On the evening of September 12, 2025, the "2025 M&A Carnival," themed "M&A Creates Value," concluded successfully at the Xijiao International Financial Industrial Park in Changning District, Shanghai. The "M&A Carnival," initiated and hosted by the Museum of Finance and jointly curated by various stakeholders, was guided by the Shanghai Hongqiao International Central Business District Management Committee, the Shanghai Changning District People's Government, and the China Association of Public Companies. It was co-organized by the Shanghai International M&A Research Center and the Anhui Mergers and Acquisitions Federation, and hosted by Tianjin Zhongjinbo Cultural Exchange Co., Ltd., SDIC Science and Technology Innovation, and Securities Star. The event featured project roadshows, exhibition and negotiation areas, a conference forum, and an ecological carnival. Through policy interpretation, trend analysis, case sharing, and ecosystem exchanges, it successfully established a highly efficient "capital-industry-region" platform for connecting businesses, injecting new momentum into promoting high-quality economic development.



Nearly 20 government and corporate representatives, including Yang Xubo, Deputy Director of the Shanghai Hongqiao International Central Business District Management Committee; Lu Hao, Member of the Standing Committee of the Changning District Committee and Deputy District Mayor; Wang Wei, Chairman of the Shanghai International M&A Research Center and Chairman of the Museum of Finance; Shen Wei, Director and General Manager of SDIC Science and Technology; Zhao Hongguang, Vice President of Shanghai Exchange Group; and Hu Wei, President of Guoyuan Securities, attended the event and released the "Proposal for Activating the Shanghai M&A Market." Over 300 elite representatives from listed companies, investment institutions, industrial groups, and regional M&A dealmakers' clubs attended the event and engaged in discussions. The inaugural M&A Carnival garnered significant attention and coverage from leading media outlets. The Museum of Finance and Securities Star jointly livestreamed the event, attracting nearly 100,000 viewers online.
The main venue event was hosted by Shao Ying, executive director of the Financial Museum and executive director of the M&A Traders Club.

Yang Xubo, Deputy Director of the Shanghai Hongqiao International Central Business District Management Committee, stated: "As the epicenter of the Yangtze River Delta's vibrant growth poles, the Hongqiao International Central Business District serves not only as a testbed for national strategies but also as a convergence point for global resources. With the release of the national "Six Measures for Mergers and Acquisitions," Shanghai's "12 Measures for Mergers and Acquisitions," and the "Hongqiao Eight Measures for Mergers and Acquisitions," policy dividends are continuing to be unleashed, injecting strong momentum into the M&A market. Going forward, the Hongqiao International Central Business District will continue to increase investment in resource allocation, policy support, and business environment optimization. It will further improve the public service ecosystem, promote more efficient M&A financing channels, and attract more professional service organizations to provide higher-quality, more efficient, and comprehensive services to all market entities."

Lu Hao, Member of the Standing Committee of the Shanghai Changning District Committee and Deputy District Mayor, stated in his speech: "As a preferred location for investment and business development, Changning District has consistently fostered a world-class business environment and accelerated the development of a modern industrial system. This has resulted in the formation of several multi-billion-yuan industrial clusters, exemplified by the digital economy and aviation economy. Mergers and acquisitions (M&A) are a barometer of economic vitality and an accelerator of industrial upgrading. Shanghai's development into a global M&A hub requires concerted efforts from the government, the market, businesses, and professional institutions. Changning District will provide the utmost sincerity, the best services, and the most practical measures to support all entrepreneurs striving to achieve innovative breakthroughs and multiply their value through M&A."

Wang Wei, Chairman of the Shanghai International Mergers and Acquisitions Research Center and the Museum of Finance, expressed his four thoughts on mergers and acquisitions. He believes that the formation of China's M&A market requires top-down policy support and, more importantly, bottom-up grassroots support. It requires the backing of financial institutions and government assistance, but also the involvement of thousands of M&A dealmakers with vision and entrepreneurial passion, and the organization of a series of M&A carnivals centered around M&A transactions. A single spark can start a prairie fire.

Release industry initiatives

Mergers and acquisitions create value, while innovation adheres to the law. The Mergers and Acquisitions Financing Committee of the China Association of Public Companies and the Shanghai Museum of Science and Technology Finance jointly released the "Proposal to Activate Shanghai's M&A Market." Liu Yunhong, Deputy Director of the Committee, issued the initiative on behalf of the committee. The initiative aims to build industry consensus and promote standardized, innovative, and efficient development of the M&A market. It focuses on six key areas: creating value through M&A, adhering to compliance, focusing on technological innovation, promoting healthy competition, cultivating professional talent, and empowering M&A with AI. The initiative also proposes specific action plans to help companies achieve transformation and upgrading through M&A, and enhance Shanghai's voice and influence in global M&A.

The M&A transaction specialist training base was unveiled

The Financial Museum has joined hands with the Changning District Government to carry out strategic cooperation on the M&A Transaction Training Base. Sun Yin, Executive Deputy Director of the Changning District Donghong Office, Secretary of the Party Committee and Chairman of Donghongqiao Group, and Shao Ying, Executive Director of the Financial Museum and Executive Director of the M&A Transaction Club, jointly unveiled the M&A Transaction Training Base.

The "M&A Dealmaker" certification program, jointly launched in Beijing in 2014 by the Museum of Finance and the All-China Mergers and Acquisitions Association, has become a crucial tool for cultivating market expertise. As of August 2025, the number of applicants worldwide has exceeded 20,000, with over 9,000 certified individuals successfully completing the review process. These individuals are becoming a key force in promoting the healthy and efficient development of the M&A market. Currently, 12 M&A Dealmaker Clubs have been established nationwide, covering core economic regions such as Beijing, Shanghai, Guangdong, Jiangsu, and Zhejiang, establishing a professional network.

Keynote Speech

Shen Wei, Director and General Manager of SDIC Science and Technology Innovation, delivered a speech titled "Focusing on the Core Value of Talent-Based Science and Technology Innovation Services in Hard Tech M&A." He highlighted four major challenges facing hard tech M&A, including the valuation gap, and emphasized the crucial role of science and technology innovation services in the three stages of M&A: In the early stages, they serve as value discoverers and risk scanners, leveraging their expertise in serving over 20,000 scientists to identify high-quality targets and mitigate risks; in the mid-term, they serve as architecture optimizers and deal catalysts, addressing governance and valuation mismatches for science and technology companies; and in the later stages, they act as integration glue and value accelerators, driving technology integration to achieve synergies, facilitating the integration of capital and technology, and achieving precise strategic value creation.

Zhao Hongguang, Vice President of Shanghai Exchange Group, first introduced the mission and functions of Shanghai Exchange Group as the core platform for national factor resource allocation. He pointed out that mergers and acquisitions are a key path for enterprises to expand externally, promoting industrial chain integration, upgrading traditional industries, and helping companies find secondary growth curves. Shanghai's M&A and restructuring support plan clearly outlines the establishment of a comprehensive M&A service platform. In accordance with the requirements, Shanghai Exchange Group is implementing the document's requirements for a one-stop M&A public service platform and a third-party market-based M&A service platform, actively integrating relevant resources to provide comprehensive services such as demand generation, deal matching, and asset transfers.

Hu Wei, President of Guoyuan Securities, delivered a speech titled "The Essential Questions for High-Quality Development: Mergers and Acquisitions for 'Innovation' and Development for 'Quality'." He addressed four key points: Under the new circumstances, mergers and acquisitions (M&A) have shifted from being optional to mandatory. As China's economy shifts toward high-quality development, listed companies need to consolidate and upgrade, while venture capital exits and household wealth investment also require M&A; New policies, such as the "Six Measures for Mergers and Acquisitions," have loosened restrictions, allowing cross-sector mergers and acquisitions and injections into loss-making technology companies; A new trend is an increase in M&A volume, primarily in horizontal industries, focusing on areas like semiconductors. He also discussed M&A practices in Anhui Province, including training and matchmaking sessions. Guoyuan Securities focuses on serving the real economy, playing a multi-faceted role in supporting M&A.

Roundtable Forum

The first roundtable forum was hosted by Zhou Jia, head of the Additional Issuance and M&A Research Center of Kaiyuan Securities. Focusing on the theme of "Operation of Market Value Management", Cai Guanhua, secretary of the board of directors of Geer Software, Gu Hao, executive director of Yinshan Capital Yinxiao Fund, Hu Haimin, general manager of the corporate strategic client department of Guojin Securities, Fang Zhenyu, deputy general manager of the investment banking department of Ping An Bank Shanghai Branch, and Xie Zhaohuang, director of the Capital Service Center of Shanghai State-owned Capital Operation Research Institute, held a lively discussion.

The second roundtable forum was hosted by Yao Yuexi, managing partner of Beijing Haotian (Shanghai) Law Firm. Focusing on the theme of "Technology Enterprises and Mergers and Acquisitions", Wang Zhi, partner of Weihao Chuangxin, Gu Meng, senior vice president of Hong Kong Suanfeng, Ji Zongliang, founder of Jihua Capital, Wang Shixin, general manager of Shanghai Shenkai Energy Technology Co., Ltd., and Fang Wei, chairman of Huaan Jiaye, discussed the issue on the same stage.

On the evening of September 12, 2025, the "2025 M&A Carnival," themed "M&A Creates Value," concluded successfully at the Xijiao International Financial Industrial Park in Changning District, Shanghai. The "M&A Carnival," initiated and hosted by the Museum of Finance and jointly curated by various stakeholders, was guided by the Shanghai Hongqiao International Central Business District Management Committee, the Shanghai Changning District People's Government, and the China Association of Public Companies. It was co-organized by the Shanghai International M&A Research Center and the Anhui Mergers and Acquisitions Federation, and hosted by Tianjin Zhongjinbo Cultural Exchange Co., Ltd., SDIC Science and Technology Innovation, and Securities Star. The event featured project roadshows, exhibition and negotiation areas, a conference forum, and an ecological carnival. Through policy interpretation, trend analysis, case sharing, and ecosystem exchanges, it successfully established a highly efficient "capital-industry-region" platform for connecting businesses, injecting new momentum into promoting high-quality economic development.

Nearly 20 government and corporate representatives, including Yang Xubo, Deputy Director of the Shanghai Hongqiao International Central Business District Management Committee; Lu Hao, Member of the Standing Committee of the Changning District Committee and Deputy District Mayor; Wang Wei, Chairman of the Shanghai International M&A Research Center and Chairman of the Museum of Finance; Shen Wei, Director and General Manager of SDIC Science and Technology; Zhao Hongguang, Vice President of Shanghai Exchange Group; and Hu Wei, President of Guoyuan Securities, attended the event and released the "Proposal for Activating the Shanghai M&A Market." Over 300 elite representatives from listed companies, investment institutions, industrial groups, and regional M&A dealmakers' clubs attended the event and engaged in discussions. The inaugural M&A Carnival garnered significant attention and coverage from leading media outlets. The Museum of Finance and Securities Star jointly livestreamed the event, attracting nearly 100,000 viewers online.

The main venue event was hosted by Shao Ying, executive director of the Financial Museum and executive director of the M&A Traders Club.

Guest Speech

Yang Xubo, Deputy Director of the Shanghai Hongqiao International Central Business District Management Committee, stated: "As the epicenter of the Yangtze River Delta's vibrant growth poles, the Hongqiao International Central Business District serves not only as a testbed for national strategies but also as a convergence point for global resources. With the release of the national "Six Measures for Mergers and Acquisitions," Shanghai's "12 Measures for Mergers and Acquisitions," and the "Hongqiao Eight Measures for Mergers and Acquisitions," policy dividends are continuing to be unleashed, injecting strong momentum into the M&A market. Going forward, the Hongqiao International Central Business District will continue to increase investment in resource allocation, policy support, and business environment optimization. It will further improve the public service ecosystem, promote more efficient M&A financing channels, and attract more professional service organizations to provide higher-quality, more efficient, and comprehensive services to all market entities."


Lu Hao, Member of the Standing Committee of the Shanghai Changning District Committee and Deputy District Mayor, stated in his speech: "As a preferred location for investment and business development, Changning District has consistently fostered a world-class business environment and accelerated the development of a modern industrial system. This has resulted in the formation of several multi-billion-yuan industrial clusters, exemplified by the digital economy and aviation economy. Mergers and acquisitions (M&A) are a barometer of economic vitality and an accelerator of industrial upgrading. Shanghai's development into a global M&A hub requires concerted efforts from the government, the market, businesses, and professional institutions. Changning District will provide the utmost sincerity, the best services, and the most practical measures to support all entrepreneurs striving to achieve innovative breakthroughs and multiply their value through M&A."


Wang Wei, Chairman of the Shanghai International Mergers and Acquisitions Research Center and the Museum of Finance, expressed his four thoughts on mergers and acquisitions. He believes that the formation of China's M&A market requires top-down policy support and, more importantly, bottom-up grassroots support. It requires the backing of financial institutions and government assistance, but also the involvement of thousands of M&A dealmakers with vision and entrepreneurial passion, and the organization of a series of M&A carnivals centered around M&A transactions. A single spark can start a prairie fire.


Release industry initiatives

Mergers and acquisitions create value, while innovation adheres to the law. The Mergers and Acquisitions Financing Committee of the China Association of Public Companies and the Shanghai Museum of Science and Technology Finance jointly released the "Proposal to Activate Shanghai's M&A Market." Liu Yunhong, Deputy Director of the Committee, issued the initiative on behalf of the committee. The initiative aims to build industry consensus and promote standardized, innovative, and efficient development of the M&A market. It focuses on six key areas: creating value through M&A, adhering to compliance, focusing on technological innovation, promoting healthy competition, cultivating professional talent, and empowering M&A with AI. The initiative also proposes specific action plans to help companies achieve transformation and upgrading through M&A, and enhance Shanghai's voice and influence in global M&A.


The M&A transaction specialist training base was unveiled

The Financial Museum has joined hands with the Changning District Government to carry out strategic cooperation on the M&A Transaction Training Base. Sun Yin, Executive Deputy Director of the Changning District Donghong Office, Secretary of the Party Committee and Chairman of Donghongqiao Group, and Shao Ying, Executive Director of the Financial Museum and Executive Director of the M&A Transaction Club, jointly unveiled the M&A Transaction Training Base.


The "M&A Dealmaker" certification program, jointly launched in Beijing in 2014 by the Museum of Finance and the All-China Mergers and Acquisitions Association, has become a crucial tool for cultivating market expertise. As of August 2025, the number of applicants worldwide has exceeded 20,000, with over 9,000 certified individuals successfully completing the review process. These individuals are becoming a key force in promoting the healthy and efficient development of the M&A market. Currently, 12 M&A Dealmaker Clubs have been established nationwide, covering core economic regions such as Beijing, Shanghai, Guangdong, Jiangsu, and Zhejiang, establishing a professional network.

Keynote Speech

Shen Wei, Director and General Manager of SDIC Science and Technology Innovation, delivered a speech titled "Focusing on the Core Value of Talent-Based Science and Technology Innovation Services in Hard Tech M&A." He highlighted four major challenges facing hard tech M&A, including the valuation gap, and emphasized the crucial role of science and technology innovation services in the three stages of M&A: In the early stages, they serve as value discoverers and risk scanners, leveraging their expertise in serving over 20,000 scientists to identify high-quality targets and mitigate risks; in the mid-term, they serve as architecture optimizers and deal catalysts, addressing governance and valuation mismatches for science and technology companies; and in the later stages, they act as integration glue and value accelerators, driving technology integration to achieve synergies, facilitating the integration of capital and technology, and achieving precise strategic value creation.


Zhao Hongguang, Vice President of Shanghai Exchange Group, first introduced the mission and functions of Shanghai Exchange Group as the core platform for national factor resource allocation. He pointed out that mergers and acquisitions are a key path for enterprises to expand externally, promoting industrial chain integration, upgrading traditional industries, and helping companies find secondary growth curves. Shanghai's M&A and restructuring support plan clearly outlines the establishment of a comprehensive M&A service platform. In accordance with the requirements, Shanghai Exchange Group is implementing the document's requirements for a one-stop M&A public service platform and a third-party market-based M&A service platform, actively integrating relevant resources to provide comprehensive services such as demand generation, deal matching, and asset transfers.

Hu Wei, President of Guoyuan Securities, delivered a speech titled "The Essential Questions for High-Quality Development: Mergers and Acquisitions for 'Innovation' and Development for 'Quality'." He addressed four key points: Under the new circumstances, mergers and acquisitions (M&A) have shifted from being optional to mandatory. As China's economy shifts toward high-quality development, listed companies need to consolidate and upgrade, while venture capital exits and household wealth investment also require M&A; New policies, such as the "Six Measures for Mergers and Acquisitions," have loosened restrictions, allowing cross-sector mergers and acquisitions and injections into loss-making technology companies; A new trend is an increase in M&A volume, primarily in horizontal industries, focusing on areas like semiconductors. He also discussed M&A practices in Anhui Province, including training and matchmaking sessions. Guoyuan Securities focuses on serving the real economy, playing a multi-faceted role in supporting M&A.


Roundtable Forum

The first roundtable forum was hosted by Zhou Jia, head of the Additional Issuance and M&A Research Center of Kaiyuan Securities. Focusing on the theme of "Operation of Market Value Management", Cai Guanhua, secretary of the board of directors of Geer Software, Gu Hao, executive director of Yinshan Capital Yinxiao Fund, Hu Haimin, general manager of the corporate strategic client department of Guojin Securities, Fang Zhenyu, deputy general manager of the investment banking department of Ping An Bank Shanghai Branch, and Xie Zhaohuang, director of the Capital Service Center of Shanghai State-owned Capital Operation Research Institute, held a lively discussion.

The second roundtable forum was hosted by Yao Yuexi, managing partner of Beijing Haotian (Shanghai) Law Firm. Focusing on the theme of "Technology Enterprises and Mergers and Acquisitions", Wang Zhi, partner of Weihao Chuangxin, Gu Meng, senior vice president of Hong Kong Suanfeng, Ji Zongliang, founder of Jihua Capital, Wang Shixin, general manager of Shanghai Shenkai Energy Technology Co., Ltd., and Fang Wei, chairman of Huaan Jiaye, discussed the issue on the same stage.

Industry Carnival Negotiation Area

The inaugural M&A Carnival utilized the venue's innovative "1+6" spatial layout to create a comprehensive ecosystem for industry-finance integration. With the main venue at its core, five industry-themed villas (new energy, biomedicine, artificial intelligence, high-end manufacturing, and consumer upgrades) and a dedicated policy consulting and service zone were established, enabling precise matching and in-depth negotiations.

Let industry dialogues naturally occur in the most appropriate settings, and industry-finance connections be efficiently achieved within the most precise circles. This year's M&A Carnival innovatively created a platform integrating exhibitions, business negotiations, capital matching, and industry networking, earning high praise from government, corporate, and institutional representatives. It is reported that the Museum of Finance will collaborate with more cities to launch "M&A Carnival" brand events in the future, allowing M&A to empower industrial upgrading, drive high-quality regional economic development, and write a new chapter of win-win cooperation.