深圳启动20万亿超级计划，剑指并购

Core Points - The Shenzhen Municipal Financial Management Bureau, in collaboration with the Development and Reform Commission, issued the "Shenzhen Action Plan for Promoting High-Quality Development of Mergers and Acquisitions (2025-2027)" aiming for a significant increase in the quality of listed companies and a total market value of over 20 trillion yuan by the end of 2027 [1][2] - The plan includes ten key tasks focusing on strategic emerging industries such as integrated circuits, artificial intelligence, new energy, and biomedicine, encouraging mergers and acquisitions to enhance industrial capabilities and technological advancements [1][2] Group 1 - The plan aims to complete over 200 merger projects with a total transaction value exceeding 100 billion yuan by 2027, fostering a robust ecosystem for mergers and acquisitions [1] - It emphasizes the importance of cultivating a matrix of merger funds and attracting excellent fund managers to drive the formation of a trillion-level "20+8" industrial fund cluster [1][2] - The action plan encourages private enterprises to engage in mergers and acquisitions for industrial transformation and supports specialized enterprises in acquiring quality assets [2] Group 2 - Shenzhen will establish a project database for merger targets, facilitating the identification of high-potential projects that align with national industrial policies [2] - The plan promotes diverse financing channels for mergers and acquisitions, including cash, shares, and various types of bonds, while encouraging banks to provide credit support [2][3] - It supports collaboration between government investment funds, state-owned platforms, and financial institutions to broaden the coverage of industrial funds [3] Group 3 - The action plan aims to enhance cross-regional merger and acquisition efficiency by supporting leading enterprises to list or refinance in Hong Kong, thereby expanding resource integration [3] - It encourages the Shenzhen Stock Exchange to develop a service system tailored for mergers and acquisitions, enhancing the flexibility of payment and financing tools [3] - The plan also supports struggling listed companies in improving operational efficiency through mergers, restructuring, and bankruptcy processes [3]