The growth of the merger and acquisition market on the Science and Technology Innovation Board is rapidly increasing.

Journalists have learned from the Shanghai Stock Exchange that since the implementation of the "Eight Regulations on Science and Technology," the Sci-Tech Innovation Board has accumulated 156 new disclosures of merger and acquisition transactions, including 40 stock issuance/convertible bond transactions and 9 significant cash transactions, covering multiple core areas of hard technology such as semiconductors, biomedicine, and software. The market heat is expected to further increase in 2025, with an additional 95 disclosed mergers and acquisitions, including 29 stock issuance/convertible bond transactions and 7 significant cash transactions, both core indicators seeing significant improvement compared to the same period last year. It is worth noting the explosive growth in the field of major asset restructuring: in 2024, a total of 17 transactions were announced, equaling the five-year total from 2019 to 2023; while in 2025, 36 transactions have already been announced, far surpassing the level of 2024 and exceeding the total from 2019 to 2024, showing rapid industrial consolidation momentum.