一位私募业内人士向每经资本眼研究员透露，近期不少收购项目因股份锁定期条款分歧未能落地。这一 现象，与2025年以来A股并购重组市场的火热态势形成鲜明反差。据悉，自"并购六条"等支持政策落地 后，2025年A股并购市场案例数量与交易规模显著攀升，收购方式、主体结构等方面也涌现诸多创新， 但60个月超长锁定期的案例此前基本处于空白状态。此番该类案例密集出现，显然与前期市场普遍的短 期锁定期操作风格形成鲜明差异。 全文请见：A股控制权交易现新动向：五家公司收购方集体承诺60个月超长锁定期，资本逻辑几何？ 每经资本眼研究员梳理发现，自2025年12月底至今，天创时尚（603608）、奥联电子（300585）、中持 股份（603903）、ST柯利达（603828）与江化微（603078）接连披露相关公告，收购方均主动将股份 锁定期延长至5年，集体突破18个月的法定下限。从这五起控制权变更案例可见，其在交易方式、锁定 期、资金来源、定价策略及标的基本面等维度，呈现出诸多鲜明共性特征。 ...

从单一个案到密集涌现，收购方为何纷纷主动加码锁定期承诺？这一集体性交易安排背后，暗藏着怎样的资本逻辑？又释放出哪些值得关注的监管与市场信 号？每经资本眼研究员就此展开探究。 每经记者｜吴永久 张宛 每经编辑｜何建川 1月19日晚间，国内湿电子化学品龙头江化微披露控制权拟变更公告，收购方上海福迅科技承诺的60个月股份锁定期，再度点燃资本市场对超长锁定期的热 议。这一期限较《上市公司收购管理办法》规定的18个月法定期限，大幅延长超2倍。 公告显示，上海福迅科技拟通过协议转让方式受让江化微9238.23万股股份，占公司总股本的23.96%。交易完成后，江化微控股股东将变更为上海福迅科 技，实控人也将由淄博市财政局划转至上海市国资委。受此消息提振，江化微股票自1月20日复牌，截至本文发稿，已收获三个一字板涨停，市场对此次控 制权变更的关注度较高。 事实上，江化微并非孤例。每经资本眼研究员梳理发现，这已是近一个月内A股市场出现的第五起60个月超长锁定期控制权变更案例。自2025年12月底至 今，天创时尚、奥联电子、中持股份、ST柯利达与江化微接连披露相关公告，收购方均主动将股份锁定期延长至5年，集体突破18个月的法定下 ...

Group 1 - The core viewpoint of the articles highlights the increasing activity in control rights transactions among listed companies in China, with a significant rise in the number of announcements regarding control rights changes compared to the previous year [1][3] - As of June 2025, 72 listed companies have disclosed announcements regarding proposed changes in control rights, marking a 140% increase from 30 companies in the same period last year [1] - In June alone, 22 companies disclosed new announcements related to control rights changes, a substantial increase from only 2 companies in June of the previous year [1] Group 2 - The price ranges for control rights transactions in the A-share market are categorized into three segments: approximately 300 million yuan for ST companies or those under pressure to maintain listing, around 600 million yuan for companies without delisting pressure but limited potential, and about 1 billion yuan for companies with ample cash reserves [2] - The corresponding market values for these transactions are estimated at 1.5 to 2 billion yuan for the first category, 3 to 3.5 billion yuan for the second, and around 5 billion yuan for the third category [2] - Recent trends indicate that due to the active control rights transactions and the rise in small-cap stock prices, the prices for control rights transactions have increased compared to the previous year [2]