跨境并购总规模同比翻倍！中资券商需提升“复杂交易”能力

Core Viewpoint - The article highlights the recent policy incentives for cross-border mergers and acquisitions (M&A) in China, indicating a significant increase in the willingness of Chinese companies to engage in such activities, driven by supportive government measures and market dynamics [1][2][3]. Policy Support for Cross-Border M&A - The "Guangdong Province Financial Support for Enterprises to Carry Out Industrial Chain Integration and M&A Action Plan" proposes initiatives such as exploring the establishment of cross-border integration and M&A funds with Hong Kong and Macau capital [2]. - Various local governments, including Shenzhen and Shanghai, have released supportive policies for M&A, emphasizing the connection between Hong Kong capital markets and domestic resources [2][3]. Market Trends in Cross-Border M&A - There is a noticeable shift towards more rational selection of targets, with Chinese companies focusing on high-quality assets that provide strategic value, particularly in sectors like high-end manufacturing, new energy, and biomedicine [3][5]. - The M&A models are becoming more flexible, with an increase in joint ventures, minority stake investments, and greenfield projects, moving beyond traditional controlling stake acquisitions [5][6]. Growth in M&A Activity - From early October 2024, Chinese companies disclosed 182 outbound M&A events totaling 177.25 billion yuan, with 142 events in 2025 alone, reflecting a year-on-year doubling in scale [3][5]. - The article notes that listed companies are playing a significant role in this surge, driven by the need for international business expansion and sustainable growth [6]. Challenges for Chinese Investment Banks - Despite the growth in cross-border M&A, Chinese investment banks face challenges in navigating complex regulatory environments and understanding local market dynamics [7][8]. - There is a need for investment banks to enhance their capabilities in managing intricate cross-border transactions and to provide tailored services to meet the evolving needs of Chinese enterprises [7][8].