聚焦并购热点。 从企业家角度看，随着社会变迁与经济发展，企业必须向现代化管理方向转型，这就涉及人才、文化、组织架 构等多方面变革，需引入外部非家族文化战略力量，助力企业迈入新发展阶段。 5月19日，由深圳证券交易所主办的2025全球投资者大会在深圳举行，会上来自交易所、券商、创投机构、上 市公司的代表热议当前并购重组市场进展，热议核心话题包括估值倒挂、投资者预期、方案设计挑战、跨界整 合难度等。 深交所创业板公司管理部总监徐正刚表示，随着《上市公司重大资产重组管理办法》修订实施，接下来将进一 步提升审核效率，加快推动简易程序案例落地，支持优质上市公司快速并购。 交易所四大举措活跃市场 近一年来，监管层为活跃并购重组市场出台一系列利好政策，其对市场的刺激效果如何，受到市场关注。 深交所创业板公司管理部总监徐正刚在5月19日的全球投资者大会上表示，"并购六条"发布后，深市并购重组 市场规模和活跃度显著提升，累计披露重组项目接近800单。其中，重大资产重组超过90单，同比增长超过 200%。审核效率进一步提高，2022年至2024年深交所持续优化监管审核机制，上市公司完成重大资产重组时 间平均压缩20%。 迈瑞医疗 ...

Group 1: M&A Market Trends - The current M&A market is experiencing significant activity, with nearly 800 disclosed restructuring projects, and major asset restructurings exceeding 90, representing a year-on-year increase of over 200% [2] - The Shenzhen Stock Exchange is enhancing review efficiency, aiming to reduce the average time for major asset restructurings by 20% from 2022 to 2024 [2][3] - Many small and medium-sized enterprises are seeking acquisitions by listed companies due to pressures from slow IPO reviews and limited financing options [2] Group 2: Valuation Challenges - There is a notable discrepancy between M&A valuations and IPO valuations, with the average static P/E ratio for major asset purchases between 13x and 16x, significantly lower than IPO valuations [5] - The market is witnessing a phenomenon of price inversion, where sellers are becoming more willing to accept lower valuations, with some indicating a willingness to accept a 50% reduction [6][5] - Regulatory bodies are increasingly recognizing the need for valuation flexibility to facilitate reasonable transaction pricing between parties [6] Group 3: Cross-Industry M&A Challenges - Cross-industry mergers face significant challenges, including complex integration processes and differing corporate cultures, which can lead to high failure risks [7] - Successful cross-industry acquisitions require a strong competitive position for the target company and a willingness from the acquiring company to adapt and integrate new capabilities [8] - Regulatory support for cross-industry mergers is conditional, emphasizing the need for quality in both the acquiring and target companies [8]