Shanghai Supports M&A and Restructuring of Listed Companies

The Shanghai Action Plan for Supporting Mergers, Acquisitions and Restructuring of Listed Companies (2025-2027) (the “Action Plan”) was officially released on December 9, 2024, proposing twelve target tasks. The Action Plan came into effect on December 6, 2024.

The Action Plan proposes to support listed companies to acquire high-quality unprofitable assets that can help strengthen and supplement the chain and enhance the level of key technologies, and to sort out the list of key industry-listed chain owners in key areas such as integrated circuits, biomedicine, artificial intelligence, etc.; encourage listed companies in the modern service industry, professional services and other traditional industries, including finance and logistics, to carry out same-industry, upstream/downstream M&A and mergers and acquisitions, and reasonably improve industry concentration; 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; improve the service capacity of intermediary institutions, and organize regular training for intermediary institutions such as accounting firms, law firms, etc.; and strengthen the support of comprehensive supporting policies, and give certain incentives to the newly introduced professional track M&A fund managers.