投资界消息，1月7日，深交所上市公司郑州天迈科技股份有限公司（股票代码：300807，以下简称"天 迈科技"）发布公告，启明创投设立的专项并购基金苏州工业园区启辰衡远股权投资合伙企业（有限合 伙）（以下简称"启明基金"）通过协议转让方式完成收购天迈科技的控制权（以下简称"本次收购"）。 本次收购完成后，启明基金成为天迈科技的控股股东。 本次收购不仅是在中国证监会于2024年9月24日发布的《关于深化上市公司并购重组市场改革的意见》 （即"并购六条"）后A股市场公告的首个市场化私募基金收购上市公司的案例，更是一级市场基金探索 并购整合新路径的重要尝试。 据官网介绍，天迈科技是智慧交通和智慧充电综合解决方案提供商。目前天迈科技已形成以车联网应用 为主、城市交通整体解决方案为拳头产品，同时为智慧公交、汽车电子、智慧充电、智慧出租、综合交 通、智慧市政等领域提供整体解决方案和咨询服务的业务结构，业务范围覆盖全球400多个城市、700余 家交通运输企业和行业管理部门。 启明创投成立于2006年。目前，启明创投旗下管理11只美元基金，7只人民币基金，已募管理资产总额 达到95亿美元。自成立至今，专注于投资科技(Techn ...

历时一年，国内知名VC机构启明创投入主天迈科技，终于正式落锤。 1月7日，天迈科技公告称，公司控股股东郭建国及其一致行动人郭田甜、海南大成瑞信投资合伙企业（有限合伙）（以下简称大成瑞信）向苏州工业园区 启辰衡远股权投资合伙企业（有限合伙）（以下简称苏州启辰）协议转让1775万股股份（占公司总股本的26.10%）的事项，已于2026年1月6日在中国证 券登记结算有限责任公司完成过户登记手续。 苏州启辰此前在公告中也明确，未来一年不会改变天迈科技主营业务，但为增强上市公司的持续发展能力和盈利能力，改善上市公司资产质量，不排除在 未来12个月内尝试对其资产、业务进行优化调整的可能。 5.41亿元，启明创投拿下一家上市公司 2024年9月，中国证监会发布的《关于深化上市公司并购重组市场改革的意见》（以下简称"并购六条"）提出，支持私募投资基金以促进产业整合为目的 依法收购上市公司。 次年1月6日，上市公司天迈科技披露了与启明创投签署的股份转让协议。从首次公告到最终完成过户，历时约一年，其间一波三折，经历了交易主体变 更、价格重议等多项关键调整。 根据首次公告，天迈科技控股股东郭建国及其一致行动人郭田甜、大成瑞信，与苏 ...

Group 1 - Construction Bank successfully assisted Shanghai Electric Group in issuing technology innovation bonds and participated in the first batch of merger notes in Shanghai [1] - Shanghai Electric Group was included in the list of world-class demonstration enterprises and specialized, sophisticated, and innovative enterprises by the State-owned Assets Supervision and Administration Commission in February 2023 [1] - The first round of technology innovation bonds and merger notes is primarily aimed at replacing equity contributions to technology subsidiaries and repaying merger loans [1] Group 2 - The China Interbank Market Dealers Association issued a notice to optimize the mechanism for merger notes, expanding financing channels for corporate mergers and acquisitions [2] - Construction Bank's Shanghai branch has implemented a "commercial and investment banking integration" strategy since 2025, responding to the Shanghai government's action plan for supporting listed company mergers and acquisitions [2] - The bank established the first integrated circuit industry AIC merger fund in collaboration with Shanghai's state-owned asset platform to support the upgrade of high-end industries in Shanghai [2]

近日，中国银行间市场交易商协会发布《关于优化并购票据相关工作机制的通知》，进一步拓宽企业并 购重组融资渠道，提升银行间债券市场服务实体经济质效。2025年12月12日，建设银行上海分行作为主 承销商成功助力上海电气集团股份有限公司科技创新债发行，并积极参与通知出台后的全国首批、上海 市首单并购票据落地。 未来，建行上海市分行将紧跟交易商协会政策导向，高效衔接企业并购资金需求与资本市场融资功能， 引导市场资金精准流向产业整合关键环节，为上海打造上市公司并购重组先行区、深化国际金融中心建 设注入持续金融动力。 近日，中国银行间市场交易商协会发布《关于优化并购票据相关工作机制的通知》，进一步拓宽企业并 购重组融资渠道，提升银行间债券市场服务实体经济质效。2025年12月12日，建设银行上海分行作为主 承销商成功助力上海电气集团股份有限公司科技创新债发行，并积极参与通知出台后的全国首批、上海 市首单并购票据落地。 自2025年以来，建行上海市分行深度践行"商投行一体化"战略，快速响应上海市人民政府发布的《上海 市支持上市公司并购重组行动方案（2025—2027年）》，围绕上海地区并购市场创新发布《携手同行• 共创未来 ...

西部金融研究院学术委员杨柳勇现场发布了《2025重庆上市公司并购重组研究报告》。该报告将上市渝 企并购重组置于全国推进并购重组发展的大背景下，梳理其基本特征、分析主要影响，借鉴其他地区经 验做法，提出针对性的对策建议，助力重庆地区上市公司并购重组高质量发展。 西部金融研究院院长、《2025重庆市两江新区上市公司发展报告》及《重庆上市公司发展报告 （2025）》主编陈银华表示，研究院将持续跟踪两江新区上市公司发展情况，通过年度性的观察分析， 更好地展示两江新区上市公司的活力与成就，赋能两江新区投资热土和创新高地建设。同时，研究院将 进一步发挥智库作用，加强与有关部门、行业组织、金融机构的交流与合作，持续加强针对上市公司、 资本市场发展的理论与应用研究，为重庆资本市场高质量发展、推进西部金融中心高水平建设贡献智库 力量。 本报讯 （记者于宏）12月10日，以"并购重组新引擎 上市公司新机遇"为主题的第五届重庆资本市场高 质量发展大会成功举行。 会上揭牌成立了"西部企业并购服务指导中心""中国上市公司协会上市公司高质量发展（重庆）服务基 地"。同时，西部金融研究院现场发布了《重庆上市公司发展报告（2025）》《20 ...

周五晚，证监会网站发布了题为中国证监会就《上市公司监督管理条例（公开征求意见稿）》公开征求意见的文章，似乎并没有引起市场的关注，反响寥 寥。 但无周五，不重大，这个规律并没有被打破，汉鼎咨询认为，本次征求意见稿颁布的重要性和意义并不逊于往次，甚至可以理解为改革进程中的又一个标 志性节点。不过管理条例的定位让其单从影响看上去并没有那么明显而已。毕竟作为管理条例，实施效果释放是一个渐进的过程，同时也需要时间验证， 甚至几年之后再回头看，仍然不会那么明显。 可能很多人并没有注意到，这次是我国首部专门针对上市公司监管的行政法规。而在此之前，我国并不存在专门的《条例》，本次文件中所提出的相关监 管要求都分散在既往《公司法》、《证券法》及证监会、证券交易所的各类监管指引、业务规则中。所以也可以理解此次的征求意见稿是首次将这些分散 规定进行了系统化整合，从而形成的专门的行政法规，并且许多内容比照过去又有更加具体和全面的考量，同时具备联动性、时效性和规划性的特点。比 如针对审计委员会的要求，就是与2024 年新《公司法》中以审计委员会替代监事会的核心精神高度呼应，不仅从制度上落实了替代规则，还进一步细化 了操作标准和履职要求 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603196 证券简称：日播时尚 公告编号：2025-074 日播时尚集团股份有限公司 证券代码：603196 证券简称：日播时尚 公告编号：2025-076 关于收到上海证券交易所审核中心 意见落实函的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 日播时尚集团股份有限公司（以下简称"公司"或"上市公司"）拟通过发行股份及支付现金的方式收购四 川茵地乐材料科技集团有限公司（以下简称"茵地乐"或"标的公司"）71%股权并募集配套资金（以下简 称"本次重组"或"本次交易"）。 公司于近日收到上海证券交易所（以下简称"上交所"）出具的《关于日播时尚集团股份有限公司发行股 份及支付现金购买资产并募集配套资金暨关联交易的审核中心意见落实函》（上证上审（并购重组） 〔2025〕101号）（以下简称"《审核中心意见落实函》"）。根据《公司法》《证券法》《上市公司重 大资产重组管理办法》《上海证券交易所上市公司重大资产重组审核规则》等法律、法规及上交所有关 规定，上交所对公司 ...

Group 1 - Industrial and Commercial Bank of China has raised the minimum threshold for its three-year large-denomination time deposits to 1 million yuan, while the industry standard is around 200,000 yuan [1] - The private equity fund industry in China has surpassed 22 trillion yuan in management scale, indicating a shift towards professionalization and differentiation in competition [1] - Insurance capital is increasingly participating in industrial chain investments through private equity funds, helping to address low interest rate challenges and align with national strategies [1] Group 2 - The A-share merger and acquisition market is experiencing a "not-so-dull" season, with 107 companies announcing major asset restructuring since October, showing significant growth compared to previous years [2] - Major lithium battery separator companies have confirmed price increases, with overall price hikes expected to exceed 20%, potentially turning losses into profits for these companies [2] - The nuclear fusion sector is gaining traction with significant investments, aiming for a market space worth trillions, as projects like the "artificial sun" are progressing towards operational phases [3] Group 3 - Amazon is launching its latest AI chip, Trainium3, aiming to compete with Nvidia and Google by offering lower-cost and more efficient computing power for AI models [3] - ChatGPT faced accessibility issues for some users, with OpenAI implementing measures to restore service [4] - Momenta has denied rumors of a secret IPO application in Hong Kong after abandoning plans for a U.S. listing [4] Group 4 - A founder of an A-share company voted against becoming chairman due to dissatisfaction with the salary, highlighting issues of executive compensation [4] - A wine company faced legal challenges due to aggressive expansion strategies, leading to an apology from its chairman [5] - JD Industrial plans to globally issue approximately 211 million shares at a price not exceeding 15.50 HKD per share [6] Group 5 - Transsion Holdings has submitted an application for H-share issuance, marking a significant step in its dual listing strategy [7] - Kosi Co., Ltd. has undergone a change in actual control following the inheritance of shares, with the new controller maintaining stable operations despite short-term performance pressures [8] - Tianfu Communication announced plans for executives to reduce their holdings, citing personal financial needs [9]

Core Viewpoint - The recent termination of the acquisition and control transfer plans by Mengtian Home (603216.SH) reflects broader challenges in the A-share market regarding mergers and acquisitions, highlighting difficulties in reaching consensus on key terms among parties involved [1][2][6]. Company Summary - Mengtian Home announced the termination of its plans to acquire control of Shanghai ChuanTu Microelectronics through a share issuance and cash payment, alongside the cessation of its controlling shareholder's control transfer plans [2][3]. - The company's controlling shareholder and related parties transferred 6.86% of shares at a premium of 11.21%, raising approximately 267 million yuan [3][5]. - Following the announcement, Mengtian Home's stock price hit the daily limit up on November 19 [2][3]. Industry Context - The trend of terminated mergers and acquisitions is not isolated to Mengtian Home, as several other companies in the A-share market have faced similar challenges, often due to disagreements on core terms during negotiations [6][7]. - Factors contributing to the difficulties in mergers and acquisitions include market environment changes, strategic adjustments by companies, and the complexity of negotiations [7][8]. - The scarcity of quality target assets and the presence of valuation bubbles further complicate the negotiation process, making it hard for parties to agree on pricing [8][9].

Core Insights - A new wave of mergers and acquisitions (M&A) in the A-share market is emerging following the release of the "Six Opinions on Deepening the Reform of the M&A Market for Listed Companies" [1] - The focus of current M&A transactions should return to the essence of the industry, respect industry rules, and build synergies to enhance core competitiveness and cultivate long-term value [1] Group 1: Cross-Border M&A Challenges - Cross-border M&A is considered one of the most challenging transaction types due to differences in regulations, language, and culture [1] - Successful integration post-acquisition is crucial, as poor integration can lead to acquired overseas targets becoming a burden on the parent company's performance [1] Group 2: Strategic Planning for M&A - Companies aiming for overseas acquisitions should familiarize themselves with international practices and regulations, as established international mining companies have decades of experience in cross-border M&A [2] - The core of investment and M&A is value creation, which involves increasing resource reserves, expanding production capacity, and enhancing shareholder value [2] Group 3: Integration Strategies - Successful integration involves a systematic approach across three levels: cultural integration, business empowerment, and operational interaction [3] - Cultural integration is particularly important, as it directly impacts post-acquisition operational effectiveness [3] Group 4: Hard Technology M&A - Since the release of the "Six Opinions," 50% of major asset restructurings have been in the technology sector, with a year-on-year increase of 287% [4] - Hard technology companies often face valuation challenges due to not yet being profitable, complicating the assessment of their core competitiveness [5] Group 5: Valuation Methodologies - Asset valuation in M&A should not rely on standardized models; understanding the transaction and the industry is essential [6] - Different industries have distinct valuation logic, such as the differing focuses of foundries and chip design companies in the semiconductor sector [6] - There is a preference for PE-based valuation methods among domestic investors, while international practices often utilize EV/EBITDA, which aligns better with global standards [6]