The merger and acquisition circle has started to boil.

According to investment industry sources, today (January 20th), the State Council Information Office held a press conference to introduce the implementation of the spirit of the Central Economic Work Conference and the promotion of a good start for the 15th Five - Year Plan period.

One piece of news came out - Wang Changlin, the deputy director of the National Development and Reform Commission of China, said that it is necessary to give full play to the benchmarking role of the national venture capital fund industry, study and establish a national - level merger and acquisition fund, strengthen the layout planning and investment guidance of government investment funds, promote innovation, entrepreneurship and creation, and accelerate the cultivation and development of new - quality productive forces.

This scene is the best footnote to China's merger and acquisition wave.

The Chapter of Mergers and Acquisitions

Wang Changlin said at the meeting that it is necessary to focus the macro - policy efforts on strengthening the domestic large - scale cycle and comprehensively expand domestic demand. The key is to adapt to the trend of demand upgrading, combine the needs of the new round of scientific and technological revolution and industrial transformation, study, formulate and introduce the implementation plan for the strategy of expanding domestic demand from 2026 to 2030, provide strong innovation measures and factor guarantees for leading new supply with new demand and creating new demand with new supply, and strive to achieve mutual promotion between supply and demand and cycle upgrading.

The development of mergers and acquisitions and the expansion of domestic demand can undoubtedly promote each other and empower the cycle.

In the past two years, mergers and acquisitions have swept through the venture capital circle. Looking back, the study and establishment of a national - level merger and acquisition fund seems to be an inevitable measure for China to promote the development of the merger and acquisition market.

To sum up, the "New Nine National Policies" in April 2024 clearly stated that it is necessary to intensify the reform of mergers and reorganizations, take multiple measures to activate the mergers and reorganizations market, and "encourage listed companies to focus on their main businesses and comprehensively use methods such as mergers and reorganizations and equity incentives to improve the development quality".

After that, the China Securities Regulatory Commission issued the "Opinions on Deepening the Reform of the Listed Company Merger and Reorganization Market", officially launching six measures to promote mergers and reorganizations, simply referred to as the "Six Merger and Acquisition Measures", which marked a new chapter in the merger and acquisition market.

Moreover, in the "Administrative Measures for Commercial Bank Merger and Acquisition Loans" officially released at the end of last year, merger and acquisition loans are allowed to support equity - participation - type merger and acquisition transactions that meet certain conditions. At the same time, the upper limit of the ratio of merger and acquisition loans to the price of merger and acquisition transactions and the loan term are further increased.

A merger and acquisition tycoon once said: Merger and acquisition loans are an important part of the merger and acquisition market. Being able to make full use of financial instruments means moving towards a mature merger and acquisition market, which will usher in a stage of rapid growth.

The Great Era of Mergers and Acquisitions

The development of mergers and acquisitions in China must be inseparable from merger and acquisition funds.

In the past two years, local state - owned assets have accelerated their layout, and a series of merger and acquisition funds have been intensively established. The latest scene was at the end of last year, when the "Beijing Jingguochuang Investment Fund for Computing - related M&A (Limited Partnership)" with a registered scale of 3 billion yuan was officially launched in Haidian District, Beijing, becoming another major move for Beijing in the field of mergers and acquisitions.

Before that, the "Opinions of Beijing on Assisting Mergers and Reorganizations to Promote the High - quality Development of Listed Companies" was issued, which clearly stated that "encourage high - quality listed companies and various investment entities to independently or jointly establish and operate merger and acquisition funds in a market - oriented manner."

Looking around, the wave of state - owned asset merger and acquisition funds has begun.

Remember at the 2025 Shanghai Global Investment Promotion Conference, Shanghai officially released a matrix of state - owned asset merger and acquisition funds with a total scale of over 50 billion yuan. The newly established matrix of state - owned asset merger and acquisition funds is mainly initiated by leading municipal - level state - owned enterprises, financial institutions and platform companies in Shanghai, covering fields such as state - owned asset and state - owned enterprise reform, integrated circuits, biomedicine, high - end equipment, civil aviation, commercial spaceflight, cultural and tourism consumption, etc.

Similarly, the Xiamen Municipal Finance Bureau took the lead in establishing an industrial merger and acquisition fund with a total scale of 5 billion yuan, which is entrusted to be managed by Jinyuan Group. After that, the Xiamen Industrial Merger and Acquisition Equity Investment Fund Partnership (Limited Partnership) completed its registration and entered the stage of substantive operation.

Moreover, from Guangdong, Zhejiang and Jiangxi to Sichuan, Hunan and Hubei... various local policies and measures regarding mergers and acquisitions emerge in an endless stream, which can be regarded as a microcosm of the national merger and acquisition wave.

The establishment of state - owned asset merger and acquisition funds led by state - owned capital investment platforms obviously plays the role of a market barometer. The launch of a national - level merger and acquisition fund will surely become a long - awaited event in the venture capital circle after the 20 - year - term "National Venture Capital Guidance Fund".

Recall that a partner of a merger and acquisition fund predicted not long ago: "The market has demand, and the development of mergers and acquisitions in China can no longer be held back."

This article is from the WeChat official account "Pedaily" (ID: pedaily2012), author: Yang Jiyun. Republished by 36Kr with authorization.