In May 2025, the China Securities Regulatory Commission announced the implementation of the revised "Management Measures for Major Asset Restructuring of Listed Companies", and the Shanghai and Shenzhen Stock Exchanges released the revised audit rules and supporting business guidelines for major asset restructuring of listed companies. Over the past year, policy effects have continued to be released, reform dividends have steadily landed, and the overall A-share M&A and restructuring market has shown a positive trend of improving quality and vitality. Standing at a new starting point, with the continuous improvement of institutional supply and the coordinated efforts of local policies, mergers and acquisitions are expected to further focus on technological innovation, industrial upgrading, and strong chain supplementation, playing a greater role in serving new quality productivity and promoting high-quality development of listed companies. On May 11, 2026, the China Securities Regulatory Commission (CSRC) announced that it agreed for Zhongwei Company to issue shares to purchase assets and raise matching funds for registration. This project is the first market case submitted for registration on the Science and Technology Innovation Board since the exchange revised its restructuring review rules and established a simplified review procedure in May 2025. It marks the substantial implementation of the reform dividends of the merger and reorganization system on the Science and Technology Innovation Board in the "hard technology" field. In the past year, mergers and acquisitions of "hard technology" have blossomed in multiple places, and benchmark cases have emerged frequently: SMIC's issuance of shares to acquire SMIC North has been approved by the Shanghai Stock Exchange's merger and reorganization review committee; An Nuoqi is planning to issue shares and pay cash to purchase assets and raise supporting funds to further expand and strengthen the company's AI digital business sector... Chen Li, a member of the China Chief Economist Forum, believes that technology listed companies can achieve technological breakthroughs and transformation upgrades through mergers and acquisitions, which is conducive to the transformation of enterprises into new models and formats, accelerate the layout of emerging fields, and create new growth drivers for the future. In addition, mergers and acquisitions can eliminate inefficient production capacity, optimize resource allocation, enhance industry concentration, and create new demand at the technological level, guiding the economy towards a new stage of high-quality development. From the perspective of practical results, the current mergers and acquisitions of technology enterprises are becoming increasingly rational, pragmatic, and focused on their main businesses. In the past year, high-end manufacturing, artificial intelligence, computing infrastructure, digital economy and other fields have become the main battlefield for mergers and acquisitions. Transactions revolve around core business collaboration, technological empowerment, and industry chain extension, and the phenomenon of blind cross-border and conceptual speculation has decreased, "said Yin Zhongyu, Chief Mergers and Acquisitions Expert at the Federal Reserve Securities. Industrial integration has become the mainstream direction of the merger and acquisition market. Multiple benchmark cases continue to emerge, assisting in industrial upgrading and achieving strategic synergy. For example, China Shenhua has completed the delivery of approximately 133.6 billion yuan worth of coal and electricity assets, strengthening the integrated closed-loop of "coal electricity conversion and operation"; Weigao Blood Purification acquired pre filled leading company Weigao Purui for a consideration of 8.5 billion yuan, seeking to leverage its medical membrane technology advantages and target customer resources to layout upstream biopharmaceutical products such as high-end filters, achieving "1+1>2". Li Qiusuo, Chief Domestic Strategy Analyst of China International Capital Corporation (CICC), stated that regulatory authorities explicitly support "strengthening the supply chain" through mergers and acquisitions. Over the past year, most cases have been based on the demand for industrial integration, and listed companies have rapidly improved their overall competitiveness through mergers and acquisitions. Industrial logic has replaced arbitrage logic, and the scale of vertical and horizontal integration has significantly increased. The increase in industrial mergers and acquisitions cases cannot be separated from financial support. Fujian Xingsheng Xingzhi Mergers and Acquisitions Equity Investment Fund Partnership Enterprise (Limited Partnership) has recently completed its registration and establishment, with a scale of 333 million yuan. It is jointly built by a platform under Industrial Bank and Fujian Provincial State owned Assets to assist in industrial upgrading. Yin Zhongyu stated that there has been an increase in the number of cases of industry merger and acquisition funds established by chain owners. By quickly locking in key technologies and scarce production capacity, while achieving "strong chain" and "supply chain", it will effectively reduce the risk of supply chain interruption. Over the past year, institutional safeguards have been established, and the institutional dividends of the M&A and restructuring market have continued to be released. The revised and released "Management Measures for Major Asset Restructuring of Listed Companies" have further optimized the review process and guided private equity fund participation; Tianjin, Shenzhen, Beijing and other places have issued merger and acquisition action plans or opinions. Market participants expect that high-quality technology companies that meet the criteria will receive greater support. Sun Nianrui, Vice President of the China Association of Listed Companies, stated that the capital market will guide more resources to tilt towards key areas such as technological innovation, and support mergers and acquisitions projects that align with national strategic directions. Li Qiusuo believes that the revised "Management Measures for Major Asset Restructuring of Listed Companies" have increased the inclusiveness of supervision on changes in financial conditions, inter industry competition, etc., and are more suitable for the characteristics of emerging industries, which is conducive to the participation of science and technology innovation enterprises in mergers and acquisitions. Emerging industries, especially technology innovation mergers and acquisitions, are still policy support directions. The mergers and acquisitions of specialized, refined, and new "little giant" enterprises that focus on strengthening and supplementing the industrial chain are expected to continue to be active. Chen Li stated that under policy guidance, industrial integration, and capital market empowerment, specialized and innovative "little giants" enterprises are expected to become important entities in mergers and acquisitions. Through mergers and acquisitions, it is possible to quickly address weaknesses and enhance the stability of the supply chain, which is a key lever for promoting the development of new quality productivity and building a modern industrial system. While stimulating market vitality, standardized development has become a consensus. The relevant departments will strictly investigate and punish illegal and irregular behaviors such as interest transfer and insider trading in accordance with the law, and strictly prevent "fishing in troubled waters". Song Zhiping, President of the China Association of Listed Companies, suggested that listed companies should focus on their main business responsibilities and prevent mergers and acquisitions for the sake of mergers and acquisitions; Adhere to compliance standards and ensure the authenticity and accuracy of information disclosure; Strengthen deep integration and achieve a synergistic effect of "1+1>2". (Looking into the New Era)