证券时报·2025-11-29 00:34Core Viewpoint - The recent merger and acquisition (M&A) market in China is experiencing significant activity, driven by policy support and a shift towards value creation rather than mere scale expansion, with an increasing willingness among listed companies to engage in M&A [1][3]. Group 1: M&A Market Activity - As of November 27, 2024, there have been 153 major asset restructuring announcements in A-shares, representing a year-on-year increase of approximately 45%, with deep mergers driven by industrial integration becoming mainstream [1]. - Notable cases include China International Capital Corporation (CICC) planning to absorb Dongxing Securities and Xinda Securities through a share issuance, potentially creating a new securities "carrier" with a combined asset scale of 1,009.5 billion [3]. - The wave of M&A in the securities industry is gaining momentum, with previous mergers such as Guotai Junan and Haitong Securities, indicating a transformative trend across the market [3]. Group 2: Strategic Focus and Sectors - Various companies are pursuing M&A for strategic realignment, including state-owned enterprises focusing on strategic restructuring and private enterprises entering new sectors to build a second growth curve [4]. - Key sectors for M&A activity include semiconductors and biomedicine, with a notable increase in transaction amounts in the technology sector, facilitating a transition to new productive forces [4]. Group 3: Cross-Border M&A Growth - Cross-border M&A has seen significant growth, with 2024 marking the highest transaction volume in nearly five years, driven by policies facilitating overseas acquisitions and the pursuit of advanced technologies and new market opportunities [6]. - Companies like Zhizheng Co. and Luxshare Precision have engaged in cross-border transactions, highlighting the importance of global resource utilization for expansion [6]. Group 4: Policy Support - The recent M&A wave began with the release of the "Six M&A Guidelines" in September 2024, which has significantly boosted market activity, with ongoing policy enhancements [9]. - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the need for state-owned enterprises to enhance their integration capabilities in strategic emerging industries, promoting resource concentration through asset restructuring and equity cooperation [9]. Group 5: Challenges and Recommendations - Companies are advised to clearly define M&A objectives, avoid blindly chasing trends, and address challenges such as integration difficulties and information asymmetry [10]. - Regulatory bodies are encouraged to focus on the complexities of M&A and streamline processes to reduce costs and improve efficiency in M&A activities [10].