Mei Ri Jing Ji Xin Wen·2026-01-22 10:42Group 1 - The core viewpoint of the article highlights a new trend in A-share control transactions, where five companies have collectively committed to a 60-month lock-up period for their acquisitions, significantly exceeding the 18-month legal minimum [1] - The companies involved in this trend include Tianchuang Fashion, Aolian Electronics, Zhongzhi Holdings, ST Keli Da, and Jianghua Micro, all of which have announced the extension of their share lock-up periods [1] - A private equity insider indicated that many recent acquisition projects have failed to materialize due to disagreements over lock-up period terms, contrasting sharply with the booming A-share merger and acquisition market since 2025 [1] Group 2 - Since the implementation of supportive policies like the "merger and acquisition six guidelines," the number of A-share merger cases and transaction volumes has significantly increased, showcasing various innovations in acquisition methods and structural entities [1] - The emergence of cases with 60-month extended lock-up periods marks a notable departure from the previously common short-term lock-up practices in the market [1] - The article suggests that the recent concentration of such long lock-up period cases reflects a shift in capital logic and market behavior in the context of A-share acquisitions [1]