12月24日晚间，港股上市公司优必选（9880.HK）与A股上市公司锋龙股份（002931.SZ）联合发布公 告，优必选拟通过"协议转让+要约收购"的组合方式，合计斥资约16.65亿元，收购锋龙股份约43%的股 份。 交易完成后 优必选将取得锋龙股份的控制权 交易完成后，优必选将取得锋龙股份的控制权，锋龙股份控股股东变更为优必选，实际控制人将由董剑 刚变更为优必选创始人周剑。锋龙股份股票于12月25日开市起复牌。 为确保对上市公司的绝对控制，公告明确了董事会重组安排。交易完成后，锋龙股份董事会将由7名董 事组成，其中优必选有权提名6名董事。同时，交易方案中包含了明确的业绩承诺（对赌条款）。卖方 承诺，锋龙股份在2026年、2027年及2028年三个会计年度，归属于母公司股东的净利润及扣除非经常性 损益后的净利润分别不低于1000万元、1500万元及2000万元 。 "H吃A"的跨市场并购 或是优必选意图获取A股上市平台 对于此次收购的目的，优必选在公告中表示，旨在通过整合其人形机器人技术与锋龙股份的制造实力、 供应链关系及客户群，加速人形机器人的开发与商业化，增强制造和量产能力。锋龙股份主要从事园艺 机械零部 ...

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].