站在2025年的岁末，当我们试图为这一年的资本市场寻找一个确切的注脚时，"并购"无疑是最为响亮的一个词。 在"并购六条"等政策的持续推动下，上市企业、地方国资、险资、VC/PE机构都参与进入并购市场，独立或联合其他国资、产业资本、金融机构等加速并购 基金的设立与运作。如果说前几年的市场是在迷雾中摸索，那么2025年的中国并购市场，则是在阳光下确立了新的秩序。这一年，我们惊喜地发现，资本不 再仅仅追逐账面上的高倍数回报，而是回归到了商业的本质——对优质资产的深度掌控与价值重塑。总体来看，随着宏观经济韧性的持续显现和政策环境的 精准疏导，2025年成为了中国并购市场从"策略性尝试"走向"系统性繁荣"的关键分水岭。 一方面，资产价格充分调整与回归后，资本更倾向于选择拥有良好现金流、品牌积淀和市场份额的优质企业。另一方面，一级市场的退出压力倒逼了流动性 的创新，IPO不再是唯一的独木桥，并购退出（M&A）真正成为了投资人和创业者共同认可的"康庄大道"。最显著的变化在于，VC/PE机构在开始大规模转 型。他们不再满足于财务投资的被动等待，而是主动寻求对优质资产的控股权或主导权，躬身入局，利用自身的全球视野和管理经验，为 ...

只要肯登攀。 出品 ｜ 36氪创投研究院 站在2025年的岁末，当我们试图为这一年的资本市场寻找一个确切的注脚时， "并购" 无疑是最为响亮的一个词。 在"并购六条"等政策的持续推动下，上市企业、地方国资、险资、VC/PE机构都参与进入并购市场，独立或联合其他国资、产业资本、金融机构等加速并购 基金的设立与运作。如果说前几年的市场是在迷雾中摸索，那么2025年的中国并购市场，则是在阳光下确立了新的秩序。这一年，我们惊喜地发现，资本不 再仅仅追逐账面上的高倍数回报，而是回归到了商业的本质—— 对优质资产的深度掌控与价值重塑 。总体来看，随着宏观经济韧性的持续显现和政策环境 的精准疏导， 2025年成为了中国并购市场从"策略性尝试"走向"系统性繁荣"的关键分水岭 。 361 中国股权投资行业产业并购 投资机构 2025 China's Top10 Investment Institutions in Industrial M&A 博裕资本 鼎晖投资 CPE源峰 大征资本 德弘资本 红杉中国 信宸资本 高瓴投资 PAG 康桥资本 以上排名不分先后,按首字母排序 出品: 36氪创投研究院 36K 中国股权投资行业 产 ...

Core Insights - The merger and acquisition (M&A) market in China is experiencing a significant increase, with 151 companies disclosing M&A activities as of November 23, surpassing last year's figures, driven by strategic collaboration and industry chain enhancement [1] - The trend indicates that M&A activities will continue to be active, particularly led by leading enterprises and industry chain leaders, focusing on horizontal collaboration and vertical extension [1][4] - State-owned enterprises (SOEs) are expected to play a crucial role in industry consolidation, benefiting from favorable policies [1][4] Industry Trends - M&A activities are increasingly oriented towards industry chain reinforcement and supplementation, with companies acquiring key technologies and capacities to enhance competitiveness and optimize industry structure [1][2] - The dual driving force of innovation and M&A integration is evident, as mature companies with stable fundamentals are entering a conducive environment for M&A [1][2] - The securities industry is witnessing a wave of consolidation, exemplified by the merger plans of China International Capital Corporation (CICC) with Dongxing Securities and Xinda Securities [2] Financial Support and Policy Environment - The establishment of M&A funds by leading enterprises and state-owned entities is crucial for securing key technologies and enhancing industry chain resilience [2][3] - Recent policies from various regions encourage the formation of M&A funds, with Beijing and Tianjin outlining support for high-quality development through M&A [3] - The Shanghai government has proposed a 50 billion yuan fund to support industrial transformation and upgrade, indicating strong governmental backing for M&A activities [3] Future Outlook - The M&A market is expected to benefit from targeted policy support, with qualified enterprises likely to receive more favorable treatment, further boosting M&A activity [4] - Cross-border M&A is anticipated to be a vital strategy for Chinese companies to overcome growth bottlenecks and connect with global resources [4] - Recommendations for enhancing cross-border M&A capabilities include building professional teams, selecting specialized intermediaries, and strengthening post-merger integration processes [5]

Core Viewpoint - Nanjing Public Utilities (000421.SZ) has introduced a significant strategic investor, Nanjing Innovation Investment Group, to optimize its equity structure under the guidance of Nanjing State-owned Assets Supervision and Administration Commission [2][3][6] Group 1: Share Transfer Details - The controlling shareholder and its concerted parties plan to transfer 43.73 million shares, representing 7.61% of the total share capital, to Nanjing Innovation Investment Group for approximately 300 million yuan [2][4][5] - After the transaction, Nanjing Innovation Investment Group will become the second-largest shareholder of Nanjing Public Utilities, holding 7.61% of the shares [3][6] - The share transfer includes 16.8 million shares from Nanjing Public Utilities Holding Group (2.92%) and 26.93 million shares from Nanjing Urban Construction Investment Holding Group (4.69%) [4][6] Group 2: Strategic Intent and Governance - The transaction aims to respond to the requirements of deepening state-owned enterprise reform, introducing a strategic investor with high compatibility and recognition to enhance corporate governance and market recognition [6][9] - Nanjing Innovation Investment Group focuses on fund investments in the "4266" industry of Nanjing, which will facilitate more efficient coordination in project investments and industrial mergers and acquisitions [3][9] Group 3: Financial Performance - For the first three quarters of 2025, Nanjing Public Utilities reported a revenue of 5.968 billion yuan, a year-on-year increase of 64.06%, and a net profit attributable to shareholders of 116 million yuan, a staggering increase of 903.99% [3][9] - The company has seen significant growth in its real estate projects, contributing to its revenue increase, while its main business includes energy (city gas, new energy), real estate, and passenger transport [9][10] Group 4: Market Reaction - Following the announcement of the share transfer, Nanjing Public Utilities' stock price surged over 7% intraday on November 13, closing up 4.91% at 7.9 yuan per share, reflecting a 15.16% increase from the price at which Nanjing Innovation Investment Group acquired the shares [9]

Core Viewpoint - The company has established a joint venture with former Wahaha sales general manager Shen Jiangang to expand into the fast-moving consumer goods market, leveraging its research capabilities and professional marketing team [1]. Group 1: Business Development - The joint venture, named Hangzhou Shouxian Valley Food Co., Ltd., is controlled by the company and aims to develop new products such as Ganoderma coffee and traditional Chinese herbal teas to attract younger consumers [1]. - Recent product launches include Iron Skin Dendrobium pomelo juice and Iron Skin Dendrobium congee, indicating a focus on diversifying product offerings [1]. Group 2: Strategic Initiatives - The company is committed to expanding its upstream and downstream industry presence and is actively seeking suitable acquisition targets [1]. - There is a suggestion from investors for the company to establish a beverage division with a professional team and distribution system to enhance its commitment to the beverage market [3].

Group 1: Acquisition Overview - Shenzhen state-owned company Shahe Co., Ltd. plans to acquire 70% of Shenzhen Jinghua Display Electronics Co., Ltd. for cash, marking a significant step in its business transformation from real estate to technology[6] - This acquisition is the first demonstration case under Shenzhen's three-year action plan for mergers and acquisitions[6] - Shahe Co. reported a revenue of approximately CNY 20.86 million for the first three quarters of 2025, a year-on-year decline of 93.58%[6] Group 2: Financial Performance - The net profit attributable to shareholders for Shahe Co. was approximately -CNY 32.22 million, a year-on-year decrease of 168.73%[6] - Jinghua Electronics, established in 1987, had its IPO application accepted by the Shenzhen Stock Exchange in June 2023, but it was terminated in March 2024[6] Group 3: Related Transactions - Victory Co., Ltd. plans to issue shares and pay cash to acquire gas-related assets controlled by its major shareholder, including 100% of Zhongyou Gas (Zhuhai Hengqin) Co., Ltd. and 51% of Nantong Zhongyou Gas Co., Ltd.[6] - The acquisition involves gas assets across four regions, which will help Victory Co. to revitalize and integrate related assets within its group[6]

Core Insights - The company has successfully increased juice production following the acquisition of assets from Hengtong Juice and Hengxing Juice, with new capacities already operational [1] - Plans are in place to establish a new factory in Suizhong by 2025, leveraging local apple resources to optimize raw material procurement and reduce production costs [1] - The concentrated juice industry has shifted from four major players to two, with former leaders facing bankruptcy or legal issues, presenting opportunities for the company to expand its market share through acquisitions [2] Company Developments - The company has seen continuous growth in juice production over the past two years since the acquisitions [1] - The upcoming factory in Suizhong aims to enhance production capacity and overall profitability [1] - The company is actively participating in court auctions and investing in new plants to capitalize on the changing industry landscape [2] Industry Context - The concentrated juice industry is currently dominated by two major players, a significant reduction from the previous four [2] - The company is strategically positioned to fill the market void left by the exiting competitors, benefiting local fruit farmers while increasing its sales and profits [2]

Core Viewpoint - The current wave of mergers and acquisitions (M&A) among listed companies is characterized by a clear logic of industrial integration and transformation, driven by policies such as "Kebatiaos" and "Merger Six Articles," with a focus on enhancing quality and efficiency while returning value to investors [1][2]. Group 1: Market Activity and Trends - Since the implementation of the "Merger Six Articles," market activity has significantly increased, with 150 administrative license M&A transactions reported, a 285% increase, and a transaction scale exceeding 440 billion yuan, marking over 100% growth [2]. - The focus of M&A has shifted towards hard technology and new productive forces, with sectors like semiconductors, high-end manufacturing, and new energy seeing a continuous rise in transaction proportions [2][3]. - The proportion of private enterprise restructurings has increased, indicating a shift in the landscape of M&A activity [1]. Group 2: Characteristics of M&A Transactions - The majority of listed companies prefer acquisition targets with substantial size, often leading players in niche markets, and are increasingly willing to pay higher premiums for technology-intensive targets [2][3]. - Control transactions among listed companies are becoming more active, with a notable increase in buyers from technology-oriented backgrounds, particularly in the innovation-driven sector [3]. - Cross-industry mergers have become a strategic choice for companies facing growth plateaus in traditional sectors, with 43 out of 174 major asset restructuring transactions being cross-industry, accounting for about 25% [3]. Group 3: Valuation and Integration Challenges - Cross-industry M&A presents greater complexity and risks, leading to challenges in achieving consensus on core terms such as valuation [4]. - Companies are adopting innovative valuation methods to address the challenges of acquiring unprofitable assets, with a focus on understanding the core competitiveness of targets [5][6]. - The market has seen a trend towards more rational pricing strategies, including differentiated pricing and extended lock-up periods for long-term investors [6][7]. Group 4: Opportunities and Challenges for Investment Banks - The active M&A market presents new opportunities and challenges for investment banks, which need to deepen their understanding of the commercial needs and conditions of both parties involved in transactions [8]. - Investment banks are encouraged to enhance their service capabilities by improving the professional level of their staff and integrating research with M&A activities [8][9]. - The regulatory environment has become more accommodating, but there remains a need for better understanding and utilization of policies among market participants [10].

Core Viewpoint - The establishment of an industrial merger and acquisition fund by Baidou Co., Ltd. in collaboration with Jiangsu Xincai marks a significant step in enhancing its industrial layout and accelerating strategic development [1][2] Group 1: Fund Establishment - Baidou Co., Ltd. plans to set up an industrial merger and acquisition fund with a scale expected to reach 600 to 800 million yuan [1] - The fund is seen as a recognition of Baidou's industry position and development prospects by the local government, aiming to promote digital economy upgrades and enhance regional competitiveness [1] Group 2: Strategic Implications - The fund will serve as a "strategic engine" for external growth, facilitating the construction of a data intelligence ecosystem that spans the entire enterprise transaction process [2] - It will enable Baidou to make forward-looking layouts and strategic positions in data, artificial intelligence, and related vertical fields, thereby expanding the boundaries of data intelligence solutions [2] - The fund will also act as a "safe testing ground" for global expansion, allowing for controlled risk investments and rapid business model validation [2] - This strategic leap is expected to empower Baidou's "data intelligence + globalization" strategy, initiating a new era of accelerated development through both internal growth and external expansion [2]

Core Viewpoint - The 2025 Zhangzhou Yuanshan (Health Industry) Fund Investment Conference was held on October 18, focusing on promoting the integration of technology and industry innovation, and the development of emerging industries in Zhangzhou [1] Group 1: Event Overview - The conference was hosted by the Zhangzhou Municipal People's Government and organized by various local government departments, including the State-owned Assets Supervision and Administration Commission, Commerce Bureau, and Finance Bureau [1] - Key presentations were made by four financial industry guests, covering topics such as industrial mergers and acquisitions, artificial intelligence, new energy sectors, and food industry upgrades [1] Group 2: Strategic Initiatives - Zhangzhou has been implementing the "Thousand Hundred Billion Industry Cultivation Action Plan" to enhance its economic development [1] - The city aims to further promote the deep integration of technological innovation and industrial innovation, actively developing emerging industries such as marine economy, low-altitude economy, artificial intelligence, and health pharmaceuticals [1] - The initiative is expected to continuously stimulate new quality productivity in the region [1]