随着"并购6条"+新国九条等政策的持续发力，2025年的 类借壳交易热度只增不减： 这两年并购重组圈可太热闹了！2024年度A股重大重组预案暴增68%，北交所并购额破千亿，更有近三 成上市公司在搞"曲线救国"——绕开传统借壳的严监管，用分步收购、引入第三方等"类借壳"招数悄悄 布局。 「「「「「「「「 AAAAAAAA 股股股股股股股股退退退退退退退退市市市市市市市市加加加加加加加加速速速速速速速速 倒倒倒倒倒倒倒倒逼逼逼逼逼逼逼逼并并并并并并并并购购购购购购购购重重重重重重重重组组组组组组组组」」」」」」」」 「「「「「「「「 22222 222200000 000022222 222244444 4444.... . ... ..99999 9999.... . ... ..22222 222244444 4444 以以以以以以以以来来来来来来来来 并并并并并并并并购购购购购购购购热热热热热热热热情情情情情情情情高高高高高高高高涨涨涨涨涨涨涨涨」」」」」」」」 为什么越来越多企业选择这种"暗度陈仓"的方式？不同模式到底藏着哪些门道？下面我们用2024年最 受关注的几个案例，带大家看看 类借壳的四大经典玩法 ...

Group 1 - The investment banking business in the A-share market faced significant challenges last year, with a notable decline in IPO activities and overall revenue for major securities firms [2][3] - In 2024, the total investment banking revenue for 21 listed securities firms was 23.165 billion yuan, reflecting a year-on-year decrease of approximately 28% [3][4] - Major firms like CITIC Securities, Huatai Securities, and China International Capital Corporation (CICC) reported substantial declines in their investment banking revenues, with CITIC Securities experiencing a drop of over 36% [4][8] Group 2 - Despite the overall downturn, some firms managed to achieve positive growth in their investment banking revenues, with GF Securities showing a 34.89% increase [8][10] - The decline in investment banking revenue was primarily driven by a significant drop in underwriting and sponsorship fees, with many firms reporting decreases exceeding 50% in these areas [10][11] - The investment banking landscape is expected to improve in 2025, as there are signs of recovery in the IPO market since March, with an increase in the number of applications for listings [13][15] Group 3 - The financial advisory segment of investment banking saw a slight decline, with total revenues of 3.1 billion yuan, but its share of total investment banking revenue increased by 4 percentage points [14] - Regulatory support for mergers and acquisitions is anticipated to create opportunities for securities firms to transform their investment banking services [15]

以下文章来源于融中财经 ，作者王涛 融中财经 . 时至今日，创始人、投资人们不再头铁，IPO不成，并购似乎也是一个好出路。 01 IPO不成后 创始人们卖掉了公司 中国领先的股权投资与产业投资媒体平台。聚焦报道中国新经济发展和创新投资全产业链。通过全媒体资讯平台、品牌活动、研究服务、专家咨询、投资 顾问等业务，为政府、企业、投资机构提供一站式专业服务。 来源 | 融中财经 越来越多的公司愿意卖身了。 资本市场的风向正在悄然转变。随着IPO审核趋严、市场波动加剧，一批曾踌躇满志冲击公开市场的企业纷纷转向并购退出，掀起了一股前所未有的交易 热潮。 自2024年9月证监会发布的"并购六条"明确释放鼓励信号后，如今地方国资纷纷入场：上海组建500亿元并购基金矩阵，安徽、湖北等地国资接连收购上市 公司控股权。数据显示，2024年前三季度并购退出占比已攀升至29%，与IPO退出渠道的收缩形成鲜明对比。这一趋势背后，是资本市场的深层逻辑变革 ——当一级市场流动性承压，并购不再仅是备选方案，而成为盘活资产、优化资源配置的关键枢纽。 数据显示，2024年度，中国并购市场（包含中国企业跨境并购）共披露8,378起并购事件，交易规 ...

Core Viewpoint - The merger between Xiangcai Co. and Dazhihui is a strategic move to adapt to the digital transformation and consolidation trends in the securities industry, aiming to leverage both companies' strengths for resource sharing and market synergy [2][4][12]. Summary by Sections - **Merger Announcement**: On March 28, Xiangcai Co. and Dazhihui announced a plan for Xiangcai to absorb Dazhihui through a share exchange, with a ratio of 1:1.27, meaning each share of Dazhihui will be exchanged for 1.27 shares of Xiangcai [2][4]. - **Control Structure**: The merger will not change the control structure of Xiangcai Co. Newhu Holdings remains the controlling shareholder, and after the merger, Xiangcai's total shares will increase to 5.153 billion, while Newhu's ownership will decrease to 22.4% [7]. - **Dazhihui's Status**: Following the merger, Dazhihui will be delisted and its legal entity will be dissolved, with Xiangcai inheriting all of Dazhihui's assets, liabilities, and operations [7]. - **Historical Context**: This merger marks a significant moment as it follows a failed attempt in 2015 due to Dazhihui's information disclosure issues, indicating lessons learned and a rapid progression in the current merger process [8]. - **Market Positioning**: The merger positions Xiangcai Co. to become the third internet brokerage in the A-share market, following the paths of Zhina and Dongfang Caifu, which have seen substantial growth post-merger [10][11]. - **Strategic Benefits**: The merger is expected to enhance customer acquisition and operational efficiency, with Dazhihui's monthly active users around 10 million, which is higher than Huatai Securities but lower than Dongfang Caifu [11]. - **Operational Synergy**: The combined entity aims to achieve a synergistic effect, enhancing competitive advantages in key business areas and improving overall financial service capabilities through resource integration [12].

21世纪经济报道记者 闫硕 北京报道 3月26日，北京市医保局局长马继业表示，今年将再新设100亿元规模的医药并购基金，构建全周期接续 支持、市区协同的医药健康产业基金体系。 同日，上海生物医药并购私募基金合伙企业（有限合伙）正式成立。企查查显示，该基金由上海医药 （601607）（601607）、新华保险（601336）（601336）、东富龙（300171）（300171）、君实生物 （688180）等共同出资，出资额达46.6亿元。 事实上，2024年以来，国家和地方陆续出台重磅政策鼓励并购重组：新"国九条""科创板八条""并购六 条"陆续发布；随后，深圳、上海、郑州等地发布三年行动方案；北京、广东等地举办并购重组座谈 会，多措并举活跃并购重组市场。 医疗战略咨询公司Latitude Health创始人赵衡向21世纪经济报道记者指出，医药行业并购重组是未来的 趋势。随着市场持续出清和调整，并购将会越来越多。不同公司将会根据自身发展策略关注细分市场。 海通证券研报指出，并购重组有望提升并购重组市场效率，帮助上市公司向新质生产力方向转型升级。 分领域来看，并购重组有望在医疗器械、中药、医疗服务、血制品与科研 ...

Core Viewpoint - CITIC Securities reported a strong recovery in performance, achieving a net profit of 21.704 billion yuan, the highest in nearly three years, driven by a rebound in the securities investment business and increased market activity [1][3]. Financial Performance - The company achieved operating revenue of 63.789 billion yuan and a net profit of 21.704 billion yuan, representing year-on-year growth of 6.2% and 10.06% respectively [1][3]. - Total assets increased to 1.71 trillion yuan, reflecting a year-on-year growth of over 17% [1]. - The securities investment business generated revenue of 24.04 billion yuan, a nearly 24% increase, contributing to nearly 40% of total revenue [1][3]. - Brokerage and asset management businesses also saw revenue growth, with brokerage revenue reaching 16.557 billion yuan and asset management revenue at 11.473 billion yuan, growing by 8.92% and 5.78% respectively [3]. Market Conditions - The second half of 2023 saw a significant market recovery, particularly after the "924 market" began, leading to increased trading activity and improved performance for brokerages [3]. - However, the IPO market remains tight, impacting the underwriting business, which saw a 35.43% decline in revenue to 4.033 billion yuan [4]. International Business - CITIC Securities International reported impressive results, with operating revenue of 2.26 billion USD and net profit of 530 million USD, marking year-on-year growth of 41% and 116% respectively [5]. - The contribution of international business revenue increased to 17.2%, with notable growth in markets outside Hong Kong [5]. Dividend and Shareholder Returns - The company announced a cash dividend plan of "10 for 2.8 yuan," totaling 4.15 billion yuan, leading to an annual cash dividend of 7.707 billion yuan [6]. - CITIC Securities has maintained a cash dividend payout ratio of over 30% in recent years, with cumulative dividends exceeding 84.5 billion yuan since its listing in 2003 [6]. Strategic Outlook - The company aims to enhance its investment banking capabilities and expand its international business, focusing on cross-border collaboration and product innovation [6].

以下文章来源于LP波谱 ，作者杨博宇 LP波谱 . 本账号专注LP市场报道。"波浪、谱系"是识别市场的维度，也是定义市场的坐标；此外，波谱（Pop Art）也意为放低意义与史诗 的执念，认同商业的日常之美。 将投中网设为"星标⭐"，第一时间收获最新推送 作者丨杨博宇 来源丨LP波谱 3月25日上午，上海又有了新的大动作。 分别是总规模500亿元的上海市产业转型升级二期基金、总规模500亿元以上的国资并购基金矩阵。 两只总计规模1000亿元 以上的投资基金设立，标志着2025年上海迎来新的资本活水。 先说上海市产业转型二期基金。首期基金100亿元，重点投向新一代电子信息产业、高端装备产业、汽车产业、新材料产业、 软件和信息服务产业、工业服务业。 500亿+500亿，上海拼了。 早在2015年，上海就开始筹划产业转型基金一期。当时上海市经信委将管理的专项资金归并，形成10亿元规模的一期基金。 该基金在2017年开始进入实质投资阶段。主要围绕有三个投资方向， 一是"中国制造2025"进行直投，二是根据上海结构调 整和发展重点跟投，三是投向新技术、新业态、新产业、新模式，即所谓的"四新"经济。 当时上海设立这只基金， ...

超500亿元国资并购基金矩阵启动！上海：开展一批 高质量并购，打造重点领域龙头企业 3月25日，在2025上海全球投资促进大会上，上海市国资委正式发布国资并购基金矩阵，总规模达到500 亿元以上。证券时报记者获悉，该基金群将发挥国有资本引领带动作用，与行业龙头企业、各类社会资 本、金融机构、专业服务机构、产业园区共同助力完善上海并购市场生态。 上海市国资委党委书记、主任贺青表示，组建国资并购基金矩阵是深入实施上海国企改革深化提升行动 的重要举措，将围绕加快新兴产业前瞻布局和推动传统产业转型升级开展一批高质量并购，推进相关产 业整合与升级，打造重点领域龙头企业。 涉及国资国企改革等多个领域 还在筹划相关产业并购基金 "500亿元只是起步，我们还在筹划相关产业的一些并购基金。"陈东在论坛上透露，上海将进一步拓展 国资并购基金的投资广度与深度。 上海国投公司副总裁陆雯在论坛上表示，在外部竞争压力倒逼与国内政策红利持续释放的双重驱动下， 中国并购市场正迎来历史性机遇，"通过战略性并购整合资源，重塑产业格局，已成为培育具有全球竞 争力头部企业的关键"。 "为有效应对本轮并购重组热潮，国有资本投资平台发挥战略引领作用，牵 ...

Group 1: M&A Activity Overview - From March 17 to March 23, there were a total of 73 M&A events involving listed companies, with 1 failure and 24 major M&A transactions[9] - Out of the completed M&A events, 8 were finalized, while none of the major M&A transactions were completed during this period[9] Group 2: Policy Updates - The Shanghai Stock Exchange emphasized the support for listed companies to actively utilize M&A and restructuring to accelerate traditional industry transformation and the cultivation of emerging industries[7] - Zhengzhou Municipal Government held a conference to promote high-quality development in M&A and restructuring, establishing a project library for M&A targets and enhancing project selection mechanisms[7] Group 3: Major M&A Transactions - Notable M&A transactions included the acquisition of 60% equity in Bochuang Intelligent by Yuehongyuan, with a transaction value of 251,536.08 CNY[13] - The acquisition of 100% equity in Xinhai Electronics by New Aluminum Era was also highlighted, with the transaction progressing to the board's proposal stage[13] Group 4: Control Changes - A total of 12 listed companies disclosed changes in control, with Baoli International and Ruilian New Materials achieving state-owned enterprise control[17] - The change in control for companies like Jiaozao Wanfang and Century Dingli was also noted, reflecting a shift towards state ownership in several cases[17] Group 5: Market Performance - The restructuring index outperformed the Wind All A index by 0.74% during the week of March 17 to March 23[19] - Over a mid-term view, the restructuring index showed positive fluctuations compared to the Wind All A index over a rolling 20-day trading period[19]

长江商报奔腾新闻记者 李璟 "并购六条"落地半年累计更新重组方案189单 "并购六条"发布实施半年，并购市场活跃度持续攀升。 为进一步激发并购重组市场活力，支持经济转型升级和高质量发展，2024年9月24日，中国证监会 发布了《关于深化上市公司并购重组市场改革的意见》（简称"并购六条"），主要包括支持上市公司向 新质生产力方向转型升级、鼓励上市公司加强产业整合、提高监管包容度、提升重组市场交易效率、提 升中介机构服务水平、依法加强监管六大方面内容。 相关数据显示，自"并购六条"发布以来，截至3月24日，A股上市公司累计更新重大资产重组方案 189单。"并购六条"为上市公司运用并购重组培育新动能提供政策支持，显著激活了A股市场的并购重 组活动。 奔腾新闻记者注意到，"并购六条"发布以来，持续掀起资本市场并购重组新热潮。2025年，并购重 组市场火热依旧，今年以来，已有35家A股公司（含子公司）作为竞买方首次披露重大资产重组事项， 同比增长218%。 "并购六条"落地以来，并购重组市场特点愈发鲜明，"硬科技"领域并购活力足。以沪市为例，"并 购六条"发布后上交所各类资产交易近500单，重大资产重组同比增长近300 ...