Core Viewpoint - The number of IPOs in A-shares in 2024 reached only 100, the lowest in a decade, leading many companies to shift towards mergers and acquisitions (M&A) as a means to enter the capital market [1]. Summary by Sections M&A Practical Manual Overview - The "M&A Practical Manual" consists of 342 pages and 173,000 words, covering 11 chapters that outline the operational key points and common issues from the perspectives of buyers, sellers, and intermediaries in M&A [4]. Chapter Highlights - **Chapter 1**: Discusses the importance of communication and understanding between buyers and sellers to avoid failures in M&A due to information asymmetry [11]. - **Chapter 3**: Focuses on the design of M&A plans, including considerations for acquisition ratios, methods, operational cycles, performance guarantees, and termination conditions [18]. - **Chapter 4**: Introduces four common pricing methods and three evaluation methods, detailing six aspects to consider when setting performance guarantees [19]. - **Chapter 5**: Explores payment methods in M&A, discussing cash payments, stock payments, and zero acquisitions, along with their advantages and disadvantages [23]. - **Chapter 6**: Emphasizes negotiation strategies in M&A, outlining necessary preparations and tactics for effective negotiation [25]. - **Chapter 9**: Provides insights into the operational logic of acquisitions and major asset restructurings, detailing various acquisition methods such as tender offers and management buyouts, supported by case studies [27][29]. - **Chapter 10**: Focuses on case studies to highlight key points in major asset restructuring, including share lock-up arrangements [10][31]. Additional Considerations - The manual also addresses the role of government subsidies in M&A, emphasizing the need for buyers to consider local government support policies and potential disputes regarding resource allocation post-acquisition [14].

Core Viewpoint - The article highlights the significant decline in IPOs in the A-share market, with only 100 IPOs completed in 2024, the lowest in a decade. This has led many companies to pivot towards mergers and acquisitions (M&A) as a means to enter the capital market [1]. Summary by Sections M&A Practical Manual Overview - The "M&A Practical Manual" consists of 342 pages and 173,000 words, covering 11 chapters that outline key operational points and common issues from the perspectives of buyers, sellers, and intermediaries in M&A transactions [2]. Implementation Procedures - The manual details various stages of M&A, including due diligence, financial and accounting assessments, organizational structure, risk factors, and common issues that may arise during the process [4]. Pricing and Payment Methods - Chapter 4 discusses four common pricing methods and three evaluation methods, emphasizing the importance of performance guarantees and considerations for setting them [16]. - Chapter 5 focuses on payment methods, including cash payments, stock payments, and zero acquisitions, along with their advantages and disadvantages [21]. Negotiation Techniques - Chapter 6 provides insights into negotiation strategies, including preparation, timing, and tactics to employ during negotiations, highlighting the importance of effective communication [24]. Public Company Acquisitions - Chapter 9 elaborates on the operational logic of acquisitions and major asset restructurings involving public companies, detailing various acquisition methods such as tender offers, agreement acquisitions, and management buyouts, supported by case studies [26][27]. Integration Strategies - The final chapter discusses integration strategies post-acquisition, emphasizing the need for effective communication and collaboration between the acquiring and acquired companies to achieve synergy [28].

据Wind数据统计，2024年度中国并购市场共披露8,378起并购事件，交易规模约20,163亿元。其中，百 亿元规模以上的并购事件共28起。 在活跃的并购市场中，越来越多的上市公司寻求与专业投资机构合作设立产业并购基金。例如启明创投 在"924新政"背景下筹划收购天迈科技，成为首例规模化纯投资机构收购案例。 那么， 基金并购上市公司到底是如何运作的？实务中有哪些需要注意的要点？ 我们节选了 《并购基金 运作模式与典型案例》 中的部分PPT内容分享给大家： 3.3 基金并购上市公司 案例:高盛收购双汇发展 在高盛收购双汇发展一案中，充分体现了基金实力的重要性。2006年3月3日，漯河市国资委在北京产权交易所挂牌，将其 持有的双汇集团100%股权对外转让, 低价为10亿元。双汇集团持有河南双汇投资发展股份有限公司 (000895, 双汇发展) 35.715%股份，所持股份的市值达33.89亿元。2006年4月26日，由美国高盛集团、鼎晖中国成长基金授权，代表上述两家 公司参与投标的高盛集团子公司 香港罗特克斯有限公司，以20.1亿元中标，获得双汇集团100%股权，间接持有双汇发展 35.715%的股权。 在此案 ...