Group 1 - The A-share market has seen increased activity in mergers and acquisitions (M&A) since the release of the "Six M&A Guidelines," with over 200 new major asset restructuring projects disclosed [1] - A notable feature of this M&A wave is the diversification of payment methods, with companies utilizing shares, convertible bonds, private placements, acquisition loans, and M&A funds [1] - The new policies, including the "National Nine Articles," "Sci-Tech Innovation Board Eight Articles," and "Six M&A Guidelines," encourage listed companies to use various payment tools for M&A [1] Group 2 - Listed companies can use refinancing funds as a source for acquisition financing, often disclosing refinancing plans alongside acquisition proposals [2] - For example, Lingyun Optical announced a cash acquisition of JAI A/S for €1.03 billion and subsequently disclosed a fundraising plan of 785 million yuan to cover the transaction [2] - The financial regulatory authority has relaxed M&A loan requirements, increasing the loan cap from 60% to 80% of the transaction price for controlling acquisitions [2] Group 3 - The introduction of M&A funds has become a significant method for companies to alleviate financial pressure and enhance the success rate of acquisitions [3] - Companies are also employing installment payment mechanisms for acquisition consideration, such as the earn-out mechanism used by Shengxiang Biology in its acquisition of a 100% stake in a biopharmaceutical company [3] - Recent revisions to restructuring management regulations have formalized the installment payment of share consideration, extending the validity period of registration documents to 48 months [3]