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In terms of the amount, it is necessary to form a M&A transaction scale of 300 billion yuan, activate the total assets to exceed 2 trillion yuan, and gather 3-5 professional M&A fund managers with strong industry influence. The plan also proposes to make good use of the 10 billion yuan integrated circuit design industry M&A fund and set up a 10 billion yuan biomedical industry M&A fund.Big move! Shanghai's 10 billion integrated circuit design industry M&A fund has come.The "Action Plan" proposes to strive to land a number of representative M&A cases in key industries by 2027, and cultivate about 10 internationally competitive listed companies in key industries such as integrated circuits, biomedicine and new materials.

"The government's participation in M&A fund investment does not mean that the government will dominate the M&A business, but encourage market-oriented institutions and chain owners to lead the M&A business through the above-mentioned M&A fund or parent fund support." Bu Rixin believes.Big move! Two billion M&A and restructuring funds in Shanghai have come to target the chip and pharmaceutical industries.However, in the field of large chips such as GPU, it has not yet run out of listed companies. It can be seen that Moore Thread, Biwa Technology, Suiyuan Technology, etc. have started the listing counseling process one after another.

In this regard, Bu Rixin believes that "chain owners" enterprises, as market-oriented institutions, set up CVC funds and will carry out horizontal and vertical mergers and acquisitions around the upstream and downstream of key industrial chains. "This kind of M&A will help chain-owner enterprises to expand their market scale and enhance their market competitiveness, which is the most in line with the logic of M&A and the basic logic of the Action Plan to encourage chain-owner enterprises to set up CVC funds."Bu Rixin believes that in the past few years, after the IPO tide of semiconductors, especially chip design companies, the IPO dividend period of chip design companies has basically ended. "Except for some large chip fields that have not been completely replaced, there are listed companies in other sub-fields, and these fields have already experienced serious involution at the level of low-end products. In the follow-up, if enterprises in these fields are encouraged to conduct IPOs, it is equivalent to encouraging disorderly competition in the industry. "At the end of the year, Shanghai launched a big action in the field of mergers and acquisitions. Today, the General Office of the Shanghai Municipal People's Government issued the Action Plan for Shanghai to Support the Merger and Reorganization of Listed Companies (2025-2027) (hereinafter referred to as the Action Plan).