Group 1 - The article highlights a surge in merger and acquisition (M&A) activities in China, driven by favorable policies and market reforms, including the new "National Nine Articles" and the "Six Articles on M&A" from the China Securities Regulatory Commission [1] - A closed-door seminar titled "Breaking the M&A Deadlock: Investment and Exit Games in the Era of Stock" was held, gathering over 50 participants from government investment funds, industry capital, GP/LP, and intermediary institutions to discuss trends, opportunities, and challenges in the M&A market [1] - The discussion emphasized the evolution of M&A strategies from dollar-based funds to local institutions leading with RMB funds, focusing on control and industrial synergy through a "holding + empowerment" strategy [2] Group 2 - The article discusses the practical experiences shared by industry leaders regarding the importance of governance structure, organizational efficiency, and corporate strategy in M&A transactions [2][4] - It notes that the current M&A landscape faces challenges such as valuation discrepancies, low willingness to cede control, and complex post-merger integration [4] - The article concludes that M&A is becoming a crucial bridge between industrial transformation and capital exit, with a structural reshaping and path reconstruction underway in the Chinese M&A market [5]

Core Viewpoint - Xincheng Capital has successfully raised a new RMB merger fund exceeding 4.5 billion yuan, reflecting strong market recognition and confidence in China's economic prospects [1][2] Group 1: Fundraising and Management - The new RMB merger fund has a total scale exceeding 4.5 billion yuan, bringing the total assets managed by Xincheng Capital to approximately 95.9 billion USD [1] - The fund attracted a diverse range of investors, including government guidance funds, insurance funds, mother funds, brokerages, and enterprises, with market-oriented institutional investors being the main contributors [1] - The fund is based in the Suzhou Industrial Park, leveraging the advantages of the Yangtze River Delta industrial cluster to promote the integration of capital and industry [1] Group 2: Investment Strategy and Market Context - The new fund will continue the investment strategy focused on controlling mergers, in conjunction with the previously raised 4.5 billion yuan Chengxi Win-Win Fund [1] - Xincheng Capital has a history of successfully capturing leading quality enterprises across various sectors, with notable merger cases including McDonald's China and other prominent companies [2] - The current international situation is complex, yet China's economy maintains stable growth, positioning the private equity investment sector for strategic opportunities amid a phase of adjustment [2] Group 3: Future Outlook and Commitment - The successful fundraising is seen as a strong endorsement of Xincheng Capital's investment strategy and past performance, reflecting the trust and expectations of both new and existing investors [2] - The company aims to explore the potential of merger funds in promoting technological innovation, industrial upgrading, and industry consolidation, contributing to the high-quality development of the capital market [2]

21世纪经济报道 实习生 张长荣 记者 崔文静 北京报道腾讯音乐并购喜马拉雅、安踏并购狼爪、KKR收 购大窑、高瓴竞购星巴克……并购案例频发。近年来，并购领域政策暖风频吹，从新"国九条"明确鼓励 并购重组，到证监会"并购六条"深化市场化改革，共同推动并购市场热潮涌动。 7月29日，"并购破局：存量时代的投退博弈"闭门研讨会在北京成功举办。活动现场，来自政府投资基 金、产业资本、GP/LP及中介机构的50余位嘉宾齐聚一堂，围绕并购市场的政策趋势、机遇与挑战，并 购投资的交易实践等话题，展开精彩分享和深度讨论。 在圆桌讨论环节，来自政府投资基金、产业资本、市场化创投机构与中介机构的代表，就并购市场的机 遇与难点、并购策略的实践思考等话题开展讨论与交流。 并购或为唯一"确定性"机会 当前并购领域前景广阔，甚至被业内视为一级市场未来十年最具确定性的增长点。 一方面，政策引导作用显著。宏观层面有国家战略支持；中观层面则有证监会、工信部、国资委、国家 发展改革委等部委的政策推动；微观层面，企业自身对并购交易也抱有迫切需求——有的希望借此实现 战略布局、扩大规模或推动转型，有的上市公司着眼于市值管理，部分央企也在积极探索通 ...

Core Viewpoint - The article discusses the rising trend of reverse mergers in the primary market, highlighting how startup companies are acquiring listed companies as a new route for capital market operations [1][2][3]. Group 1: Reverse Mergers - In July, a listed company, Aowei New Materials, announced that Zhiyuan Robotics would acquire at least 63.62% of its shares for 2.1 billion yuan, changing the controlling shareholder to Zhiyuan Hengyue [2]. - This method of reverse mergers is seen as a new operational model for startups, allowing them to access the secondary market without meeting independent listing requirements [3]. - Several hard-tech startups are exploring the feasibility of this model, indicating a shift in how companies approach capital markets [3]. Group 2: M&A Market Activity - The M&A market has been active this year, with reverse mergers gaining attention and numerous M&A funds being established [4]. - Over 10 regions have introduced policies to support M&A restructuring and fund establishment, indicating a strong push from state-owned assets [5]. - Notable M&A funds include China Pacific Insurance's proposed 300 billion yuan fund, focusing on state-owned enterprise reform and modern industrial system construction [6]. Group 3: Investment Institutions' Strategies - Investment institutions are increasingly looking at mergers and acquisitions as a viable exit strategy, especially in light of recent regulatory changes [13][14]. - The introduction of the "924 New Policy" by the CSRC supports private equity funds in acquiring listed companies, which could lead to significant M&A activity in the A-share market [10][15]. - Many investment firms are establishing dedicated M&A departments to capitalize on these opportunities, reflecting a growing trend in the industry [18][19]. Group 4: Future Outlook - The article anticipates more private equity funds participating in significant M&A transactions following the implementation of the new restructuring regulations [21]. - The government is encouraging the establishment of market-oriented M&A mother funds and secondary market funds to promote a healthy cycle in the venture capital industry [20].

Core Viewpoint - Tianjin has introduced measures to support mergers and acquisitions (M&A), allowing for a higher proportion of acquisition transaction loans to be financed, up to 80% [1] Group 1: Policy Measures - The Tianjin Municipal Financial Management Bureau, along with six other departments, has released a set of measures to support M&A and restructuring [1] - The measures include the establishment of M&A mother funds through government capital and long-term funds, aimed at enhancing industrial chain integration [1] - There is an emphasis on attracting market-oriented private equity funds to accelerate the formation of an M&A fund ecosystem [1] Group 2: Financial Support - Financial institutions are encouraged to provide diverse tools such as M&A loans, bonds, and insurance to broaden direct financing channels and reduce costs [1] - The focus is particularly on supporting technology-oriented small and medium-sized enterprises (SMEs) [1] - The measures also include a pilot program for technology enterprise M&A loans, allowing for a loan proportion of up to 80% for acquisition transactions [1]

Meeting Announcement - The company will hold its first extraordinary general meeting of shareholders in 2025 on July 28, 2025, at 14:00, combining on-site voting and online voting [1][2] - The online voting will be available on July 28, 2025, during trading hours from 9:15-9:25, 9:30-11:30, and 13:00-15:00 through the Shenzhen Stock Exchange trading system [1][2] Voting Procedures - Shareholders can choose either on-site voting or online voting, but not both; if duplicate votes occur, the first vote will be considered valid [2] - Eligible shareholders must register by July 21, 2025, and can authorize representatives to attend and vote on their behalf [2][5] Agenda Items - The meeting will review a proposal regarding the establishment of a merger fund in collaboration with professional institutions, which requires approval from more than half of the voting rights held by shareholders excluding certain executives and major shareholders [4][6] Registration Details - Corporate shareholders must provide necessary documentation including a copy of the business license and identification for registration [5] - Individual shareholders must present their identification and shareholder account card for registration [5] Contact Information - For inquiries, shareholders can contact Qiao Hongyuan at 029-88607193 or via email at xctt@xcet.com.cn [5][6]

Group 1 - The company plans to establish a merger fund in collaboration with other partners to enhance business scale and synergy effects while ensuring sufficient operational funds [1][2] - The total capital commitment for the merger fund is 105 million yuan, with the company contributing 51.5 million yuan, representing 49.05% of the total [2][9] - The primary purpose of the fund is to acquire shares in Luoyang Xice Technology Service Co., Ltd. through cash payments [2][12] Group 2 - The company’s actual controller, Mr. Li Zexin, holds an 18% stake in Jiu Feng Capital, which is considered an associated party, making this investment a related party transaction [2][5] - The investment does not constitute a major asset restructuring as defined by relevant regulations, and the company has not engaged in similar transactions with the same related parties in the past twelve months [2][3] Group 3 - The decision-making process for the fund's establishment has been approved by the company's board of directors and requires further approval from the shareholders' meeting [3][15] - The fund will be managed by Jiu Feng Capital, which will also appoint members to the investment decision committee [11][12] Group 4 - The fund's operational period consists of a one-year investment phase followed by a four-year exit phase, with possible extensions [8][10] - The fund's income and expenses will be distributed according to the partners' capital contributions, following a "project-based return" principle [11][12] Group 5 - The establishment of the fund is expected to enhance the company's strategic development and investment returns while minimizing risks [12][15] - The independent directors and supervisory board have expressed support for the fund's establishment, emphasizing the benefits of leveraging professional investment experience [14][15]

Core Viewpoint - The recent activities of major companies like Tencent and Alibaba in becoming Limited Partners (LPs) in various investment funds highlight the increasing importance of Corporate Venture Capital (CVC) in the private equity and venture capital landscape [7][14][16]. Group 1: Tencent's Investment Activities - Tencent has made significant investments as an LP, including a recent addition to the Morning One Fund, where it partnered with several other firms [1]. - Earlier in April, Tencent invested 200 million yuan in the Shanghai Xingze Chuanhe Venture Capital Partnership, acquiring approximately 66.66% of the fund [2][3]. - Tencent's involvement in over 131 external investment funds illustrates its extensive influence in the VC/PE sector, primarily backing well-known institutions [3]. Group 2: Alibaba's Investment Activities - Alibaba has also re-entered the LP space, contributing 140 million yuan to the "Infinite Sailing Haihe (Tianjin) Venture Capital Partnership," which includes other notable investors like Sequoia China [5][6]. - This marks Alibaba's first LP investment since October 2018, indicating a renewed focus on venture capital [6]. Group 3: Market Trends and Implications - The trend of listed companies becoming active LPs is notable, with over 70 companies participating in the establishment of industry funds this year [15]. - The rise of CVCs reflects a strategic shift where companies seek to leverage external investment capabilities while optimizing their asset structures and enhancing investment returns [17][22]. - The "chain master + fund" model is gaining traction, where leading enterprises in the supply chain collaborate with investment funds to drive industry growth [18][19]. Group 4: Future Outlook - The establishment of CVC mother funds, such as the one launched in Xiamen with a target size of 10 billion yuan, indicates a diversification of LP sources in the equity investment industry [20]. - The anticipated growth of CVCs as LPs in the VC/PE space is expected to continue, contributing to the high-quality development of industries [20].

Core Viewpoint - The article highlights the emergence of a merger and acquisition (M&A) wave in the primary market, driven by policy support, market demand, and industry upgrades [2][10][16]. Group 1: M&A Fund Developments - Domestic M&A funds have been actively established since the beginning of the year, with significant involvement from major asset management firms like PAG [3][5]. - The "Suzhou PAG No. 1 Equity Investment Fund" has recently seen a capital increase to 3.1 billion RMB, attracting investments from several well-known institutions [8]. - PAG's strategic focus includes controlling mergers and structural minority equity investments, indicating a robust approach to the M&A landscape [6][10]. Group 2: Policy and Market Dynamics - The M&A market has been invigorated by the "M&A Six Guidelines" policy, leading to a surge in the establishment of M&A funds across various regions [12][14]. - In June alone, at least four new funds were launched, including a 50 billion RMB fund by China Pacific Insurance and a 10 billion RMB fund in Ningbo [12][13]. - The collaboration between state-owned enterprises and market-oriented general partners (GPs) is accelerating, with numerous control change announcements in listed companies [13]. Group 3: A-Share Market Activity - A-share listed companies have seen a significant increase in M&A activities, with 1,493 companies planning 1,984 M&A deals in the first half of the year, marking a 121.74% year-on-year increase in major asset restructurings [14]. - The current market environment presents historic opportunities for M&A funds, with expectations of continued activity in the second half of the year due to supportive policies [14]. Group 4: Future Outlook - The M&A wave is characterized by a combination of market adjustments, policy support, and industry upgrades, with PAG's recent activities adding momentum to this trend [16]. - The success of M&A transactions will heavily depend on the quality of target assets and reasonable valuations, indicating a competitive landscape for high-quality assets [16].

Group 1 - The establishment of the first AIC chain master merger and acquisition equity investment fund, Ningbo Zhongying Xingxiang Fund, marks a new model of collaboration among five parties, including local government and industry leaders, with a total fund size of 1 billion yuan [1][2] - The fund aims to integrate resources within the automotive industry chain, focusing on high-end manufacturing and innovation through equity investments and capital operations [1][6] - The rise of Corporate Venture Capital (CVC) as a popular investment choice among Limited Partners (LPs) reflects a shift towards a "chain master + fund" model in the primary market, emphasizing the importance of chain master enterprises in driving industry growth [3][4][5] Group 2 - The current merger and acquisition trend is supported by numerous local government policies, with over 10 regions announcing initiatives to establish merger and acquisition funds [6][7] - The establishment of significant merger funds, such as the China Pacific Insurance's 30 billion yuan fund, indicates a growing focus on mergers and acquisitions as a strategic investment avenue [6][10] - The introduction of the "924 New Policy" by the China Securities Regulatory Commission encourages private equity funds to participate in mergers and acquisitions, potentially leading to a surge in such activities in the market [12][20][27] Group 3 - The increasing interest in mergers and acquisitions among investment institutions is evident, with many firms establishing dedicated merger departments to explore acquisition opportunities [23][24] - The average salary for merger managers in China can reach up to 500,000 yuan, highlighting the demand for talent in this emerging market [24][25] - The government's push to streamline the merger and acquisition process is expected to facilitate a more vibrant market for private equity involvement in corporate acquisitions [26][27]