, positioning it as a critical driver of economic growth [1][2][10]