In the first quarter of this year, the A-share M&A and restructuring market continued to surge. According to iFinD data from Tonghuashun, as of March 31, based on the date of the initial announcement and excluding failed cases, a total of 1183 mergers and acquisitions were disclosed in the A-share market during the year. Among them, there were 888 disclosed transactions with a total transaction amount of approximately 367.4 billion yuan, an increase of 16% compared to the same period last year. From the perspective of transaction scale, there are 91 merger and acquisition cases exceeding 1 billion yuan, and huge mergers and acquisitions exceeding 10 billion yuan have emerged. From the perspective of merger and acquisition entities, companies in the fields of automotive parts, electricity, etc. actively initiate mergers and acquisitions, continue to expand in related tracks, and enhance their core competitiveness. From the progress perspective, 257 orders have been completed and 926 orders are in progress. According to the classification of industries at the second level of Shenwan, the number of mergers and acquisitions in the automotive parts and other fields ranked first among the 1183 merger and acquisition events mentioned above, with 64, 49, 47, and 47 disclosed in the automotive parts, power, chemical products, and general equipment industries, respectively. For example, in the field of automotive parts, on January 15th, leading auto parts company Aikedi Co., Ltd. announced that the company plans to purchase 71% equity of Zalbo (Ningbo) Precision Electromechanical Co., Ltd. through issuing shares and paying cash, and raise matching funds. Aikedi stated that the target company of this transaction is mainly engaged in the research and development, production, and sales of precision components for micro motors, with a focus on applications in the automotive micro motor field. This transaction is an industrial merger and acquisition in the automotive parts industry. The semiconductor industry is equally hot. On March 3rd, TCL Technology Group Co., Ltd. announced its intention to issue shares to a major industry fund and pay cash to purchase its 21.5311% stake in Shenzhen Huaxing Optoelectronic Semiconductor Display Technology Co., Ltd. On March 10th, Northern Huachuang Technology Group Co., Ltd. (hereinafter referred to as "Northern Huachuang") and Shenyang Xinyuan Microelectronics Equipment Co., Ltd. (hereinafter referred to as "Xinyuan Microelectronics") both announced that Northern Huachuang plans to acquire control of Xinyuan Microelectronics through a "two-step" strategy. On March 31st, Shenyang Fuchuang Precision Equipment Co., Ltd. and its joint investors plan to acquire 80.8% equity of Zhejiang Puxin Electronic Technology Co., Ltd. for approximately 3 billion yuan. According to a research report by CITIC Securities, leading domestic semiconductor equipment and material manufacturers continue to make rapid progress, with various new companies, technologies, and products emerging one after another, injecting new vitality into the industry's development. The domestic semiconductor industry chain is gradually improving. Domestic independent and controllable mergers and acquisitions integration is expected to accelerate. At the same time, as the number of domestic market participants increases, various manufacturers are accelerating their platform layout, and future mergers and acquisitions integration is the trend. Out of the 1183 cross-border mergers and acquisitions mentioned above, 52 involved cross-border mergers and acquisitions. From the perspective of cross-border M&A destinations, it not only includes markets such as the United States and Germany, but also covers emerging markets in Southeast Asia such as Singapore and Thailand. Furthermore, cross-border M&A activities are concentrated in specific industries such as advanced manufacturing, energy, healthcare, etc., often with high technological barriers and market potential. From the perspective of merger and acquisition purposes, the main focus is on acquiring advanced technology, expanding the industrial chain, entering new markets, and expanding business scale. For example, on March 14th, Research Semiconductor Silicon Materials Co., Ltd. announced its intention to acquire 70% equity of DG Technologies held by RST Corporation with its own funds of 58.4697 million yuan. The company stated that this acquisition will help extend the semiconductor materials industry chain, enhance terminal product manufacturing capabilities, and expand overseas customer resources. On March 7th, Suzhou Ousheng Electric Co., Ltd. announced its intention to acquire 100% equity of German cleaning equipment manufacturer Producteers International GmbH for a transaction amount not exceeding 17.5 million euros. On March 4th, Huizhou Guanghong Technology Co., Ltd. disclosed a major asset purchase plan, proposing to acquire all equity of French electronic manufacturing services (EMS) company AC and its subsidiary TIS for RMB 733 million in cash. Tian Lihui, Dean of the Institute of Financial Development at Nankai University, stated in an interview with reporters that through cross-border mergers and acquisitions, enterprises can achieve global layout, acquire resources, technology, and markets, enhance international competitiveness and performance growth points. In addition, some companies target mergers and acquisitions of companies that are planning to go public but have withdrawn their plans. For example, on March 27th, Shanghai Kelun Electronics Co., Ltd., a domestic EDA (Electronic Design Automation) company, announced that the company is planning to purchase a controlling stake in Chengdu Ruicheng Xinwei Technology Co., Ltd. (hereinafter referred to as "Ruicheng Xinwei") through issuing shares and paying cash, and provide supporting financing. The latter is mainly engaged in the design and licensing of integrated circuit intellectual property (IP) products. The target of the acquisition, Ruicheng Xinwei, has twice failed to make an IPO in the A-share market. Some of the targets in this year's M&A and restructuring projects also come from IPO conversion companies. For example, Taotong Technology, which is planned to be acquired by Hangzhou Tianyuan Pet Products Co., Ltd., Weidun Crystal Phosphorus, which is planned to be acquired by Shanghai Zhijingjing System Technology Co., Ltd., Tianbao Company, which is planned to be acquired by Sichuan Development Longmang Co., Ltd., and Shenzhen Aixie Sheng Technology Co., Ltd., which is announced to be acquired by Xinxiang Micro, have all transitioned from IPOs. (New Society)