本报记者 吴晓璐 9月24日，证监会出台《关于深化上市公司并购重组市场改革的意见》（即"并购六条"）一周年。一年来，上市公司累计 披露资产重组超2100单，其中重大资产重组230余单，并购重组市场活跃度明显提升。 中证金融研究院首席经济学家潘宏胜在接受《证券日报》记者专访时表示，从过去一年的实践来看，同行业上下游产业并 购较多，半导体等一些战略性新兴产业成为重点；运用多样化、组合化支付工具的案例增多，有效提高并购成功率；并购重组 审核效率提升，激发市场主体积极性。"并购六条"对提高交易效率、活跃资本市场、推动产业升级和高水平科技自立自强等方 面的作用初步显现。 支持上市公司向"新"发展 提高产业集中度 从重组目的来看，一年来，上市公司大多围绕同行业、产业链上下游资产并购，重大资产重组中超过七成为产业整合。另 外，战略性新兴产业、未来产业也成为并购重点方向。 潘宏胜表示，"并购六条"把"跨界并购"和"收购未盈利硬科技资产"纳入常规通道，明确提出"支持上市公司围绕战略性新兴 产业、未来产业等进行并购重组，支持'两创'板块公司并购产业链上下游资产"，目的在于更好发挥资本市场促进科技创新和产 业创新融合发展方面的积极 ...

Core Insights - The "Six Guidelines for Mergers and Acquisitions" has significantly enhanced the activity in the capital market, with over 2,100 asset restructuring disclosures in the past year, including more than 230 major restructurings [1] - The number of asset restructurings disclosed by listed companies has increased to over 1,300 this year, 1.4 times that of the same period last year, with nearly 160 major restructurings, 2.3 times that of last year [1] - The restructuring market is increasingly focused on strategic emerging industries and future industries, serving as a "booster" for the development of new productive forces [1][4] Market Activity - The restructuring market has shown a clear trend towards industry integration, with over 70% of major asset restructurings driven by this factor [3] - Traditional industry companies are merging with peers and upstream/downstream assets to enhance supply chain efficiency and competitiveness [3] - The "Two Innovation" boards (Science and Technology Innovation Board, Growth Enterprise Market) have seen over 100 major asset restructurings, with about 80% focused on industry integration [3] Strategic Focus - The focus of mergers and acquisitions is shifting towards high-tech and rapidly growing strategic emerging industries, which are seen as key areas for future growth [4] - State-owned enterprises have accelerated mergers, with nearly 70 major asset restructurings reported, accounting for about 30% of the total [4] Financial Tools and Flexibility - The introduction of diverse payment methods for mergers and acquisitions, including convertible bonds and acquisition loans, has increased transaction flexibility and reduced cost pressures [8][9] - The establishment of a phased payment mechanism for restructuring shares is expected to lower risks associated with one-time valuations, particularly for high-growth but uncertain performance technology companies [9] Regulatory Efficiency - The regulatory environment has improved, with a significant increase in the number of approved restructuring projects, reaching 2.4 times that of the same period last year [10][11] - The average review time for registered projects has decreased to about one month, indicating enhanced efficiency in the approval process [11] - Simplified review procedures for mergers and acquisitions have been implemented, further streamlining the process [11] Future Outlook - The regulatory authorities will emphasize legal supervision and strengthen the responsibilities of intermediary institutions to ensure the quality of mergers and acquisitions [12] - The market is expected to continue evolving towards industry integration, with strategic emerging industries remaining a focal point for mergers and acquisitions [12]

Core Viewpoint - The approval of targeted convertible bonds for companies listed on the Beijing Stock Exchange (BSE) marks a significant development in the financing landscape, with WanTong Hydraulic being the second company to receive such approval, following Youji Co. [1][2] Group 1: Company Developments - WanTong Hydraulic has received approval from the China Securities Regulatory Commission to issue up to 1.5 billion yuan in targeted convertible bonds, with a maximum of 1.5 million bonds to be issued [1][6] - Youji Co. was the first company to receive approval for targeted convertible bonds on July 19, with its bonds officially listed on September 9, indicating a successful initial launch of this financing tool on the BSE [2][4] - The targeted convertible bonds are designed for specific investors and can be converted into company shares under agreed conditions, differentiating them from public convertible bonds available to retail investors [2][4] Group 2: Market Dynamics - The secondary market for targeted convertible bonds typically does not allow for public trading, requiring investors to engage in over-the-counter transactions [4] - Institutional investors showed strong interest in Youji Co.'s targeted convertible bonds, with only 13.92% allocation among 24 participating investors, predominantly institutional [4][5] - The low liquidity of targeted convertible bonds makes them suitable for long-term holding by institutions, as they can reduce short-term selling pressure [5][8] Group 3: Regulatory and Market Context - The growth of targeted convertible bonds on the BSE is supported by regulatory changes that expanded their use beyond mergers and acquisitions to general financing needs [7][8] - The BSE's rules allow for higher conversion premium rates and more flexible terms, catering to the financing needs of innovative small and medium-sized enterprises [8][9] - The overall market for convertible bonds has seen a contraction, with the total outstanding amount dropping to 623.236 billion yuan, the lowest in five years, indicating a shift in market dynamics [9][10]

Core Insights - The Beijing Stock Exchange (BSE) has seen steady growth in market size and quality, with 274 listed companies and a total market capitalization exceeding 900 billion yuan as of September 3, 2025 [2] - Over 60% of BSE-listed companies reported revenue growth in the first half of 2025, with a profitability rate of 82.12% [2][6] - The BSE 50 Index has experienced a remarkable increase of 49.49% in 2025, outperforming other major indices [2][3] Market Performance - The BSE has shown a significant recovery, with average daily trading volume reaching 296.25 billion yuan in the first half of 2025 [3] - The number of companies with market capitalization exceeding 100 billion yuan has increased by 5, while those between 50 billion and 100 billion yuan have increased by 20 [3] - 60 companies have seen their stock prices double this year, with notable performers including Xingtu Measurement Control, Guangxin Technology, and Tiangong Co., whose stock prices increased by 1347%, 795%, and 413% respectively [3] Financial Health - BSE-listed companies achieved a total revenue of 920.64 billion yuan in the first half of 2025, reflecting a year-on-year growth of 6.01% [6] - The average net profit for these companies was 59.09 billion yuan, with a decline of 10.59% year-on-year, indicating a narrowing of losses [6] - The second quarter of 2025 showed signs of recovery, with revenues of 505.47 billion yuan, a quarter-on-quarter increase of 21.75% [6] Research and Development - BSE-listed companies increased their R&D spending to 41.39 billion yuan in the first half of 2025, a growth of 2.59% year-on-year [7] - Companies in the information technology and biomedicine sectors are leading in R&D investment intensity, with some firms allocating over 30% of their revenue to R&D [7] Future Expectations - The BSE is expected to continue its reform efforts, focusing on improving liquidity, optimizing listing pathways, and enhancing investor structure [9] - There is a strong anticipation for the introduction of BSE ETFs to increase market liquidity and provide investment channels for retail investors [9] - The BSE aims to maintain its position as a core platform for innovative small and medium-sized enterprises, fostering the growth of high-tech companies [9][10]

Group 1: North Exchange Market Overview - The rapid development of companies has diversified the industrial layout of the North Exchange, with 274 listed companies and a total market value exceeding 900 billion as of August 2025 [1] - The overall performance of listed companies showed steady growth, with total revenue of 92.04 billion and a year-on-year increase of 5.98% in the first half of 2025 [1] - The North Exchange has become an important platform for cultivating specialized and innovative enterprises, with 54.38% of national-level specialized "little giant" enterprises among new listings [1] Group 2: Innovative Financing Tools - The North Exchange has introduced innovative financing tools, such as the directed convertible bonds, with the first issuance by Youji Co., which marks a breakthrough in serving innovative SMEs [2] - Directed convertible bonds feature a financing cost advantage and a mild impact on the equity structure of listed companies, making them an attractive option for companies [2] - Following Youji Co., other companies like Wantong Hydraulic and Weibao Hydraulic have also announced plans for directed convertible bond issuance, indicating growing interest in this financing tool [2] Group 3: Institutional Innovations and Market Development - The North Exchange has continuously explored new service models for capital markets, including allowing unprofitable companies to list and establishing a "green channel" review mechanism [3] - The North Exchange is advancing its internationalization process, having signed a memorandum of cooperation with the Hong Kong Stock Exchange to explore market connectivity [3] - A multi-level financing service system is being constructed to meet the development needs of innovative SMEs through various institutional innovations and market opening measures [3] Group 4: Market Transition and Code Standardization - The North Exchange is transitioning to a new phase with the first full network test of the batch switching of stock codes, moving towards a unified 920 code segment [4][5] - The introduction of the 920 code segment is expected to enhance the recognition and independence of the North Exchange, reducing price interference from the previous New Third Board period [5] - The market's liquidity has significantly improved, with an average daily trading amount of 29.15 billion and an average first-day increase of new stocks reaching 320.21% in 2025 [5] Group 5: Investment Ecosystem and Product Innovation - The North Exchange has seen an increase in qualified investors, with over 9 million accounts, and public funds heavily investing in North Exchange companies [5] - The launch of the "specialized and innovative" index provides diverse investment targets, with several index products already established and more in preparation [5] - The continuous influx of funds and product innovations is expected to enhance the quality of listed companies and attract institutional investor attention, potentially leading to a "Davis Double Play" effect [5][6]

Core Viewpoint - Beijing Stock Exchange (BSE) has evolved into a key platform for nurturing specialized and innovative small and medium-sized enterprises (SMEs) in China since its establishment four years ago, focusing on technology innovation and capital empowerment [2][10]. Group 1: Market Development - BSE has successfully attracted a diverse range of industries, including commercial aerospace, hydrogen energy, artificial intelligence, and biomedicine, becoming a significant incubator for Chinese technology innovation companies [2][3]. - As of August 2025, BSE has 274 listed companies with a total market capitalization exceeding 900 billion yuan, showcasing a robust growth trajectory [4]. - The overall performance of BSE-listed companies showed steady growth in the first half of 2025, with total revenue reaching 92.04 billion yuan, a year-on-year increase of 5.98% [4]. Group 2: Company Highlights - Star Map Measurement and Control, the first listed company focused on space management, reported steady growth in key operational metrics after its listing on BSE [3]. - Other notable companies include Jinbo Bio, which achieved a breakthrough in the industrialization of recombinant type III humanized collagen, and Zhuozhao Point Glue, which saw a revenue growth rate of 207.46% in the first half of 2025 [4]. Group 3: Institutional Innovation - BSE has introduced innovative financing tools, such as the directed convertible bonds, which provide a favorable financing option for innovative SMEs [6][7]. - The implementation of the 920 code segment for stock listings is expected to enhance the recognition and independence of BSE, reducing price interference from the previous New Third Board [8][9]. Group 4: Market Dynamics - The liquidity of BSE has significantly improved, with an average daily trading volume of 29.15 billion yuan in 2025, and new stocks have shown a remarkable first-day average increase of 320.21% [9]. - The number of qualified investors on BSE has surpassed 9 million, with public funds increasingly investing in BSE-listed companies, indicating a growing interest from institutional investors [9]. Group 5: Future Outlook - BSE is expected to continue its transformation through ongoing institutional innovations and a diverse supply of enterprises, providing solid capital support for China's technological innovation and industrial upgrading [10].

Core Insights - The Beijing Stock Exchange (BSE) has seen a significant increase in IPO applications, with 115 companies accepted this year, accounting for 65% of the total market, indicating a shift in preference towards the BSE for companies seeking to go public [1][2] - Despite the surge in applications, the number of companies actually listed on the BSE remains low, with only 6 successful IPOs in the first half of the year compared to 51 across the A-share market [1][2] Group 1: Market Dynamics - The BSE has become the preferred listing destination for companies due to its attractive market conditions, with the BSE 50 Index rising by 39.45% in the first half of 2025, reflecting strong market demand and improved liquidity [2] - The BSE's flexible financing options and recent successful mergers and acquisitions have further enhanced its appeal to companies [2] - The introduction of a dedicated code segment for BSE-listed companies has improved market recognition and company identity, attracting more firms to consider listing on the BSE [2] Group 2: Listing Process and Challenges - The median time from IPO application to listing has increased from 218 days in 2022 to 306 days in 2024, indicating a growing backlog in the approval process [3] - The BSE maintains a strict review process focused on innovation, sustainability, financial integrity, and governance, which can prolong the listing timeline [3][4] - Pre-application inspections by regulatory bodies are more rigorous for BSE projects, requiring companies to address issues before submission, which is a unique aspect of the BSE's listing process [4]

Group 1 - The core viewpoint of the article highlights the explosive growth in IPO acceptance at the Beijing Stock Exchange (BSE), with 115 companies accepted this year, accounting for 65% of the total market, indicating a shift in listing preferences towards the BSE [2][4] - The BSE has become the preferred listing destination for companies due to its market vitality, institutional advantages, and attractive valuations, which are positioned between the ChiNext and STAR Market [4][5] - Despite the increase in IPO acceptance, the actual number of companies listed on the BSE remains low, with only 6 successful IPOs in the first half of the year compared to other markets [2][8] Group 2 - The BSE's acceptance of 115 companies in the first seven months of the year includes a record 97 in June, reflecting strong market demand and liquidity improvements [4] - The BSE's listing rules and processes are more suitable for small and medium-sized enterprises, including standards for unprofitable companies, which enhances its attractiveness [4][5] - The BSE's IPO review process remains stringent, focusing on the innovation, sustainability, financial authenticity, and governance of companies, which may lead to longer waiting times for listings [7][9] Group 3 - The median time from IPO acceptance to listing at the BSE has increased from 218 days in 2022 to 306 days in 2024, indicating a trend towards longer review periods [8] - The BSE has implemented a preemptive inspection process where regulatory bodies conduct on-site checks before the formal application, ensuring that most issues are addressed early [9] - The BSE is attracting high-quality "specialized, refined, distinctive, and innovative" companies, which are crucial for economic transformation, despite their smaller scale [9]

Core Viewpoint - Sichuan Youji Industrial Co., Ltd. has received approval from the China Securities Regulatory Commission for its convertible bond issuance project, marking a significant step in the diversification of financing tools on the Beijing Stock Exchange under the new registration system [1][2] Group 1: Company Overview - Youji Co. plans to issue no more than 120 million RMB in convertible bonds, with funds primarily allocated for the "Intelligent Flexible Production Line for Valves and Supporting Facilities Technology Renovation Project" and the "High-end Casting and Processing Expansion Project" [2] - The successful registration of this project serves as a practical financing model for other high-quality "specialized, refined, distinctive, and innovative" enterprises on the Beijing Stock Exchange, enhancing the multi-tiered capital market's financing capabilities [2] Group 2: Industry Implications - The project represents the first targeted convertible bond issuance under the new registration system on the Beijing Stock Exchange, indicating a key advancement in the integration of equity and debt financing tools [1][2] - Kaiyuan Securities, as a comprehensive investment bank focused on small and medium-sized enterprises, emphasizes the importance of the Beijing Stock Exchange's reforms and continues to increase support for innovative SMEs [2] - The initiative reflects Kaiyuan Securities' commitment to developing new financing products and mechanisms under the registration system, aiming to empower innovative SMEs and contribute to the high-quality development of China's capital market [2]

Group 1 - The capital market for mergers and acquisitions (M&A) is experiencing significant growth, with 200 major asset restructuring projects disclosed by July 15, 2025, since the release of the "M&A Six Guidelines" [1] - The diversity of payment methods has become a prominent feature of the current M&A wave, with the Sci-Tech Innovation Board disclosing 54 M&A transactions in 2023, of which 40% utilized various payment methods including shares and convertible bonds [1][2] - Experts indicate that the innovative application of diversified payment tools has effectively activated the M&A vitality of market participants, enhancing the role of the capital market as the main channel for M&A [1][2] Group 2 - Recent policies such as the "National Nine Guidelines," "Sci-Tech Innovation Board Eight Guidelines," and "M&A Six Guidelines" encourage listed companies to utilize multiple payment tools for M&A [2] - The introduction of flexible payment mechanisms, such as installment payments for share prices, is aimed at increasing transaction flexibility and reducing costs [2][3] - The innovative use of payment tools like targeted convertible bonds and private placements allows companies to complete acquisitions without significantly increasing short-term cash flow pressure [2][4] Group 3 - Targeted convertible bonds are highlighted as a key innovation in M&A, providing a balance between short-term shareholder protection and long-term value binding [3][4] - The flexibility and efficiency of private placements have made them an important means for companies to quickly raise funds and optimize capital structure, thereby enhancing the success rate of M&A [4] - The installment payment mechanism for acquisition prices helps alleviate financial pressure on acquirers and reduces risks associated with one-time valuations [4][8] Group 4 - The Sci-Tech Innovation Board is actively promoting typical M&A cases utilizing diversified payment tools, with notable transactions involving targeted convertible bonds [6] - Companies are increasingly using refinancing funds as a source for acquisitions, balancing the cash exit needs of original shareholders with the financial pressures of listed companies [6] - Recent regulatory changes have allowed for increased loan limits for acquisitions, encouraging companies to pursue M&A more aggressively [7] Group 5 - The introduction of acquisition funds has become a crucial method for companies to alleviate financial pressure and improve M&A success rates [8] - The installment payment mechanism for acquisition prices is designed to lower transaction risks and optimize financial arrangements for listed companies [8] - The recent revision of the "Major Asset Restructuring Management Measures" has formalized the installment payment for share prices, providing more flexibility for companies in arranging payment schedules [8]