年底，并购基金设立热潮未减

Core Viewpoint - The establishment of merger and acquisition (M&A) funds in China is experiencing a significant surge, with local governments and state-owned enterprises leading the way, indicating a historic turning point in the M&A market [1][2][7]. Group 1: M&A Fund Establishment - In 2025, a 30 billion RMB M&A fund was announced in Beijing, with several other regions like Anhui and Jiangxi also launching similar funds [1]. - In the first three quarters of this year, local M&A funds have been established at an accelerated pace, with over 300 A-share listed companies participating in setting up industrial M&A funds [1][2]. - The total fundraising target for A-share listed companies' M&A funds is expected to exceed 270 billion RMB this year [2]. Group 2: Key Players and Trends - The current landscape of M&A funds in China features a diverse LP composition, with state-owned enterprises and listed companies taking a central role [2]. - State-owned M&A funds are crucial for supporting local industries and enhancing supply chains, with significant funds being established in key sectors like integrated circuits and biomedicine [2]. - VC/PE firms are increasingly engaging in M&A investments, marking a shift in their investment strategies [3]. Group 3: Characteristics of Current M&A Activities - The current wave of M&A is characterized as "industrial chain restructuring," with companies focusing on strategic alignment rather than aggressive financial returns [5]. - A significant portion of A-share listed companies' investments in M&A funds is concentrated in healthcare, new energy, and semiconductors, aligning with national strategies [5]. - Companies are now more cautious in their M&A activities, influenced by past experiences with inflated valuations and goodwill impairments [6]. Group 4: Policy and Market Drivers - The surge in M&A funds is driven by supportive policies at both national and local levels, including various regulatory measures aimed at revitalizing the M&A market [7][8]. - Recent regulatory changes have encouraged banks to participate in the M&A market, broadening the scope of M&A loans [3][8]. - The current economic environment and competitive pressures are creating a historic opportunity for M&A activities in China [8]. Group 5: Challenges and Opportunities - Despite the growth, the Chinese M&A market faces challenges such as a lack of long-term capital, insufficient quality control targets, and underdeveloped exit channels [9]. - The reliance on IPOs for exits highlights the need for diversified exit strategies in the M&A landscape [9]. - Strategies are being developed to enhance collaboration with listed companies and improve post-investment support for portfolio companies [10].