Group 1 - A-share market sees a surge in mergers and acquisitions (M&A) activity, with multiple companies announcing related transactions in May [1][2] - *ST Kaiyuan, a company involved in coal quality testing equipment and vocational education, has applied to revoke its delisting risk warning following a restructuring process [1] - The company reported a net profit of -17.81 million yuan for Q1 2025, with a year-on-year decline of 158.37% [1] Group 2 - Cash acquisitions are becoming the preferred method for many listed companies, with some opting for small equity stakes and capital increases to gain shares in target companies [2] - Salt Lake Co. intends to invest approximately $300 million in cash to acquire shares in Australian company Highland Resources, aiming to become its largest shareholder [2] - The ongoing M&A market is driven by the need for industry consolidation and resource optimization among state-owned enterprises, indicating a sustained hot market for future M&A activities [2]