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Recently, AVIC Electro-Mechanical Test's purchase of 100% equity of Aviation Industry Chengfei was successfully approved by the Shenzhen Stock Exchange, with a transaction amount of 17.4 billion yuan, becoming the largest restructuring project with the highest transaction amount in the Shenzhen Stock Exchange after the pilot registration system. This is not only a "milestone" in the A-share M&A and restructuring market in 2024, but also sends a clear signal to the market that the "two-way rush" between high-quality assets and the capital market is accelerating.

The new "Nine National Policies" clearly state that listed companies are encouraged to focus on their core businesses and use mergers and acquisitions, restructuring, equity incentives and other methods to improve their development quality. The China Securities Regulatory Commission has also repeatedly expressed its support for high-quality industrial mergers and acquisitions. The M&A and restructuring policies have been warmed up frequently, and the adaptability and inclusiveness of supporting systems have been significantly improved.

With the continuous efforts of all parties, mergers and acquisitions are entering an active period. Listed companies are deeply involved in the upstream and downstream of the industrial chain, and the industrial logic characteristics of transforming and upgrading around their main businesses and enhancing their core competitiveness have been basically established. China Securities Journal reporters learned that since 2024, more than 70 companies in the Shenzhen Stock Exchange have disclosed the progress of major asset restructuring, high-quality cases have been accelerated, and highlights of subdivided tracks have emerged. (China Securities Journal)