Core Viewpoint - The domestic merger and acquisition (M&A) market in China is experiencing significant growth, driven by both state-owned enterprises and local governments establishing M&A funds to optimize industrial structure and attract investment [1][2][6]. Group 1: Recent Developments in M&A - Anta has fully acquired the German brand Jack Wolfskin, and Tongcheng Travel has acquired Wanda's hotel management business, indicating a trend of active participation in M&A by major companies [1]. - Local governments are increasingly setting up M&A funds, with Zhejiang province preparing a 10 billion yuan fund and Shenzhen launching a 2 billion yuan fund to drive M&A activities [1]. - The Shanghai state-owned capital M&A fund matrix has been established with a total scale exceeding 50 billion yuan, focusing on various sectors including integrated circuits and biomedicine [1]. Group 2: Factors Driving M&A Growth - The slowdown in GDP growth, the transition of family businesses to modern management, and the need for industry leaders to consolidate for value creation are key factors driving M&A activities [3]. - The current M&A wave is policy-driven, with recent regulations aimed at enhancing core business strengths rather than merely increasing market value as seen in previous M&A trends [4][5]. Group 3: Role of Local Governments - Local governments view M&A funds as a new model for attracting investment, allowing for the integration of businesses into local economies and promoting industrial upgrades [2][6]. - M&A funds can facilitate the relocation of company headquarters and support traditional industries in achieving technological upgrades [6][8]. Group 4: Challenges and Opportunities - The Chinese M&A market is still developing, with domestic M&A market share at less than 10%, compared to 60%-70% in mature markets like the US [3]. - Key challenges include a lack of leveraged tools for M&A funds and uncertainties surrounding exit mechanisms, which differ significantly from those in the US and Hong Kong markets [8][9]. - Local state-owned capital is better suited for establishing M&A mother funds due to their advantages in risk diversification and long-term planning [9].

来源：财联社 对接需求请扫码 每日｜荐读 据财联社报道，从在杭州举办的第九届万物生长大会了解到，浙江省科创母基金（四期）将很快落 地，目标规模100亿元的浙江省未来产业基金已在筹备中。 灵活的机制设计之外，浙江金控还在投入相当精力用于全生命周期基金投资体系建设。 具体来说，浙江省已成立首期规模5亿元、远期50亿元的S基金，并正在筹备一只规模100亿元的并 购母基金，"希望不同类型的LP在不同端口得到自己想要的结果。" 活动： 「2025中国产业资本峰会」圆满落幕，CVC成为投资行业枢纽！ 榜单： 「2025产业投资100强」正式发布 报告： 独角兽的"新双轮驱动"：《2025中国CVC影响力报告》发布 荐读： LP梳理：国家级引导基金全名录 ...

Group 1 - The core viewpoint of the article highlights the establishment of a 10 billion yuan future industry fund and a 10 billion yuan merger and acquisition mother fund in Zhejiang Province [1] - The Zhejiang Provincial Science and Technology Innovation Mother Fund (Phase IV) is set to launch soon, with a target scale of 10 billion yuan for the future industry fund currently in preparation [1] - Zhejiang Jin Kong is focusing on building a comprehensive lifecycle fund investment system, indicating a strategic approach to fund management and investment [1] Group 2 - The first phase of the S fund has been established with a scale of 500 million yuan, with a long-term goal of reaching 5 billion yuan [1] - A 10 billion yuan merger and acquisition mother fund is also in preparation, aiming to cater to different types of limited partners (LPs) to achieve desired outcomes [1]