盘点沪市并购重组的2025：新增各类资产并购超800单 各类“首单”集中兑现

Core Insights - The "M&A Six Guidelines" have significantly transformed the market in 2025, with over 800 asset mergers and acquisitions recorded, marking an 11% year-on-year increase, and 90 major asset restructurings, which is a 55% increase from the previous year [1][2] Group 1: Market Activity - In 2025, the Shanghai Stock Exchange saw 806 new asset restructurings, with major asset restructurings accounting for 90 of these, reflecting a growing market activity and participation [2][3] - The focus has shifted from scale expansion to quality improvement in mergers and acquisitions, with over 50% of major asset restructurings being industrial mergers and 20% involving shareholder injections [3][8] Group 2: Policy Impact - The revised "Major Asset Restructuring Management Measures" by the China Securities Regulatory Commission in May 2025 has facilitated a transition from an "audit-oriented" to an "efficiency-oriented" and "industry-oriented" approach, enhancing the regulatory environment for M&A activities [2][3] - Local governments are actively promoting M&A activities, with eight regions, including major cities, issuing supportive policies to accelerate mergers and acquisitions based on local industrial advantages [7] Group 3: Notable Transactions - In 2025, significant transactions included the merger of Guotai Junan and Haitong Securities, and China Shipbuilding's acquisition of China Shipbuilding Industry Corporation, both valued in the thousands of millions [5][6] - Innovative cross-border M&A transactions have emerged, such as the cash privatization of Guangdong Environmental Protection and the cross-border share swap acquisition by Zhizheng Co., marking a trend towards more complex deal structures [6][8] Group 4: Future Outlook - Industry experts anticipate that as more representative and innovative M&A cases are completed, the understanding of M&A as a key pathway for companies to reshape their business structures and enhance core competitiveness will deepen, fostering a positive M&A ecosystem [9]