Group 1 - Since the implementation of significant IPO policies on August 27, 2023, the pace of IPOs in the A-share market has noticeably slowed down, leading many pre-IPO companies to seek alternative listing routes through mergers and acquisitions (M&A) [1] - Following the release of the "Six M&A Rules" in September 2024, the enthusiasm for M&A in the A-share market has surged, with listed companies targeting pre-IPO firms for acquisitions [1] - A total of 29 companies have announced M&A plans involving targets that previously withdrew or terminated their IPO applications, with 25 of these transactions still ongoing or completed [1] Group 2 - Among the 25 companies involved in M&A, 20 are still in progress while 5 have completed their acquisitions [2] - An analysis of the stock price performance of these 20 companies since their initial M&A announcements shows that 19 experienced positive maximum price increases, indicating a 95% success rate in stock price appreciation post-announcement [2]