A-share companies are increasingly engaging in cross-border mergers and acquisitions, regulatory inquiries examine the authenticity of such transactions.

In the opening of the year 2026, the A-share market has successively disclosed a number of cross-border mergers and acquisitions, with many traditional industry listed companies intending to layout new industries such as new materials and semiconductors. The Shanghai Securities News reporter noted that after some transactions were disclosed, regulatory inquiries closely followed, rigorously reviewing the substance of the transactions to prevent blind cross-border activities and "hype-based restructuring" from emerging. Supporting reasonable cross-border activities and combating concept speculation have become the two main threads of regulation. A senior investment banker interviewed by the reporter stated that cross-border mergers and acquisitions themselves have their necessity and commercial logic, but often come with issues that cannot be ignored, such as irrational speculation and avoiding delisting. It is necessary to reduce the value of "shell" resources, combat "riding on the trend" behavior, and guide investors to rationally evaluate cross-border mergers and acquisitions. This will allow truly high-quality merger projects to stand out, thus serving the transformation and upgrading of the real economy.