Core Insights - The closed-door seminar titled "Breaking the Deadlock in Mergers and Acquisitions: The Investment and Exit Game in the Era of Stock" was successfully held in Beijing, gathering over 50 guests from government investment funds, industrial capital, GP/LP, and intermediary institutions to discuss policy trends, opportunities, challenges, and practical experiences in the M&A market [1] Group 1: M&A Market Trends - Prior to 2018, the focus of legal services for fund companies was primarily on due diligence, transaction design, and contract-related areas. Post-2018, the emphasis has shifted towards litigation, including handling of betting disputes, overseas asset recovery, and anti-fraud investigations of corporate controlling shareholders [1] - The reduction in litigation cases and the return of due diligence and transaction-related business suggest a potential transition from the stock era's investment and exit game to a new growth era [1] Group 2: Investment in Non-Performing Assets - A noteworthy area of focus is the investment fund business for non-performing assets, which has been actively participated in since 2018. This includes investments in property rights, debt, and bankruptcy restructuring, achieving commendable results in both returns and scale over the years [1]