沪市并购观察：产业并购成主力 2025年多个“超大单”落地

Core Viewpoint - The implementation of the "Merger Six Guidelines" has significantly increased the activity level of mergers and acquisitions (M&A) in the A-share market, with over 800 new asset mergers recorded in 2025, marking an 11% year-on-year increase, and a 55% increase in major asset restructurings [1][3]. Group 1: M&A Activity and Trends - In 2025, over 50% of major asset restructurings in the Shanghai Stock Exchange were driven by industrial mergers, while 20% were due to shareholder injections [2]. - The majority of the targets (60%) belong to new productivity sectors with strong hard technology attributes, particularly in the semiconductor and automotive industries [2]. - The number of asset restructurings in the Shanghai market reached 1,177 since September 2024, with 125 major asset restructurings, reflecting a growing trend towards quality improvement and long-term value [3][4]. Group 2: Innovative M&A Cases - Notable "firsts" in M&A include the first cross-border merger achieving consolidation, the first acquisition of unprofitable assets, and the first use of diversified payment methods [4]. - Major transactions include the merger of Guotai Junan and Haitong Securities, and the acquisition of China Shipbuilding by China Shipbuilding Industry Corporation, both valued in the thousands of billions [5][6]. - Innovative cross-border M&A transactions have emerged, such as the cash privatization of Yuefeng Environmental and the cross-border share swap acquisition by Zhizheng Co., indicating a shift towards high-quality development [6]. Group 3: Policy and Market Dynamics - The regulatory environment has shifted from an approval-oriented approach to one focused on efficiency and industry guidance, enhancing the M&A market's activity [3]. - Local governments have introduced policies to promote M&A, with cities like Shanghai actively implementing the "Shanghai M&A Twelve Guidelines" to enhance core competitiveness in key sectors [7]. - The trend of "optimizing existing stock" is evident, with 77% of disclosed major asset restructurings being industrial mergers, reflecting a focus on long-term effects and quality enhancement [7][9].