CSEC,China Shenhua(SH:601088) 21世纪经济报道·2025-08-06 15:50Core Viewpoint - The article discusses the resurgence of mergers and acquisitions (M&A) among state-owned enterprises (SOEs) in China, highlighting China Shenhua's significant plan to acquire 13 energy companies, which is a response to new regulations encouraging industry consolidation and integration [1][3]. Group 1: M&A Trends - Trend 1: Full Industry Chain Integration is creating record levels of consolidation, with China Shenhua's acquisition plan expected to exceed 650 billion yuan in total assets [3][4]. - Trend 2: Cross-industry mergers are accelerating, supported by new policies since the release of the "M&A Six Guidelines" in September 2024, with over 30 cross-industry M&A announcements made [6][7]. - Trend 3: Protection of minority shareholders is becoming a critical baseline, with new regulations allowing the acquisition of quality but unprofitable assets, provided that measures are in place to protect minority interests [9][10]. Group 2: Regulatory Changes - Trend 4: Policy relaxation allows loss-making companies to engage in acquisitions, with strict requirements for both parties involved in such transactions [12][13]. - Trend 5: Regulatory tolerance is at an all-time high, with more flexible payment methods and autonomous arrangements for performance commitments in M&A transactions [16][17].