《广东省金融支持企业开展产业链整合兼并行动方案》日前印发。其中提到，结合组建省级政府投资引 导基金体系，推动设立并购基金，鼓励社会资本积极参与，共同形成天使投资、风险投资、私募股权投 资、并购基金、S基金等全链条投资体系，采取跟投、直投等多元化方式，支持企业围绕本产业链关键 环节开展整合兼并。有效发挥政府投资基金支持关键核心技术攻关、补齐产业发展短板的引导作用，撬 动金融资产投资、保险、创投等社会资本、长期资金积极参与，重点投向芯片制造、工业软件、高端医 疗器械等领域，提升产业链关键核心技术自主可控能力。创新供应链金融产品和服务模式，加强资金链 与产业链融合，鼓励广州、深圳、佛山等有条件的地市设立并购基金、产业链基金等，开展产业链整合 兼并。 ...

近日，晨壹投资管理合伙人刘晓丹在上海证券交易所国际投资者大会上表示，受中国经济格局重塑、产 业竞争态势演进、企业家代际传承推进及公司治理体系优化等多重因素交织影响，中国并购市场的战略 重要性正持续提升。 资讯数据显示，今年以来，截至目前，A股市场累计新增147单重大资产重组项目，较去年同期大幅增 长45.54%，直观反映出A股并购重组市场热潮迭起的发展态势。在此背景下，并购基金作为专业资本运 作力量，其在资源整合、资金支持、交易架构设计等领域的核心价值愈发凸显，正迎来行业发展的黄金 时期。 专业角色凸显产业价值 并购基金是专注于对目标企业进行并购投资的私募股权基金，核心运作逻辑为通过募集资金收购目标企 业股权，随后通过重组整合、运营优化等方式提升企业价值，最终通过股权转让、IPO等渠道实现退出 并获取收益。在行业快速发展进程中，并购基金的专业角色与独特价值正被市场广泛认知。 刘晓丹表示，并购基金与投行虽有部分从业者背景相通，但是以不同的角色参与并购市场：投行核心聚 焦撮合交易、把控监管合规，交易完成后即转向下一项目；并购基金在收购企业后需长期参与运营管 理，通过治理优化、运营提升等举措提升企业价值，这一点和企 ...

Core Viewpoint - Ardian, a European private equity firm, has officially opened a new office in Hong Kong to strengthen its business presence in China and the Asia-Pacific region [3][8]. Group 1: Company Overview - Ardian was initially a business unit of the multinational insurance company AXA and became independent in 2013, currently managing assets worth $192 billion (approximately 1.3 trillion RMB) [5][14]. - The firm has a significant focus on private equity, with $134 billion under management in this sector, accounting for 72% of its total assets [14]. - Ardian has established a strong presence in China, having opened its Beijing office in 2012 and currently managing a team of 20 in the Greater China region [23]. Group 2: Business Expansion - The new Hong Kong office will enhance Ardian's ability to connect with clients and establish new partnerships in the financial sector, facilitating its investment strategies in the region [11][12]. - Ardian has received licenses from the Hong Kong Securities and Futures Commission, allowing it to conduct securities trading, investment advisory, and asset management services [7][8]. - The Hong Kong office is actively recruiting staff to support its operations, indicating a commitment to expanding its workforce in the region [6][12]. Group 3: Market Context - The opening of Ardian's Hong Kong office reflects a broader trend of foreign investment firms establishing a presence in Hong Kong as a gateway to the Chinese market, especially amid a wave of significant IPOs [25][26]. - There is a growing interest from international investors in Chinese assets, driven by breakthroughs in technology and supportive policies, leading to a re-evaluation of the value of Chinese tech companies [25][26]. - The firm has already invested approximately $3 billion in Asia, covering nearly 200 funds, and has established long-term relationships with around 50 clients in the Greater China region [22][23].

Core Insights - The report emphasizes the importance of understanding the domestic market for the development of China's merger and acquisition (M&A) funds, highlighting the need for a unique path to high-quality development that cannot simply replicate overseas models [1] Group 1: Market Transition - The Chinese M&A market has shifted from opportunity-driven to strategy-driven, focusing on industrial integration as a core element [2] - The private equity (PE) market in China ranks second globally in terms of management scale, but there are significant structural differences compared to mature markets, indicating substantial growth potential [2] Group 2: Fundraising and Investment Strategies - In the U.S., the LP base for M&A funds primarily consists of institutional long-term capital, while in China, it is dominated by state-owned and industrial capital [3] - U.S. M&A funds typically employ leveraged buyouts, while China has developed diverse models such as "listed companies + PE" and state-led strategic acquisitions, although leverage use is more restricted [3] Group 3: Exit Strategies - The U.S. market predominantly utilizes M&A as an exit strategy, while China has historically relied on IPOs, indicating a need for M&A funds to enhance market liquidity and address exit challenges [4] - The shift in China's economy towards stock optimization presents new opportunities for M&A funds to drive economic structure optimization through industrial integration [4] Group 4: Challenges and Recommendations - The report identifies several challenges facing China's M&A fund development, including a lack of long-term capital, insufficient quality control targets, and a mismatch between fund duration and value creation cycles [5] - Ten actionable recommendations are proposed to build a Chinese M&A fund ecosystem, focusing on resource matching, governance structure, and enhancing intermediary capabilities [6]

Core Viewpoint - Shenzhen has launched the "Shenzhen Action Plan for Promoting High-Quality Development of Mergers and Acquisitions (2025-2027)" to enhance resource allocation through mergers and acquisitions, supporting the growth of strategic emerging industries [1][3]. Group 1: Action Plan Goals - The plan aims for the total market value of listed companies in Shenzhen to exceed 20 trillion yuan by the end of 2027, with 20 companies reaching a market value of 100 billion yuan, over 200 completed M&A projects, and a total transaction amount exceeding 100 billion yuan [1][3]. - It emphasizes the establishment of a merger fund matrix and a systematic arrangement for post-investment services [1][3]. Group 2: Strategic Importance of M&A - Mergers and acquisitions have been elevated to a core strategic level for industrial upgrading in Shenzhen, with a focus on creating a supportive capital system for M&A [1][4]. - The plan highlights the importance of integrating capital operations with industrial management to cultivate globally competitive enterprises [4][6]. Group 3: Policy Context and Market Dynamics - Since 2024, policies in the equity investment sector have focused on regulatory standardization and innovation encouragement, creating a foundation for the development of new productive forces [3][5]. - The M&A market has shown significant activity, with 376 private equity funds successfully exiting through M&A in 2024, indicating a growing trend in this area [8][9]. Group 4: Ecosystem Development - The plan aims to create a complete M&A capital ecosystem through funding, mechanisms, and ecological interactions, moving from a transaction-driven approach to an ecosystem-driven model [6][10]. - It includes the establishment of a project database for M&A targets to alleviate information asymmetry and enhance project matching efficiency [6][9]. Group 5: Future Outlook - The focus on nurturing professional M&A fund managers and enhancing the capabilities of financial institutions is expected to create a market demonstration effect [9][10]. - The strategy involves a full-chain capital loop from nurturing quality targets to M&A integration, indicating a shift towards a more structured and scalable M&A capital approach [10].

10月22日，深圳发布了《深圳市推动并购重组高质量发展行动方案（2025—2027年）》，该《行动方 案》从并购重组的资产端、资金端、保障服务、人才培养、风险防控等方面，为完善并购重组市场生 态、推动上市公司并购重组高效落地描绘了清晰的规划蓝图。 《行动方案》提出，力争到2027年底，辖区上市公司质量全面提升，境内外上市公司总市值突破20万亿 元，培育形成千亿级市值企业20家。并购重组市场量质齐升，累计完成并购项目超200单、交易总额超 1000亿元，落地一批行业示范案例。加快打造并购基金矩阵，培育集聚优秀并购基金管理人，带动社会 资本形成万亿级"20+8"产业基金群，带动重点产业链协同并购，构建完备产业链并购生态圈。 具体来看，该行动方案从五大重点任务着手，构建并购重组完善的生态圈。 第一，在资产端方面，《行动方案》明确了产业升级并购逻辑，聚焦"20+8"产业实施了分类引导： 值得一提的是，《行动方案》还指出，将建立覆盖重点领域的并购标的项目库，构建"市区联动+部门 协同+市场推荐"推优机制，形成"后备一批、意向一批、储备一批"滚动储备体系。 第二，在资金端方面，《行动方案》从多种类金融工具着手，提升并购实 ...

Core Insights - The "Six Opinions on Deepening the Reform of Mergers and Acquisitions in Listed Companies" has led to significant activity in the M&A market, with 230 major asset restructuring cases disclosed since its release, supporting industrial integration among listed companies [1] - The reform has simplified processes, clarified standards, and enhanced services, effectively stimulating market vitality and contributing to the optimization of industrial structure and support for technological innovation [1][2] Group 1: M&A Activity and Trends - The Shanghai Stock Exchange has seen a notable increase in M&A activity, with 111 major asset restructuring transactions disclosed in the past year, totaling over 300.7 billion yuan, nearly matching the total from the period before the "Six Opinions" [1] - The diversity of M&A paths has expanded, including acquisitions of unprofitable assets, IPO candidates, and cross-border mergers, with 7 cases involving unprofitable targets and 10 cases of cross-border M&A [2] - New quality productivity sectors such as biomedicine, semiconductors, and new energy have become hotspots for M&A, with over 30% of cases directed towards these areas [2] Group 2: Financial Instruments and Market Dynamics - The introduction of innovative financial instruments like convertible bonds, acquisition loans, and M&A funds has increased transaction flexibility and reduced cost pressures for companies [3] - The choice of payment methods in M&A significantly impacts the confidence of both parties, transaction efficiency, and post-acquisition financial performance, with diversified payment options lowering funding costs and risks [3] Group 3: Future Opportunities and Challenges - The M&A market is expected to evolve with ongoing capital market reforms, moving towards innovative models based on optimizing supply chains and data asset acquisitions [4] - Compliance and governance remain critical in M&A transactions, necessitating a focus on investor interests and the establishment of a valuation system that aligns with new quality productivity characteristics [4]

Core Insights - The "Six Opinions on Deepening the Reform of Mergers and Acquisitions in Listed Companies" has led to significant activity in the M&A market, with 230 major asset restructuring cases disclosed since its release, supporting industrial integration among listed companies [1] - The reform has simplified processes, clarified standards, and enhanced services, effectively stimulating market vitality and promoting structural optimization and technological innovation [1][2] - The Shanghai Stock Exchange has seen a notable increase in M&A activity, with 111 major asset restructuring transactions amounting to over 300.7 billion yuan, nearly matching the total from the period before the reform [1][2] M&A Trends - The paths for listed companies to engage in M&A have diversified, including acquisitions of unprofitable assets, restructuring of IPO candidates, and cross-border mergers [2] - There have been 7 cases involving unprofitable targets, 23 cases involving IPO candidates, and 10 cross-border mergers since the implementation of the "Six Opinions" [2] - The new quality productivity sectors, such as biomedicine, semiconductors, and new energy, have become hotspots for M&A, with over 30% of cases directed towards these areas [2] Financial Instruments and Market Dynamics - The introduction of innovative financial instruments like convertible bonds, acquisition loans, and M&A funds has increased transaction flexibility and reduced cost pressures for companies [3] - The choice of payment methods in M&A is closely linked to the confidence of both parties, efficiency of the acquisition, and post-acquisition financial performance [3] - The ongoing reforms are expected to facilitate large-scale M&A activities through capital markets, enhancing the competitive advantage necessary for building world-class enterprises [3][4] Future Opportunities - The M&A market presents vast opportunities as reforms continue, with potential innovations in transaction models and data asset acquisitions [4] - Ensuring compliance and protecting investor interests are critical in M&A transactions, necessitating a robust governance framework to mitigate risks associated with low-quality mergers and information leakage [4]

Core Viewpoint - The "Listed Company + PE" model is a typical capital operation mode in the A-share market, where listed companies collaborate with private equity (PE) institutions to establish merger funds for asset acquisition and integration, leveraging the strengths of both parties in project resources and operational capabilities [2] Group 1: Core Process of the "Listed Company + PE" Model - The core process consists of six key stages: preparation, fund establishment, project acquisition, post-investment management, exit distribution, and fund liquidation, all of which require balancing the interests and risks of both parties [3] Group 2: Key Points of the "Listed Company + PE" Model - The model emphasizes the importance of a balanced interest distribution mechanism to ensure alignment of incentives [9] - Risk control is crucial, necessitating comprehensive prevention throughout the entire process [9] - The division of roles between GP and LP is based on complementary professional capabilities [9] - Compliance is essential to avoid regulatory risks [10] - The quality of target assets is critical, with a focus on industrial synergy [10] Group 3: Fund Establishment and Management - The fund is typically established as a limited partnership, with PE acting as the general partner (GP) and the listed company as a limited partner (LP) [8] - The fund size usually ranges from 500 million to 5 billion yuan, with a lifespan of 5-7 years, including an investment period of 2-3 years and an exit period of 3-4 years [8] - The management fee for PE is generally 1%-2% annually, while performance compensation is 20%-30% of excess returns above a benchmark rate [12] Group 4: Project Acquisition and Post-Investment Management - PE utilizes its project resources to identify suitable targets that align with the fund's investment direction, while the listed company assesses the strategic fit [8] - Due diligence is conducted jointly, focusing on financial authenticity, legal compliance, and industrial value [8] - Post-investment management involves nurturing the target to enhance integration value, with regular performance monitoring and adjustments as necessary [11] Group 5: Exit Strategies - Common exit strategies include asset acquisition by the listed company, IPO of the target company, or transfer of equity to third-party investors [9][12] - The exit process is designed to ensure that all LPs receive their principal and remaining profits, with a structured distribution of excess returns [9] Group 6: Role of Listed Companies and PE - Listed companies are responsible for strategic evaluation and integration execution, while also providing financial and operational support to the target [12] - PE plays a vital role in project discovery, capital operation, and value-added services to enhance the target's governance and financial management [12] Group 7: Regulatory Compliance and Asset Quality - PE must possess the qualifications of a private fund manager and ensure that the fund is registered with the relevant authorities [12] - The target assets must align with the long-term strategy of the listed company and demonstrate core competitiveness and synergy potential [12]

Core Insights - The article emphasizes the significance of the "Mother Fund" in driving industrial upgrades and regional economic development, particularly in Wuhan, which is positioned as a key player in the central region of China [3][6][9]. Group 1: Event Overview - The fifth "Mother Fund·Bairenhui" annual conference will take place in Wuhan on October 22-23, 2025, focusing on the theme of "Capital Gathering in Jiangcheng Driven by Mother Funds" [3]. - The conference aims to provide a high-end, private communication platform for industry peers, adhering to a non-commercial and non-reporting principle [4]. Group 2: Investment Landscape in Wuhan - Wuhan is recognized as a mature hub for mother funds, with 328 private equity fund management institutions and a net fund management scale of 228.558 billion yuan as of the end of 2024 [7]. - The "Optoelectronic Industry" cluster in Wuhan, known as "Light, Chip, Screen, End, Network," has over 16,000 enterprises and a market size exceeding 500 billion yuan, representing a significant opportunity for mother fund investments [7]. Group 3: Strategic Importance - The conference will facilitate direct dialogue between top industry leaders and investment institutions, fostering partnerships across the entire investment cycle [8]. - With the national "Central China Rise" strategy and the high-quality development of the Yangtze River Economic Belt, Wuhan is positioned as a new economic growth engine [9]. Group 4: Reports and Insights - The conference will feature the exclusive release of the "Hubei Private Equity Market Development Report," providing insights into investment trends and facilitating effective connections between investment institutions and industries [10]. - The event is designed to ensure efficient and in-depth exchanges between participants, aiming to convert discussions into tangible business outcomes [11].