Core Viewpoint - The merger and acquisition (M&A) market is experiencing increased activity, with a rise in the number of cases involving listed companies, particularly in cross-industry and cross-market mergers, reflecting accelerated industrial integration and diversified payment methods [1][2]. Group 1: M&A Activity - Recently, Zhenyang Development announced a significant asset restructuring plan involving a merger with Zhejiang Huhangyong, where Zhejiang Huhangyong will issue A-shares to acquire Zhenyang Development through a share swap [2][3]. - Zhenyang Development operates in the chemical raw materials and products manufacturing sector, while Zhejiang Huhangyong focuses on high-grade highway construction and management, highlighting the rarity of cross-market mergers [2][3]. - The merger is part of a broader trend, with an increase in absorption mergers among listed companies, including four A-to-A mergers and one A-to-H merger in the past year [4]. Group 2: Policy and Market Environment - The recent surge in absorption mergers is closely linked to supportive policies, with the China Securities Regulatory Commission (CSRC) encouraging such mergers as a key focus of the current M&A policy [4][5]. - The revised M&A regulations introduced by the CSRC in May included over 20 adjustments, establishing simplified review procedures for absorption mergers among listed companies [4][5]. Group 3: Payment Methods - The current M&A wave is characterized by diversified payment methods, moving beyond traditional cash and stock options to include convertible bonds, acquisition loans, and acquisition funds [7]. - The use of various payment tools allows acquirers to tailor their payment strategies according to their financial situations, potentially reducing risks associated with single payment methods [7].