Zheng Quan Ri Bao·2026-01-30 16:08Group 1 - The core viewpoint of the article highlights the rise of "small-step mergers and acquisitions" (M&A) in the capital market, exemplified by Sichuan Dongcai Technology Group's recent acquisition activities [1] - In January 2023, 15 A-share listed companies initiated multiple M&A plans, with many adopting a small-step approach to achieve supply chain strengthening and transformation [1][2] - The trend of small-step M&A is particularly prominent among high-tech enterprises, with 11 out of the 15 companies being classified as such, representing 73.33% of the total [3] Group 2 - The rise of small-step M&A is attributed to three main factors: supportive policies, industry demand for integration, and strategic adjustments by companies to mitigate risks associated with large-scale acquisitions [2][6] - High-tech companies favor small-step M&A due to its alignment with the fast-paced technological iteration and high R&D investment characteristic of the industry [4] - The small-step M&A model allows companies to focus more on core technology while gradually expanding their business, thus achieving a balance between growth and maintaining technological integrity [4] Group 3 - The small-step M&A approach is characterized by gradual, low-risk expansions, enabling companies to integrate resources effectively without the high costs and risks associated with large acquisitions [3][4] - The payment methods for these M&A activities often include cash payments, share issuance, and installment payments, which help reduce financial pressure and integration risks [4] - The trend is expected to influence industry dynamics significantly, leading to increased industry concentration and a shift from homogeneous competition to differentiated collaboration [5] Group 4 - Future developments in the M&A landscape may include "chain master" companies collaborating with private equity to establish industry M&A funds, and more combinations of traditional industry leaders with high-tech targets [7] - Cross-border "embedded M&A" strategies are anticipated to gain traction, with Chinese companies shifting from controlling acquisitions to strategic minority stakes and technology partnerships in Europe [8]