here. Veto Sperudo is here. Veto, good to have you on.Really appreciate you joining us. Thank you very much. Thank you for having me.I think I'm going to bring you out to like hype me up like that every time. That was good, right. Let's get ready to rumble.But you would note that unfortunately I've got to temper those numbers a little bit because those numbers are for the big big deals. Are deals under a billion dollars getting any traction. Yeah, I mean as you noted, deals over five billion are up 50 to 70 ...

以下文章来源于超越 J Curve ，作者刘惠娴 超越 J Curve . 用数据延伸你的阅读 将投中网设为"星标⭐"，第一时间收获最新推送 浙江并购市场，8月的并购案例数量与规模均位列全国第一。 作者丨 刘惠娴 编辑丨 杨博宇 来源丨 超越 J Curve 本周 ，投中嘉川团队发布了《8月并购报告》，数据显示， 2025年 8 月，并购市场出现了 " 量减 价增 "的 复杂态势 ——2 67 笔并购交易完成，同比 下降 16.3 %，总金额达1 42.62 亿美元，同 比增长 36 . 12 %。 最令人瞩目的，当属芯联集成斥资 58.97亿元人民币收购芯联越州72.33%股权一案， 退出方足有 15个 。 其中， 中芯聚源旗下绍兴滨海新区芯兴基金因此回笼资金 20.38亿元 ，谢诺投资旗下 5支 基金实现退出，回笼16.85亿元。 浙江并购，数量金额双双领跑 先来说说浙江， 其以 20.9亿美元、19家并购标的数量 在本月坐上了全国双第一的位置。事实上， 浙江并非本月才有如此亮眼的成绩，据投中嘉川统计，年初至今，浙江累计并购规模已达 81.71亿 美元，数量104 家 ，仅次于上海、广东两地。 从交易规模 ...

普华永道中国交易服务部市场主管合伙人吴可表示："境内战略投资者并购的持续升温，是多重积极因素共同作用的结果。特别是2025年初DeepSeek AI的推 出，不仅为高科技行业注入了新的活力，也带动了整体经济环境的积极变化。此外，香港资本市场的估值回升和IPO市场的恢复，为并购活动提供了良好的 金融环境。同时，一些核心行业A股上市国企的价值链整合，也进一步推动了并购市场的活跃度。" 在财务投资者方面，风险投资仍是一大亮点。受人工智能、机器人技术等新兴科技领域投资热点的推动，这一领域的并购交易量持续增长，并维持在长期历 史高位。与此同时，私募股权基金的退出活动也表现活跃。随着经济趋势的向好和市场情绪的提升，投资者积极寻求退出机会，通过并购交易实现资本增 值。报告指出，并购交易成为私募股权基金最主要的退出方式，占比最高。此外，私募股权基金通过香港联交所上市实现退出也呈现出积极态势，有望迎来 过去十年中表现最佳的一年。 "并购需求与拟退出项目储备均已出现明显积压，叠加资本市场情绪回暖，预计下半年并购市场将更为活跃，2025年全年交易额或将在2024年基础上实现较 高的两位数增长。"8月25日，普华永道发布《2025年 ...

Core Viewpoint - The National Financial Regulatory Administration has released a draft for the "Management Measures for Mergers and Acquisitions Loans by Commercial Banks," marking a significant revision of the previous guidelines from 2015, aimed at enhancing the merger and acquisition market and supporting the real economy, particularly in technology innovation [2][3]. Summary by Relevant Sections Loan Policy Changes - The new measures increase the loan-to-value ratio for mergers and acquisitions, extending the maximum loan term and introducing "equity-type acquisition loans," thereby broadening the funding channels for mergers and acquisitions [2][4]. - The maximum loan proportion for controlling mergers has been raised from 60% to 70%, while the maximum for equity-type loans is set at 60% [5][6]. Risk Management and Assessment - The measures emphasize the assessment of the acquirer's repayment ability, considering the risks associated with the merger and the future development prospects of the acquired company [5][6]. - The new regulations require banks to have a good regulatory rating and meet specific asset size requirements to engage in these loan types, with a minimum asset balance of 50 billion RMB for controlling loans and 100 billion RMB for equity-type loans [4][5]. Impact on Industries - The technology sector, advanced manufacturing, real estate, and green industries are expected to benefit significantly from these changes, as the increased loan limits will alleviate funding pressures for companies seeking to acquire key technologies and resources [7][8]. - The extended loan terms are particularly advantageous for manufacturing firms undergoing transformation, allowing for better long-term investment returns and easing short-term repayment pressures [7][8]. Regulatory Environment - The draft reflects a differentiated regulatory approach, where smaller banks may face challenges in meeting the risk management requirements necessary for engaging in equity-type acquisition loans [9].

Core Insights - The article highlights a significant increase in merger and acquisition (M&A) activities in the first half of 2025, with 1,113 transactions amounting to 5,092.14 billion RMB, representing a 62.75% increase compared to the same period last year [5][10]. M&A Market Overview - In H1 2025, there were 919 newly disclosed M&A transactions with a total value of 3,553.89 billion RMB, while 360 transactions were completed, amounting to 1,907.19 billion RMB [5][10]. - The most active sectors for M&A included traditional industries (190 transactions, 17.07%), smart manufacturing (153 transactions, 13.75%), and energy and power (105 transactions, 9.43%) [7][10]. Sector Analysis - Traditional industries led the M&A market, with 156 transactions, followed by smart manufacturing (127 transactions) and energy and power (92 transactions) [10]. - The hardware sector had the largest disclosed transaction size at 1,163.06 billion RMB, followed by traditional industries (657.69 billion RMB) and cultural entertainment (329.75 billion RMB) [10]. Regional Distribution - M&A activities were predominantly concentrated in the eastern coastal regions of China, with Guangdong leading with 126 transactions, followed by Jiangsu (119 transactions) and Zhejiang (91 transactions) [13]. - Tianjin had the highest transaction value at 1,169.27 billion RMB, followed by Shanghai (367.14 billion RMB) and Guangdong (290.97 billion RMB) [13]. Target Company Characteristics - The majority of M&A transactions were in the range of under 10 million RMB, with 180 transactions in this category, accounting for 19.59% of the disclosed transaction value [15]. - Companies established between 5 to 10 years ago were the primary targets for M&A, comprising 26.33% of the total [17]. Public Company Acquisitions - In H1 2025, 55 publicly listed companies underwent changes in control, with four "A and A" transactions and one "A and H" transaction [20]. - Notable transactions included Haiguang Information's acquisition of Zhongke Shuguang for 1,159.60 billion RMB [21]. Acquisition Methods - Agreement-based acquisitions remained the dominant method, accounting for 78.50% of transactions, followed by share issuance for asset purchases (7.86%) and capital increases (6.01%) [23]. - The primary motive for acquisitions was horizontal integration, representing 64.67% of the market, aimed at market expansion and long-term development [25]. Institutional Participation - Institutions participated in 93 M&A transactions, primarily in traditional industries, energy and power, and automotive sectors [28]. - The largest institutional-led acquisition was the 137.29 billion RMB acquisition of Cangge Holdings by Zijin Mining [30].

Group 1 - In the first half of 2025, a total of 1,113 merger and acquisition (M&A) transactions were monitored, with a total transaction value of 509.21 billion RMB, representing a 62.75% increase compared to the same period last year [2] - Among the 1,113 M&A transactions, 919 were newly disclosed, involving a transaction value of 355.39 billion RMB, while 360 transactions were completed, amounting to 190.72 billion RMB [2][4] Group 2 - The most active sectors for M&A transactions in H1 2025 were traditional industries (190 transactions, 17.07%), smart manufacturing (153 transactions, 13.75%), and energy and power (105 transactions, 9.43%) [4][6] - The hardware industry had the largest disclosed transaction value at 116.31 billion RMB, followed by traditional industries at 65.77 billion RMB and cultural entertainment at 32.98 billion RMB [6] Group 3 - The geographical distribution of M&A transactions was concentrated in the eastern coastal regions, with Guangdong leading with 126 transactions, followed by Jiangsu (119 transactions) and Zhejiang (91 transactions) [8] - The largest transaction value was recorded in Tianjin at 116.93 billion RMB, followed by Shanghai (36.71 billion RMB) and Guangdong (29.10 billion RMB) [8] Group 4 - The majority of disclosed M&A transactions were in the range of below 10 million RMB, with 180 transactions accounting for 19.59% of the total disclosed transaction value [10] - Companies established between 5 to 10 years ago were the primary targets for M&A, comprising 242 companies, or 26.33% of the total disclosed targets [12] Group 5 - A total of 55 listed companies were acquired in H1 2025, with 4 "A and A" transactions and 1 "A and H" transaction [14] - The main acquisition method was agreement acquisition, accounting for 78.50% of the total, followed by share issuance for asset purchase (7.86%) and capital increase (6.01%) [16] Group 6 - Institutional buyers participated in 93 M&A transactions, primarily in traditional industries (13 transactions), energy and power (11 transactions), and automotive transportation (10 transactions) [18] - The primary purpose of M&A for companies was horizontal integration, making up 64.67% of the transactions, followed by asset adjustment (14.25%) and other purposes (13.41%) [19]

年内发生并购案例较多的部分行业 数据来源：同花顺 并购市场日前"暖意盎然"。同花顺数据显示，截至3月2日记者发稿，A股年内已有448起公司并购 事件，涉及资金超过900亿元。其中，机械设备、电力设备和医药生物行业的并购案例数量最多。业内 人士预计，在制度不断优化和经济转型推动下，2022年并购市场仍将保持活跃。 A股年内并购案例超400次 3月2日，北方导航、华铁股份、三钢闽光等9家A股上市公司同日发出并购重组相关公告。据同花 顺数据显示，以首次公告日作为统计依据，截至3月2日记者发稿，今年以来A股市场已发生448起公司 并购事件（剔除并购失败案例，下同），涉及的并购资金约为977.54亿元。 业内人士预计，2022年并购市场仍将维持较高的热度。川财证券首席经济学家、研究所所长陈雳表 示，随着注册制在科创板、北交所等试点的推广，预计在全面注册制之后，会有更多的优质公司上市获 得融资，这部分企业在完成融资之后，很多需要通过并购的形式，打通上下游产业链，从而增强自身的 竞争优势。预计在政策带动下，今年并购市场仍将活跃。 普华永道也表示，2022年中国企业并购交易或将继续保持较高水平，主要得益于国内经济持续转型 推 ...

Group 1 - The event "M&A Breakthrough: Investment and Exit Game in the Era of Stock" was successfully held in Beijing on July 29, gathering over 50 guests from government investment funds, industrial capital, GP/LP, and intermediary institutions [1] - The discussions focused on the policy trends, opportunities, and challenges in the M&A market, as well as practical experiences in M&A investments [1]

Core Viewpoint - The Chinese M&A market in the first half of 2025 shows a significant trend of "decreased volume but increased value," with a total of 3,531 disclosed M&A events, a year-on-year decrease of 3.92%, while the transaction scale reached approximately 798.3 billion RMB, an increase of about 1.86% [1]. Group 1: Market Overview - In the first half of 2025, the Chinese M&A market disclosed 3,531 events, a decrease of 3.92% year-on-year, with a total transaction scale of approximately 798.3 billion RMB, an increase of 1.86% year-on-year [3]. - The top three regions for M&A activity were Shanghai (154.8 billion RMB, down 35.36%), Tianjin (143.9 billion RMB, up 76.95%), and Guangdong (132.0 billion RMB, down 41.56%) [6]. - The leading industries for M&A transactions were technology hardware and equipment (161.8 billion RMB, up 256.04%), materials (88.8 billion RMB, up 63.97%), and public utilities (74.0 billion RMB, up 196.55%) [9]. Group 2: M&A Transaction Types - Agreement acquisitions accounted for the largest share of M&A events, totaling 318.8 billion RMB, representing 37.96% of the overall scale; external absorption mergers followed with 145.5 billion RMB (17.33%); and capital increase M&A events totaled 104.4 billion RMB (12.43%) [11]. - Strategic cooperation M&A events totaled 185.2 billion RMB, making up 23.18% of the total transaction scale, while horizontal integration and privatization accounted for 113.6 billion RMB (14.22%) and 55.3 billion RMB (6.92%), respectively [13]. Group 3: M&A Scale Distribution - Transactions between 1 billion and 10 billion RMB accounted for the highest proportion of total transaction amounts at 36.06%, while transactions exceeding 10 billion RMB accounted for 34.46% [14]. - The top three M&A transactions by scale included: 1. Haiguang Information's acquisition of 100% of Zhongke Shuguang's shares for 115.967 billion RMB [18][20] 2. New Hope's subsidiary acquiring 65.89% of New Hope Energy for 55.297 billion RMB [19][20] 3. Xiangcai's merger with Dazhihui for 17.213 billion RMB [22][27]. Group 4: Financial Advisor Rankings - The top financial advisors by transaction scale based on the first announcement date in the first half of 2025 were: 1. CITIC Securities with 198.198 billion RMB [30] 2. CICC with 118.977 billion RMB [30] 3. China Post Securities with 115.967 billion RMB [30]. Group 5: Legal and Accounting Firms - The leading law firm by transaction scale was Guofeng Law Firm with 56.577 billion RMB [37]. - The top accounting firm was Zhongxi CPA with 57.248 billion RMB [40].

Group 1 - The Nikkei 225 index surpassed 40,000 points for the first time since January 27, with a rise of 1.57% to 40,207 points on June 27, driven by strong performances in electronic and heavy industry stocks [2][3] - The Tokyo core consumer price index (CPI) rose by 3.1% year-on-year in June, lower than the market expectation of 3.3%, indicating a slowdown in inflation due to government measures like fuel subsidies [2] - Despite a net sell-off of 524.3 billion yen (approximately 3.62 billion USD) by foreign investors last week, Japan's stock market has seen a net inflow of about 6.81 trillion yen this quarter, the highest in two years [2] Group 2 - Japan's M&A transaction value reached a record high of 232 billion USD in the first half of the year, more than doubling year-on-year, indicating a strong rebound in the Asian M&A market [4][5] - Major privatization deals included Toyota and NTT, with values of 34.6 billion USD and 16.5 billion USD respectively, marking them as some of the largest transactions globally [5] - The low interest rates and low stock valuations in Japan continue to attract foreign and activist investors, suggesting a favorable environment for further M&A activities [4][5]