Core Insights - The launch of Shanghai's first industry fund focused on biomanufacturing marks a significant development in the sector, driven by the collaboration between Daotong Investment and Aopumai [1][2] - The biomanufacturing industry is experiencing rapid growth globally, with the market size increasing from $5.3 billion in 2018 to over $17 billion in 2023, and projected to reach nearly $50 billion by 2028 [2][3] Group 1 - The newly established fund employs a "C (industry chain leader) + VC (professional investment institution)" dual-drive model to leverage Aopumai's industry advantages and Daotong Investment's expertise in early-stage medical and synthetic biology [1] - The "Value Partner Council" will focus on four collaborative directions: resource and platform sharing, technology and results transformation, application and capital synergy, and talent and ecosystem co-cultivation [2] - The initiative aims to create a sustainable industry infrastructure and foster the development of a high-end biomanufacturing cluster in China [2] Group 2 - The Chinese government emphasizes the importance of biomanufacturing, with plans to establish a growth mechanism for future industries, including biomanufacturing, quantum technology, and 6G [3] - China's biomanufacturing industry is approaching a total scale of 1 trillion yuan, maintaining a competitive edge in the global landscape [3]

Core Points - The Shenzhen Municipal Financial Management Bureau, in collaboration with the Development and Reform Commission, issued the "Shenzhen Action Plan for Promoting High-Quality Development of Mergers and Acquisitions (2025-2027)" aiming for a significant increase in the quality of listed companies and a total market value of over 20 trillion yuan by the end of 2027 [1][2] - The plan includes ten key tasks focusing on strategic emerging industries such as integrated circuits, artificial intelligence, new energy, and biomedicine, encouraging mergers and acquisitions to enhance industrial capabilities and technological advancements [1][2] Group 1 - The plan aims to complete over 200 merger projects with a total transaction value exceeding 100 billion yuan by 2027, fostering a robust ecosystem for mergers and acquisitions [1] - It emphasizes the importance of cultivating a matrix of merger funds and attracting excellent fund managers to drive the formation of a trillion-level "20+8" industrial fund cluster [1][2] - The action plan encourages private enterprises to engage in mergers and acquisitions for industrial transformation and supports specialized enterprises in acquiring quality assets [2] Group 2 - Shenzhen will establish a project database for merger targets, facilitating the identification of high-potential projects that align with national industrial policies [2] - The plan promotes diverse financing channels for mergers and acquisitions, including cash, shares, and various types of bonds, while encouraging banks to provide credit support [2][3] - It supports collaboration between government investment funds, state-owned platforms, and financial institutions to broaden the coverage of industrial funds [3] Group 3 - The action plan aims to enhance cross-regional merger and acquisition efficiency by supporting leading enterprises to list or refinance in Hong Kong, thereby expanding resource integration [3] - It encourages the Shenzhen Stock Exchange to develop a service system tailored for mergers and acquisitions, enhancing the flexibility of payment and financing tools [3] - The plan also supports struggling listed companies in improving operational efficiency through mergers, restructuring, and bankruptcy processes [3]

中国发展网讯 记者罗勉报道 今年是习近平总书记亲自部署实施深圳综合改革试点5周年。5年来，中 办、国办先后发布《深圳建设中国特色社会主义先行示范区综合改革试点实施方案（2020-2025年）》 《关于深入推进深圳综合改革试点深化改革创新扩大开放的意见》重磅文件，大力支持深圳实施综合改 革试点。 深圳坚定扛起主体责任，举全市之力推进综合改革试点，多策划战略战役性改革，多推动创造型、引领 型改革，创造了60多项"全国第一"，充分激发全社会创新创造活力和高质量发展内生动力，深圳地区生 产总值从2020年的2.78万亿元增至2024年的3.68万亿元，年均增长5.5%。深圳综合改革试点累计3批次 48条创新举措和典型经验获国家发展改革委发文推广，改革示范效应充分显现。 改革只有进行时、没有完成时。深圳牢记使命任务，努力在更高起点、更高层次、更高目标上深化改 革、扩大开放，为全国全省创造更多可复制可推广的新鲜经验，坚决在进一步全面深化改革、推进中国 式现代化的伟大实践中走在前列、勇当尖兵。 以改革加快发展新质生产力 战新产业占比提升至42.3% 10月1日，《深圳经济特区促进合成生物产业创新发展若干规定》正式实施，破解 ...

Core Viewpoint - The Shenzhen Municipal Financial Management Bureau, in collaboration with the Development and Reform Commission, has released an action plan aimed at promoting high-quality mergers and acquisitions (M&A) from 2025 to 2027, focusing on future industries and enhancing the overall quality of listed companies in the region [1][2]. Group 1: M&A Development Goals - The plan aims for the total market capitalization of domestic and foreign listed companies to exceed 20 trillion yuan by the end of 2027, with the cultivation of 20 companies with a market value of over 100 billion yuan [1]. - It targets the completion of over 200 M&A projects with a total transaction value exceeding 100 billion yuan, alongside the establishment of industry demonstration cases [1]. Group 2: Focus Areas for M&A - The action plan emphasizes M&A activities in strategic emerging industries such as integrated circuits, artificial intelligence, new energy, and biomedicine, encouraging leading companies to acquire quality unprofitable assets that enhance supply chains and key technology levels [2]. - Companies are encouraged to engage in M&A in future industry sectors like synthetic biology, intelligent robotics, quantum information, and advanced materials to rapidly scale up and achieve key technological breakthroughs [2]. Group 3: Financing and Support Mechanisms - The plan proposes to enrich and expand financing channels for M&A, allowing eligible companies to utilize cash, shares, convertible bonds, and other financial instruments for M&A activities [2]. - It encourages the use of mechanisms such as installment payments for share consideration and fundraising through shelf offerings to facilitate M&A transactions [2]. Group 4: Service Platform Development - The plan outlines the establishment of a top-tier M&A service platform, supporting the Shenzhen Stock Exchange in creating a service system tailored for listed companies' M&A needs, providing comprehensive, one-stop services throughout the project lifecycle [3]. - It aims to enhance the transactionability and conversion efficiency of technological achievements by integrating technology transfer with equity incentives, technology acquisitions, and financing [3].

Core Points - Shenzhen has released an action plan for promoting high-quality development of mergers and acquisitions (M&A) from 2025 to 2027, aiming to enhance the quality of listed companies and increase the total market value of domestic and foreign listed companies to over 20 trillion yuan by the end of 2027 [2][25]. Group 1: Goals - By the end of 2027, the plan aims for a comprehensive improvement in the quality of listed companies, with over 20 companies achieving a market value of 100 billion yuan each, and a total of over 200 M&A projects completed with a transaction value exceeding 100 billion yuan [5][26]. Group 2: Focus Areas for M&A - The plan emphasizes M&A activities in strategic emerging industries such as integrated circuits, artificial intelligence, new energy, and biomedicine, encouraging leading companies to acquire quality assets that enhance supply chains and key technologies [6][27]. Group 3: Project Database - A project database for M&A targets will be established, covering key industrial sectors in Shenzhen, with a mechanism for project recommendation and selection [8][28]. Group 4: Financing Channels - The plan encourages the use of various financing methods for M&A, including cash, shares, and bonds, and promotes bank support through loans and innovative financing models [10][29]. Group 5: Patient Capital System - A patient capital system will be constructed to support M&A, involving government investment funds and private equity to foster technology-driven small and medium enterprises [14][30]. Group 6: Participation of Social Capital - The plan supports the involvement of venture capital and private equity funds in M&A, promoting mechanisms that align investment timelines with restructuring outcomes [16][30]. Group 7: Connecting with Hong Kong Capital Market - The plan supports leading companies in Shenzhen to list or refinance in Hong Kong, enhancing cross-regional M&A efficiency and resource integration [16][31]. Group 8: M&A Service Platform - A comprehensive service platform for M&A will be established to provide full-cycle support for projects, including training and research on M&A practices [18][32]. Group 9: Market Service Ecosystem - The plan aims to optimize the service ecosystem for M&A by enhancing the capabilities of financial institutions and supporting the establishment of leading investment banks [20][33]. Group 10: Risk Prevention - Measures will be implemented to strengthen risk monitoring and compliance in M&A activities, ensuring the integrity of transactions and preventing unethical practices [22][34]. Group 11: Mechanisms and Support Measures - A special coordination mechanism will be established under the leadership of the municipal financial committee to facilitate M&A projects, with streamlined processes for approvals and support for key projects [24][35].

Core Viewpoint - The Shenzhen Municipal Financial Management Bureau, in collaboration with the Shenzhen Development and Reform Commission, has issued an action plan aimed at promoting high-quality development of mergers and acquisitions (M&A) from 2025 to 2027, targeting significant growth in the local economy and corporate landscape [1][3]. Group 1: Goals and Targets - By the end of 2027, the total market capitalization of listed companies in the region is expected to exceed 20 trillion yuan, with the aim of nurturing 20 companies with a market value of over 100 billion yuan [3]. - The plan anticipates completing over 200 M&A projects with a total transaction value exceeding 100 billion yuan, alongside establishing a series of industry demonstration cases [3]. Group 2: Focus Areas for M&A - The action plan emphasizes M&A activities centered on new productive forces, particularly in strategic emerging industries such as integrated circuits, artificial intelligence, new energy, and biomedicine [4]. - It encourages leading companies to engage in upstream and downstream M&A to enhance supply chain capabilities and improve key technological levels [4]. Group 3: Support Mechanisms - The establishment of a project database for M&A targets is proposed to ensure comprehensive coverage of key industries in Shenzhen [5]. - The plan outlines the creation of a supportive capital system for M&A, including expanding financing channels and encouraging the use of various financial instruments for M&A transactions [6]. Group 4: Cross-Border M&A Resources - The action plan aims to connect domestic and international M&A resources by leveraging cross-border asset transfers and investments [7]. - It supports collaboration between the Shenzhen Stock Exchange and the Hong Kong Stock Exchange to enhance M&A financing mechanisms and promote innovative M&A cases [8].

Core Points - Shenzhen has released an action plan to promote high-quality development of mergers and acquisitions (M&A) from 2025 to 2027 [2][28] - The plan aims to enhance the quality of listed companies and achieve a total market value of over 20 trillion yuan for domestic and foreign listed companies by the end of 2027 [5][29] - The M&A market is expected to see over 200 completed projects with a total transaction value exceeding 100 billion yuan [5][29] Group 1: Goals - By the end of 2027, Shenzhen aims to cultivate 20 companies with a market value of over 100 billion yuan and complete over 200 M&A projects [5][29] - The plan emphasizes the integration of capital markets with industry advantages to support companies that align with national strategies and technological breakthroughs [29] Group 2: Focus Areas for M&A - The action plan focuses on strategic emerging industries such as integrated circuits, artificial intelligence, new energy, and biomedicine for M&A activities [6][30] - Companies are encouraged to acquire quality unprofitable assets that enhance key technology levels and strengthen industrial chains [6][30] Group 3: Project Database and Financing - A project database for M&A targets will be established to cover key industrial sectors in Shenzhen [9][31] - The plan encourages the use of various financing methods, including cash, shares, and convertible bonds, to support M&A activities [13][32] Group 4: Capital System and Social Capital - The plan aims to build a supportive capital system that encourages participation from angel funds and government investment funds in M&A projects [16][32] - Social capital, including venture capital and private equity funds, is encouraged to engage in M&A activities to enhance technological advantages [33] Group 5: Cross-Border M&A and Service Platforms - The action plan supports leading companies in Shenzhen to list or refinance in Hong Kong to facilitate cross-border M&A [18][34] - A comprehensive service platform for M&A will be established to provide full-cycle support for projects [20][35] Group 6: Market Ecosystem and Risk Management - The plan emphasizes the need to cultivate professional service teams in financial institutions to support M&A activities [22][36] - Risk management measures will be strengthened to prevent unethical M&A practices and ensure compliance with regulations [25][37]

Core Viewpoint - Shenzhen has released a significant policy to support high-quality mergers and acquisitions (M&A) from 2025 to 2027, focusing on strategic emerging industries such as integrated circuits, artificial intelligence, new energy, and biomedicine [1][3]. Group 1: Policy Objectives - The action plan aims for a comprehensive improvement in the quality of listed companies by the end of 2027, targeting a total market capitalization of over 20 trillion yuan for domestic and foreign listed companies and the cultivation of 20 companies with a market value of over 100 billion yuan [3]. - It is projected that over 200 M&A projects will be completed, with a total transaction value exceeding 100 billion yuan, alongside the establishment of a series of industry demonstration cases [3]. Group 2: Support for Industries - The plan encourages M&A activities in future industries such as synthetic biology, intelligent robotics, quantum information, and advanced new materials to rapidly scale up industries and achieve key technological breakthroughs [4]. - It supports "chain leader" enterprises and leading listed companies in conducting upstream and downstream M&A to enhance key technology levels and strengthen industrial chains [3][4]. Group 3: Financial Support Mechanisms - The action plan encourages the use of various financial instruments, including cash, shares, and convertible bonds, to facilitate M&A activities [5]. - Financial institutions are urged to provide credit support for market-oriented M&A, including loans and guarantees, to enhance the operational capabilities of M&A projects [6]. Group 4: Talent and Institutional Development - The plan emphasizes the cultivation of professional service teams in financial institutions to enhance their core competitiveness in M&A [7]. - It proposes a rolling training program for M&A talents, integrating industry and finance expertise, and supports the settlement of high-level talents in Shenzhen [7]. Group 5: Cross-Border and Collaborative Efforts - The action plan supports leading enterprises in seeking listings or refinancing in Hong Kong to improve the efficiency of cross-regional M&A [8]. - It encourages collaboration between Shenzhen Stock Exchange and Hong Kong Stock Exchange to explore interconnected mechanisms for M&A and financing [8][9].

Core Objectives - The Shenzhen Municipal Government aims to enhance the quality of listed companies, targeting a total market capitalization of over 20 trillion yuan by the end of 2027, and to cultivate 20 companies with a market value of over 100 billion yuan. The plan includes completing over 200 merger and acquisition (M&A) projects with a total transaction value exceeding 100 billion yuan [6][23]. Focus Areas for M&A - The plan emphasizes M&A activities in strategic emerging industries such as integrated circuits, artificial intelligence, new energy, and biomedicine. It encourages leading companies to acquire quality, unprofitable assets that can strengthen supply chains and enhance key technological capabilities [7][24]. Establishment of M&A Project Database - A project database for M&A targets will be established, covering key industrial sectors in Shenzhen. A mechanism for project recommendation will be created to facilitate the identification and selection of M&A projects [8][24]. Financing Channels for M&A - The plan encourages companies to utilize various financing methods, including cash, shares, and convertible bonds, to support M&A activities. It also promotes bank loans and innovative financing solutions for technology-driven enterprises [10][25]. Development of Patient Capital System - The initiative supports the involvement of angel funds and government investment funds in identifying and nurturing technology-driven small and medium-sized enterprises (SMEs) for M&A opportunities [13][26]. Encouragement of Social Capital Participation - The plan supports corporate venture capital and private equity funds in participating in M&A activities, emphasizing the importance of strategic investments and the establishment of a reverse linkage mechanism for investment terms [14][27]. Connection with Hong Kong Capital Market - The initiative aims to facilitate cross-border M&A by supporting qualified companies in listing or refinancing in Hong Kong, thereby enhancing the efficiency of cross-regional M&A activities [15][27]. Establishment of M&A Service Platform - Shenzhen Stock Exchange will develop a comprehensive service system for M&A projects, providing one-stop services throughout the project lifecycle [16][28]. Optimization of M&A Market Ecosystem - The plan encourages financial institutions to enhance their professional service teams for M&A, aiming to create leading service providers in the industry [17][29]. Risk Prevention in M&A Activities - The initiative emphasizes the importance of risk monitoring and compliance in M&A transactions, aiming to prevent unethical behaviors and ensure financial security [19][30]. Strengthening M&A Work Mechanisms - A special coordination mechanism will be established under the leadership of the municipal financial committee to facilitate M&A activities and streamline processes for key projects [31].

Core Viewpoint - The Shenzhen Municipal Financial Management Bureau has issued an action plan for promoting high-quality development of mergers and acquisitions (M&A) from 2025 to 2027, focusing on new productive forces and strategic emerging industries [1] Group 1: Strategic Focus Areas - The plan emphasizes M&A activities in strategic emerging industries such as integrated circuits, artificial intelligence, new energy, and biomedicine [1] - It supports leading companies and listed firms in conducting upstream and downstream M&A to enhance supply chain strength and improve key technological capabilities [1] Group 2: Encouragement for Specific Sectors - Companies are encouraged to actively pursue M&A in future industry sectors like synthetic biology, intelligent robotics, quantum information, and advanced new materials to rapidly scale up and achieve technological breakthroughs [1] - Strong private enterprises are supported in undertaking M&A based on industrial transformation and upgrading [1] Group 3: State-Owned Enterprises and Valuation - The plan accelerates strategic restructuring and professional integration of state-owned enterprises, enhancing the valuation tolerance of local state-controlled listed companies for light-asset technology firms in M&A [1] - It aims to facilitate the proactive layout of state capital in emerging industries [1]