According to Wind data, as of December 30, the Shanghai, Shenzhen and North Exchanges disclosed for the first time a total of 134 single share issuance transactions to purchase assets in 2025. Lao Zhiming, managing director of Huatai United Securities, said that in 2025, the overall activity in the M&A market will increase. Since this year, the exchange's acceptance and review of mergers, acquisitions and restructuring matters has been accelerated. The share of private enterprise transactions increased markedly at the initial disclosure end, and the share at the transit end was relatively stable. Compared to previous years, regulators have significantly increased their tolerance for high-quality unprofitable assets, and “hard technology” such as semiconductors has become the focus of regulatory support.

According to Wind data, as of December 30, the Shanghai, Shenzhen and North Exchanges disclosed for the first time a total of 134 single share issuance transactions to purchase assets in 2025. Lao Zhiming, managing director of Huatai United Securities, said that in 2025, the overall activity in the M&A market will increase. Since this year, the exchange's acceptance and review of mergers, acquisitions and restructuring matters has been accelerated. The share of private enterprise transactions increased markedly at the initial disclosure end, and the share at the transit end was relatively stable. Compared to previous years, regulators have significantly increased their tolerance for high-quality unprofitable assets, and “hard technology” such as semiconductors has become the focus of regulatory support.