As of August 12, data from Flush iFinD shows that state-controlled listed companies in the A-share market have disclosed 1,008 merger and acquisition plans this year, with 256 already completed, excluding failed deals. This marks a significant acceleration in state-owned enterprise restructuring, which is not merely a quantitative expansion but a concentrated reflection of the latest optimization of the state-owned economic structure.
On August 10, Shaanxi Construction Machinery Co., Ltd. announced plans to acquire a 100% stake in Pucheng Clean Energy Chemical Co., Ltd., along with raising matching funds, with the transaction expected to constitute a major asset重组. This follows a trend where, since the start of the month, 54 M&A plans have been initiated by state-controlled listed firms, including those under central and local state-owned asset supervision.
Zhu Changming, a partner at Sunshine Law Firm and head of the SOE reform center, noted that the restructuring is entering an accelerated phase, characterized by three key features: vertical integration along industrial chains, a rising proportion of M&A in strategic emerging industries, and synchronized efforts between local and central SOEs to form a unified restructuring landscape. Central SOEs focus on depth, reshaping production methods, while local SOEs emphasize local adaptation based on resource endowments and industrial foundations.
For example, China National Pharmaceutical Group Co., Ltd. acquired a stake in Amoy Diagnostics Co., Ltd. for 1.654 billion yuan to enhance its "diagnosis-treatment" chain. Gansu Landscap & Petrochemical High-Tech Equipment Co., Ltd. purchased 51% of China Air Separation Engineering Co., Ltd. to address gaps in industrial gas preparation and energy storage. On the local level, Tibet Construction and Building Materials Group plans to transfer 34% of Tibet Gaozhengminbao Co., Ltd. to Tibet Geology and Mineral Resources Group, while Xiamen Tungsten Co., Ltd. acquired 69% of Jiujiang Dadi Mining Development Co., Ltd. for 295 million yuan.
Zhu believes that local SOEs should not choose between revitalizing existing resources and developing new productive forces but should leverage existing resources to fund transformation and use emerging industry layouts to open new fronts. This dual approach, under the "three concentrations" framework, should be advanced based on local industrial policies and resource endowments to foster new pillar industries.