据透露，围绕金融服务实体经济主线，龙华区引导头部金融机构赋能制造业上市公司发展，努力将上市 公司培育为全区高质量发展的"主力军"。截至2025年9月下旬，龙华区共有境内外上市公司40家，数量 位居深圳各区第4；境内上市公司总市值突破2万亿元、位列全市各区第3，其中万亿市值以上企业1家、 千亿市值以上企业1家、百亿市值以上企业17家；40家上市企业中，民营企业占比超过八成，先进制造 业占比超过七成。2024年，全区30家规上工业上市企业（集团）营业收入增速达到25%，"总部+研发 +制造"的上市公司集聚效应已成为龙华区高质量发展的新引擎。 为落实新"国九条"等文件精神，今年6月龙华区率先在全市出台落实新规的《促进上市培育服务工作三 年行动方案》，面向"百亿市值"以上的头部上市企业，重点加强并购重组、募投项目落地、"A+H"上市 等支持力度，通过完善并购重组项目库、吸引头部金融机构共同出资设立并购重组母基金、落实优质产 业空间、推广联建拿地等举措确保上市公司好项目"来得了、落得下、早投产"，强化与头部券商、市级 基金联动，常态化支持赴港IPO企业基石投资。 活动现场，中信证券围绕AI时代下市值管理、并购重组、"A ...

Group 1 - The core viewpoint of the articles highlights the rapid growth and transformation of Longhua District into a hub for advanced manufacturing and listed companies, with a focus on high-quality development and financial support for these enterprises [1][2] - As of late September 2025, Longhua District is expected to have 40 listed companies, with a total market capitalization exceeding 2 trillion yuan, including one company valued over 1 trillion yuan, one over 100 billion yuan, and 17 over 10 billion yuan [1] - Over 80% of the listed companies in Longhua are private enterprises, and more than 70% are in advanced manufacturing, indicating a strong emphasis on these sectors for economic growth [1] Group 2 - The "Three-Year Action Plan for Promoting the Cultivation and Service of Listed Companies" was introduced in June 2025, focusing on supporting head-listed companies with market capitalization over 10 billion yuan through mergers and acquisitions, project implementation, and A+H listings [2] - Longhua District aims to strengthen its merger and acquisition project database and attract leading financial institutions to establish funds to support these initiatives, ensuring that quality projects are effectively implemented [2] - The district has conducted a thorough review of its listed and industrial enterprises, creating a digital profile for each company to facilitate mergers and acquisitions and support the growth of specialized and innovative enterprises [2]

Capital Operations of Hong Kong Stock Exchange - The Hong Kong Stock Exchange (HKEX) is recognized as a major global financial center with a highly market-oriented and internationalized capital operation system [2] - HKEX offers a mature regulatory framework that supports various capital operation methods including equity financing, debt financing, mergers and acquisitions, asset securitization, equity incentives, spin-off listings, privatization, and other innovative tools [2][11] Equity Financing - Equity financing in the Hong Kong market is known for its flexibility and efficiency, supporting both IPOs and diverse refinancing channels [2] - Initial Public Offerings (IPOs) are a primary method for companies to raise equity, characterized by a registration system that emphasizes information disclosure and high review efficiency, typically taking 6-12 months [3] - Various refinancing methods include: - Placing: Selling new shares to specific investors without a general offer [3] - Rights Issue: Offering new shares to existing shareholders based on their holdings [3] - Open Offer: Similar to rights issues but open to the public [3] - Consideration Issue: Issuing shares as payment for acquisitions [3] - Share Option Scheme: Issuing options to core employees or management to purchase shares at a predetermined price [3] Debt Financing - Companies listed on HKEX can issue various types of bonds, with flexible terms and multiple currencies (HKD, USD, RMB) [3] - Corporate Bonds and Convertible Bonds (CB) are common, with CBs providing both debt and equity characteristics, allowing investors to convert bonds into shares [3] - The issuance of perpetual bonds is also noted, which allows issuers to defer interest payments and may be classified as equity for accounting purposes [4][8] Mergers and Acquisitions - The M&A framework in Hong Kong is governed by the "Code on Takeovers and Mergers," focusing on shareholder fairness [4] - Key methods include: - Takeover Offer: A direct offer to acquire shares from shareholders [4] - Scheme of Arrangement: A court-approved plan for acquiring shares [4] - Share-for-Share Swap: Acquiring a company by exchanging shares [4] - Reverse Takeover: A non-listed company acquiring a listed shell company to gain a public listing [4] Asset Securitization - The acceptance of Asset-Backed Securities (ABS) in the Hong Kong market is high, with underlying assets including receivables, lease rights, and infrastructure revenue rights [5] - The operation model involves transferring underlying assets to a Special Purpose Vehicle (SPV) that issues securities backed by future cash flows [5] Equity Incentives - Companies often use equity incentive tools to align the interests of management and shareholders [6] - Common methods include Share Option Schemes and Share Award Schemes, which provide rights to purchase shares or grant shares directly to employees [6][7] Spin-off Listings - Spin-offs allow parent companies to list subsidiaries independently, enhancing the subsidiary's financing capabilities and potentially increasing the valuation of both entities [9][10] Privatization and Delisting - Privatization occurs when major shareholders or consortiums buy out public shares to delist the company, often due to undervaluation or high compliance costs [10] - Methods include voluntary buyouts and share repurchase programs, which can signal undervaluation to the market [10] Other Innovative Tools - The introduction of SPACs (Special Purpose Acquisition Companies) in 2022 provides a new pathway for companies to go public through acquisition [10]

Core Viewpoint - The North Exchange has seen a significant increase in merger and acquisition (M&A) activities, with notable stock performances from companies like Wuxin Tunnel Equipment and Chuangyuan Xinke, driven by recent policy reforms and market interest in M&A opportunities [1][2][7]. Group 1: Stock Performance - Wuxin Tunnel Equipment's stock rose by 7.98% to a high of 68.39 yuan, marking a new high in over a year [1]. - Chuangyuan Xinke's stock reached a historical high of 35.5 yuan after its resumption of trading on September 23 [1]. - Wuxin Tunnel Equipment has seen a cumulative stock increase of 134.27% year-to-date [2]. Group 2: M&A Activities - Wuxin Tunnel Equipment's acquisition of Wuxin Heavy Industry and Xingzhong Technology is the first stock issuance for asset purchase under the new M&A guidelines, with a slight adjustment in the acquisition ratio to 99.9057% [2]. - Chuangyuan Xinke plans to acquire 100% of Shanghai Weiyu Tiandao Technology, enhancing its capabilities in satellite navigation testing [3]. - Multiple M&A cases in 2025 have transaction values exceeding 100 million yuan, including East and New Materials' acquisition of 51% of Anshan Fuyou Mining for 255 million yuan [4][5]. Group 3: Industry Trends - The North Exchange's M&A focus is on vertical expansion, business upgrades, and market expansion, with companies like East and New Materials enhancing supply chain security [7]. - The trend includes integrating high-quality resources within the same group and extending mergers in emerging industries [8]. - The North Exchange aims to optimize industry chain layouts and enhance comprehensive competitiveness through M&A, supported by favorable policies and market conditions [7].

Mergers and Acquisitions - Century Hengtong plans to acquire a 13% stake in Qiantong Zhili for 113 million yuan, which will make Qiantong Zhili an associate company but not included in the consolidated financial statements [1] - Dongxing Medical intends to purchase 90% of Wuhan Yijiaobao for cash, which is expected to constitute a major asset restructuring, making Wuhan Yijiaobao a subsidiary [2] - Aerospace Engineering aims to acquire a total of 28% stake in Aerospace Hydrogen, with investments of 273 million yuan and 186 million yuan, increasing its ownership from 34.35% to 62.60% [3] Shareholding Changes - Yidian Tianxia's controlling shareholder plans to reduce its stake by up to 3%, equating to 14.16 million shares over the next three months [4] - Fengyuzhu's shareholder plans to reduce its stake by no more than 3% within three months, with the price determined by market conditions [5] Investment Agreements - Hongfuhan plans to invest up to 1.128 billion yuan to establish a joint venture for a photovoltaic energy storage project in the Democratic Republic of Congo, with a total project investment of approximately 1.41 billion yuan [6] - Aerospace Engineering has signed a total contract worth 2.392 billion yuan for a coal gasification project with Shaanxi Coal and Chemical Group [7] - Zhongchuang Zhiling intends to invest 5 billion yuan to establish a new energy vehicle parts industry base and R&D center in Changzhou [9] Risk Matters - Meichen Technology reported inflated profits of 658 million yuan from 2014 to 2018, facing penalties from the regulatory authority [10] - Xinhua Jin will be subject to ST designation and will suspend trading due to non-operational fund occupation, with a balance of 406 million yuan [11]

Core Viewpoint - Fuda Alloy (603045.SH) is acquiring a 52.61% stake in Zhejiang Guangda Electronic Technology Co., Ltd. for a total price of 352.4998 million yuan, aligning with the ongoing policies promoting mergers and acquisitions in the capital market and the booming photovoltaic industry amid global energy transition [1][2]. Group 1: Acquisition Details - The acquisition involves cash payment to 16 parties, including Wenzhou Chuangda and Wang Zhongnan, for Guangda Electronic's stake [1]. - The transaction price reflects a dynamic price-to-earnings ratio of approximately 11 times, significantly lower than the valuation levels of peer companies [3]. Group 2: Guangda Electronic's Strengths - Guangda Electronic has established itself as a rare integrated manufacturer in the industry, with self-developed core materials since its inception in 2010 [2]. - The company's core product, silver paste for TOPCon solar cells, is projected to increase its sales share from 34.03% in 2023 to 96.86% by mid-2025, showcasing its ability to adapt to industry technology iterations [2]. Group 3: Strategic Implications - The acquisition is expected to enhance Fuda Alloy's earnings per share and create a new profit growth point by entering the high-barrier photovoltaic conductive silver paste market [3][5]. - The merger is anticipated to yield significant synergies, particularly in technology integration and cost optimization, as both companies share a focus on metal conductive materials [4]. Group 4: Market Opportunities - Fuda Alloy can leverage Guangda Electronic's established relationships with leading clients in the photovoltaic industry to expand its market presence in new energy sectors [4][5]. - The strategic move is seen as a response to the global energy revolution, optimizing the company's industrial layout and ensuring sustainable long-term development [5].

丨 来源：新华社客户端 2025-09-17 积极走访凝聚合力 湖北证监局助力上市公司高质量发展 为深入贯彻国务院关于走访上市公司、推动上市公司高质量发展重要部署，认真落实证监 会有关工作要求，湖北证监局坚持多方联动、常态走访，帮助上市公司解决实际困难，全力推 动上市公司高质量发展。今年以来，湖北证监局联合地方政府有关部门和沪深北交易所重点走 访调研上市公司63家次，走访中"一企一档"建立问题台账，实行销号管理。并协调推动解决上 市公司各类诉求40余项，将困扰公司的"问题清单"变为实实在在的"成效清单"。 一是凝聚走访合力，从"阶段性"变为"常态化"。湖北证监局高度重视顶层设计与机制建 设，积极配合湖北省政府制定实施《湖北省走访上市公司工作落实方案》。按照"立足企业、 整体覆盖、重点突出、以点带面"原则，开展分层级调研走访。由省领导带队开展省级层面走 访，各市州政府选取重点上市公司开展市州层面走访。在积极总结前期走访工作实践经验基础 上，联合省委金融办建立常态化走访上市公司工作机制，实现从阶段性"走出去"向常态化"沉 下去"的重要转变，逐步建立起一条行之有方、行之有效、行之有力的工作思路。 二是聚焦风险防控， ...

证券日报网讯福安药业（300194）9月26日发布公告，在公司回答调研者提问时表示，公司上市以来开 展了系列并购重组，不断发展壮大，公司今后将继续利用好发展平台，做好经营管理工作，努力用优秀 的成绩让投资者满意。 ...

围绕资本市场并购重组，华东政法大学教授徐明9月26日在2025·青岛创投风投大会上表示，并购重组以 企业价值为基础和轴心，以价格机制进行调整，反映上市公司需求和根本利益，是资本市场市场化的重 要体现。近年来，我国并购重组市场活跃度较高。应进一步优化并购重组估值逻辑，提高估值质量，完 善制度合理性，提高政策适配度。 徐明指出，上市公司并购重组的目的显然是为了上市公司资源进一步整合，通过并购重组使上市公司实 现行业的整合和产业升级，实现新旧动能转化，由此实现上市公司做大做优做强。 近年来，我国并购重组市场活跃度较高。以首次披露日期为准，截至8月8日，2025年以来有88家上市公 司公开了作为竞买方的并购重组事件。徐明表示，今年通过并购重组的公司数量有望突破140家，创下 自2020年以来新高。 徐明认为，近年来我国并购重组的政策支持力度大，且效果明显。2024年以来我国颁布了一系列政策， 新"国九条""科八条""并购六条"等政策总基调都是鼓励并购重组的。所有政策都在鼓励并购重组服务新 质生产力、科技创新，支持新旧动能转型。 对于我国并购重组现状，徐明总结为"重点是突出的，方式是多样的"。他同时指出，并购重组当中也 ...

格隆汇9月26日丨今年以来，部分ST股表现抢眼，这主要是受到市场、政策等多种因素综合影响，包括 A股整体交投趋向活跃，加上并购重组新规落地后，一些ST公司重组预期也随之增强。统计显示，截至 9月26日收盘，9只ST股今年以来累计涨幅翻倍，包括*ST宇顺、*ST亚振、ST华通、ST信通、*ST亚太 等。其中3股今日盘中最高价创历史新高，分别是*ST宇顺、*ST亚振、ST华通。*ST宇顺以1060.39%的 涨幅高居第1位，在所有A股中同期涨幅排名第二位，仅次于上纬新材。据统计，*ST宇顺于2025年9月 24日收盘时，年内涨幅首次达到10倍以上，今日涨停之后，年内累计涨幅进一步扩大。 ...