On December 8, the “19th China Listed Companies Value Forum and 2025 New Quality Productivity Tour Yibin” hosted by the Securities Times opened in Yibin City, Sichuan Province. Jiang Tianfang, director of the Investment Banking Committee of Zhongtai Securities, said during the sharing that the current merger, acquisition and restructuring market is showing four new trends: First, the trend of policy-driven industrial integration is obvious. Under policy guidance, enterprises no longer pursue “blind expansion”, but instead carry out deep integration based on their main business. Second, there is a remarkable trend of focusing on and cultivating new types of productivity. “New quality productivity” has become the core circuit for mergers and acquisitions. From the central government to the local authorities, resources are being gathered in fields such as artificial intelligence, semiconductors, and biomedicine. Third, central state-owned enterprises played an important role during this active period of mergers and acquisitions. Central state-owned enterprises are no longer limited to simple large-scale expansion; they focus more on acquiring industry leaders or leading enterprises in key links. By integrating high-quality standards to reshape the industrial pattern, they can achieve multiple goals such as revitalizing existing assets and enhancing market influence. Fourth, transactions are characterized by diversification and marketization. In this round of mergers and acquisitions, the transaction structure is becoming more diverse and flexible. Innovations such as targeted convertible bonds, private equity acquisition of control of listed companies, and tolerance for overvalued and unprofitable targets have enhanced market flexibility and vitality.

On December 8, the “19th China Listed Companies Value Forum and 2025 New Quality Productivity Tour Yibin” hosted by the Securities Times opened in Yibin City, Sichuan Province. Jiang Tianfang, director of the Investment Banking Committee of Zhongtai Securities, said during the sharing that the current merger, acquisition and restructuring market is showing four new trends: First, the trend of policy-driven industrial integration is obvious. Under policy guidance, enterprises no longer pursue “blind expansion”, but instead carry out deep integration based on their main business. Second, there is a remarkable trend of focusing on and cultivating new types of productivity. “New quality productivity” has become the core circuit for mergers and acquisitions. From the central government to the local authorities, resources are being gathered in fields such as artificial intelligence, semiconductors, and biomedicine. Third, central state-owned enterprises played an important role during this active period of mergers and acquisitions. Central state-owned enterprises are no longer limited to simple large-scale expansion; they focus more on acquiring industry leaders or leading enterprises in key links. By integrating high-quality standards to reshape the industrial pattern, they can achieve multiple goals such as revitalizing existing assets and enhancing market influence. Fourth, transactions are characterized by diversification and marketization. In this round of mergers and acquisitions, the transaction structure is becoming more diverse and flexible. Innovations such as targeted convertible bonds, private equity acquisition of control of listed companies, and tolerance for overvalued and unprofitable targets have enhanced market flexibility and vitality.