2026年1月8日，wind发布2025年中国并购市场交易数据，随着全球并购市场回暖与国内经济高质量发展 的推动，中国并购市场呈现强劲增长态势，交易规模显著提升。2025年全年，中国并购市场共披露了 8151起并购事件，交易规模约25894亿元，同比上升约16.12%。分季度来看，2025年各个季度的并购交 易规模依次为4272亿元、4610亿元、7410亿元和9602亿元。 谈及并购市场回暖原因，南开大学金融发展研究院院长田利辉向《中国经营报》记者分析，中国并购市 场的复苏是政策、产业与资本共振的结果，是中国经济从"量增"转向"质升"的重要路径。同时，这也是 中国宏观经济与资本市场的"范式转换"在微观层面的集中体现。 田利辉进一步指出，一方面，从"并购六条"到注册制深化，监管范式正从"父爱式"管制转向"市场友好 型"服务，大幅降低了制度性交易成本，释放了市场活力。另一方面，在经济增长模式从要素驱动转向 创新驱动的关键阶段，并购作为最高效的资源配置工具，其价值被重新发现。这不仅是资本的流动，更 是经济肌体在主动进行"新陈代谢"与"结构重组"。 黑崎资本首席战略官陈兴文观察到房地产行业并购交易量的变化，他向记者 ...

文︱陆弃 这一姿态体现了中国在全球技术竞争中的谨慎策略。支持企业走出去，是对中国科技力量和商业能力的 认可，但企业必须在国家制度和法律规则的框架下行动。跨境投资不是自由市场的单向奔跑，而是与国 家安全、产业安全紧密相连的多层次考量。Meta的动作，虽然在资本市场上引人注目，但在中国视角 下，它同时触碰了政策与法律的敏感边界。 跨境并购，科技巨头的棋局，正从硅谷延伸到全球各大市场。近日，Meta试图收购人工智能平台 Manus，这一动作在国际资本和科技圈引发关注，也让中国的监管部门坐在了聚光灯下。商务部新闻发 言人何亚东在例行发布会上明确表态：支持企业依法依规开展互利共赢的跨国经营与国际技术合作，但 前提是要遵守中国法律法规，履行法定程序。 Meta的收购计划，表面看是商业布局，但在中国监管语境中，任何涉及技术出口、数据出境或跨境并 购的行为，都带有敏感性。这不仅关乎资本流动，更涉及国家安全、技术主权以及数据控制权。何亚东 的表态中透露出一种清晰信号：中国不会阻止企业的国际合作，但合作必须在法律框架内，必须符合对 外投资和技术进出口管理的要求。 技术，尤其是人工智能技术，已经成为国家竞争力的核心指标。Manus ...

中新网北京1月8日电战略管理咨询公司罗兰贝格8日发布《预见2026：中国行业趋势报告》。报告指 出，跨境并购活动的多样化和跨区域性将推动中国企业更深度融入全球产业链，进一步加快国际化步 伐。 伴随企业出海，资本同样加速海外布局。吴钊认为，资本出海带来产业链融合，所以海外并购的影响力 不仅局限于汽车零部件、新能源等领域，也包括传统的建筑、消费等。 罗兰贝格合伙人蒋云莺说，中国企业出海要面对的挑战是不确定性，需要创造一套敏捷响应的动态调整 机制，这对于中国企业国际化投入和能力的要求都更高。 （文章来源：中国新闻网） "从海外并购的数据看，2025年上半年，中国企业宣布的并购总额约为200亿美元，同比增长近八成，反 映出随着出海进程深入，中国企业更积极主动地参与了海外并购、海外决策以及海外经营的深度本地 化。"罗兰贝格全球合伙人吴钊分享道。 罗兰贝格全球合伙人孙彦寅认为，虽然企业出海面临诸多风险，但总体而言，不出海反而风险更大。以 国际贸易的方式出口面临更多关税、反倾销、反垄断等风险。因此，中国企业应该"走出去"，并且应该 更深度地理解海外市场，考虑到更多相关利益方。 ...

新华财经上海1月8日电（记者王淑娟）2025年，中国投资并购市场迎来了快速复苏与深刻的结构性转 变。罗兰贝格8日最新发布的趋势报告显示，价值重构驱动中国并购交易再跃迁，主要趋势包括产业整 合升级催生国内并购复苏、外资业务调整孕育国内分拆需求、中企出海深化推动海外投资浪潮。 （文章来源：新华财经） 此外，随着中国企业国际化进程的加速，出海并购成为了中国并购市场的重要组成部分。报告指出，跨 境并购不仅能帮助中国企业获得新的市场份额，还能通过资源整合与技术提升，进一步加强其全球竞争 力。跨境并购活动的多样化和跨区域性将推动中国企业更深度地融入全球产业链，进一步加快其国际化 步伐。 展望2026年，报告认为，随着中国经济逐步恢复、资产估值调整和香港上市热度延续等，积极的市场情 绪预计将延续。 罗兰贝格全球合伙人吴钊指出，从金额到数量都反映出一个事实，中国市场中不管是财务投资人还是产 业投资人，对于投资并购的关注都已经进入稳健复苏的阶段，在募投管退不同环节实现了全面的修复。 从投资主体结构来看，国资产投平台和国有基金更加主动和活跃，另外来自于险资、引导基金、市场化 的VC和PE等也更加积极地主动出手。值得关注的是，他认 ...

长江商报消息 ●长江商报记者 徐佳 借助对外并购，美力科技（300611.SZ）加速出海扩张。 日前，美力科技披露资产购买计划。上市公司拟通过德国全资孙公司Meili Holding GmbH，以现金方式收购 Hitched Holdings 3 B.V.（以下简称"HH3"或"标的公司"）的100%股权。 作为汽车零部件上市公司，美力科技在弹簧领域已具备一定的市场地位。在当前全球SUV市场份额持续提升带动 拖车牵引系统需求稳步增长的背景下，美力科技将通过本次收购加快抢占国内外拖车牵引系统市场增量，为企业 长期发展夯实业务基础，拓宽增长方向，并构建"欧美成熟市场+中国新兴市场"的全球业务格局。 长江商报记者注意到，在此之前，美力科技已通过对外并购的方式加强公司国际化布局，提升国际竞争力和服务 能力。2025年上半年，美力科技在境外市场实现营业收入1.52亿元，占比16.92%。 而本次收购完成之后，美力科技的资产规模、盈利能力将得到大幅提升。 根据备考审阅报告，以2025年前10月财务数据为基数测算，本次交易完成之后，美力科技的营业收入、归属于上 市公司普通股股东的净利润（以下简称"归母净利润"）将较交易前增 ...

Core Viewpoint - The article highlights the transformation of Chinese capital markets and the role of Chinese securities firms, particularly Huatai Securities, in facilitating cross-border mergers and acquisitions (M&A) to support domestic companies' internationalization and technological advancement [1][10]. Group 1: Company Transformation - Yake Technology, originally focused on flame retardants, has successfully transitioned into the semiconductor materials sector, achieving a net profit of 872 million yuan in 2024 and a market capitalization nearing 34 billion yuan [4]. - The strategic acquisition of UP Chemical in 2016 marked a pivotal point for Yake Technology, enabling it to secure core materials for integrated circuit manufacturing [4][5]. - The company has expanded its M&A activities to include sectors such as semiconductor precursor materials and electronic specialty gases, breaking foreign monopolies and becoming a key supplier for LNG transportation [7][8]. Group 2: Role of Huatai Securities - Huatai Securities has played a crucial role in Yake Technology's transformation by providing comprehensive cross-border M&A services, leveraging its deep understanding of both domestic and international markets [5][10]. - The firm has facilitated numerous financing projects globally, with approximately 600 instances of service and a total financing scale of about 280 billion USD, including over 64 billion USD in Hong Kong [10]. - Huatai Securities has demonstrated expertise in navigating complex cross-border transactions, ensuring compliance and efficiency throughout the M&A process [11][12].

Core Insights - Yake Technology has transformed from a flame retardant manufacturer to a key player in the semiconductor materials sector, significantly enhancing its market position and growth potential [1][2]. Group 1: Company Transformation - Yake Technology, established in 1997, initially focused on flame retardants but has strategically shifted towards emerging materials since 2015, leading to a substantial increase in net profit from under 100 million yuan to 872 million yuan in 2024 [2]. - The acquisition of UP Chemical in 2016 marked a pivotal moment for Yake Technology, allowing it to enter the semiconductor materials market and secure core production capabilities for integrated circuit manufacturing [2][3]. Group 2: Strategic Acquisitions - Following the UP Chemical acquisition, Yake Technology expanded its portfolio through further cross-border acquisitions, including the purchase of LG Chem's color photoresist business, which provided access to advanced technologies and a strong customer base [4]. - In 2024, Yake Technology acquired 75.10% of SKC-ENF Electronic Materials Limited, enhancing its capabilities in semiconductor wet chemicals and broadening its service offerings to core clients [5]. Group 3: Investment Banking Support - Huatai United Securities played a crucial role in Yake Technology's transformation by designing innovative transaction structures and providing comprehensive support throughout the acquisition processes [3][4]. - The firm has extensive experience in cross-border mergers and acquisitions, enabling it to navigate complex international transactions effectively and facilitate Yake Technology's growth in the global market [6][7]. Group 4: Market Position and Future Outlook - The trend of Chinese companies pursuing cross-border acquisitions to achieve technological advancements is on the rise, with Huatai Securities positioned as a leader in this space, having facilitated nearly 600 financing transactions globally, amounting to approximately $280 billion [6]. - Huatai Securities has established a robust global value chain system, enhancing its service capabilities in the Hong Kong market and supporting various complex cross-border listing structures [6][7].

今天分享的是：2025上市公司跨境并购典型案例汇编 报告共计：179页 【中国上市公司跨境并购图谱：全球化浪潮下的战略跃迁与整合智慧】 在全球经济格局深度调整与产业升级共振的大背景下，中国上市公司正以前所未有的广度与深度参与全球资源配置。近日，上 海证券交易所发布的一份涵盖16个典型案例的跨境并购汇编，清晰勾勒出中国企业从"产品出海"向"品牌出海"、"技术出海"乃 至"生态出海"迈进的战略轨迹。这些案例不仅是资本流动的记录，更是观察中国产业竞争力提升与全球化运营能力成熟的重要 窗口。 纵观这些并购案例，其核心驱动力已超越单纯的规模扩张，呈现出鲜明的战略导向性。企业出海并非盲目"抄底"，而是紧密围 绕补强技术短板、获取高端品牌、完善全球市场网络及构建完整产业链等战略目标展开。例如，万华化学通过分步收购匈牙利 BC公司，不仅一举成为全球MDI行业龙头，更完成了生产基地的全球化布局；豪威集团收购美国豪威科技，实现了在CMOS图 像传感器领域从追赶到领先的关键一跃；海尔智家通过系列并购GE家电、Candy等品牌，构建起覆盖全球主流市场的品牌矩阵 与研发销售网络。这种以我为主、精准卡位的并购逻辑，标志着中国企业的国际化 ...

Group 1 - The Federal Reserve announced a 25 basis point interest rate cut, lowering the target range for the federal funds rate from 3.75%-4.00% to 3.50%-3.75%, marking the third consecutive rate cut by the Fed [1] - This news is favorable for the cross-border investment market, indicating increased liquidity and opportunities for mergers and acquisitions [1] - Companies looking to finance should secure long-term low-interest loans promptly to avoid potential future rate increases [1] Group 2 - Focus on high-debt, asset-heavy, or high-growth technology companies, as they will benefit significantly from the interest rate cut [2] - Investment effects from the rate cut may take 3-6 months to materialize in the transaction market, necessitating strategic planning [3] Group 3 - A simplified checklist for the investment process includes: feasibility study, business license, audit report, board resolutions, and various regulatory filings [5] - The entire investment process typically takes 2-3 months if all documentation is in order, but can take longer in special circumstances [6] Group 4 - Key challenges include industry restrictions, proof of fund sources, return investment recognition, and coordination among multiple regulatory bodies [6][7] - It is advisable to start the ODI (Overseas Direct Investment) process 3-4 months in advance of signing contracts to ensure timely compliance [7] Group 5 - All overseas investments require ODI registration, and it is illegal to invest before completing the necessary paperwork [9][10] - The approval rate for compliant and strategic investments is high, but issues often arise from inadequate documentation [11]

Core Viewpoint - Sanan Optoelectronics plans to jointly acquire 100% equity of Lumileds Holding B.V. with Inari Amertron Berhad for approximately $239 million, marking a significant step in its internationalization strategy [1][3] Group 1: Acquisition Details - The acquisition has passed antitrust reviews in China and Turkey, as well as foreign direct investment reviews in Italy, indicating regulatory progress [1] - Lumileds Holding B.V. is a global provider of LED solutions, with products used in automotive lighting, general lighting, and display backlighting [3] Group 2: Strategic Implications - The joint acquisition aims to create synergies in the LED industry chain and international market channels, enhancing the company's global layout capabilities in the compound semiconductor business [3] - This move is seen as a crucial step for the company to expand its overseas high-end customer base and application areas amid growing global demand for high-end lighting and automotive LEDs [3] Group 3: Future Considerations - The company acknowledges that the cross-border acquisition still requires compliance with regulatory procedures in certain countries and regions, and there is uncertainty regarding the completion of the transaction and its timeline [3]