Core Viewpoint - Mergers and acquisitions (M&A) are expected to be a significant trend in 2025, driven by policy support, industry needs, and capital influx [3][12][17] Group 1: Market Dynamics - The M&A market in China has been heating up since the implementation of the "M&A Six Guidelines," with notable activity from state-owned enterprises and large corporations [4][12] - A significant increase in the number of M&A restructuring cases has been observed in A-shares, with a doubling in the number of cases compared to the same period last year [12][13] - The emergence of various M&A funds and mother funds is contributing to the ongoing M&A boom, with notable funds being established in cities like Shanghai and Shenzhen [5][13] Group 2: Fundraising and Investment Strategies - Xincheng Capital recently closed a new RMB 4.5 billion M&A fund, bringing its total assets under management to USD 9.59 billion [6][8] - The new fund includes diverse investors such as government-guided funds, insurance capital, and private equity, focusing on controlling M&A strategies and high-growth opportunities within its portfolio [9][10] - The trend of large-scale M&A transactions, particularly in sectors like semiconductors and machinery, is becoming more common, with transactions exceeding RMB 1 billion [13][14] Group 3: Policy and Industry Support - The Chinese government is actively supporting M&A activities, with various local policies being introduced to facilitate asset restructuring [13][14] - The "Science and Technology Innovation Board" has seen a significant increase in disclosed equity acquisition transactions, indicating strong policy-driven momentum in the M&A market [14][15] - The current economic environment is seen as an opportunity for strategic acquisitions, with many companies adjusting their internal decision-making processes to capitalize on this window [12][15]

21世纪经济报道记者 申俊涵 北京报道 7月29日，"并购破局：存量时代的投退博弈"闭门研讨会在北京成功举办。现场，来自政府投资基金、 产业资本、GP/LP及中介机构的50余位嘉宾齐聚一堂，围绕并购市场的政策趋势、机遇与挑战，并购投 资的交易实践等话题，展开精彩分享和深度讨论。 在欢迎致辞环节，21世纪经济报道执行总编辑陈晨星指出，当前，中国经济正经历从"增量扩张"向"存 量优化"的关键转型。随着IPO路径阶段性收紧、二级市场估值回归理性，"募投管退"的闭环逻辑面临重 构。 与此同时，政策暖风频吹——从新"国九条"明确鼓励并购重组，到证监会"并购六条"深化市场化改革， 再到地方百亿级并购基金矩阵接连落地，一场由政策、产业、资本三方共振的并购浪潮正加速涌动。 大家看到：产业巨头跨境整合资源频发，比如腾讯音乐拟购喜马拉雅、安踏收购狼爪等。同时，并购基 金强势入场操盘，如KKR控股大窑、高瓴竞购星巴克中国等。另外，地方国资以基金为纽带推动资产 重组，比如上海、深圳等地的并购基金相继启航。 "但热潮之下，博弈暗流涌动。"陈晨星说，"政策红利如何穿透至交易实操？买方与卖方对估值认知鸿 沟如何弥合？GP/LP迫切的退出需 ...