Statistics reveal that 175 listed companies have disclosed major asset restructuring plans for the first time, marking a year-on-year increase of over 40%. Driven by policy tailwinds such as the "Six M&A Guidelines" and new restructuring regulations, the M&A market for A-share listed companies in 2025 continues to heat up, with significant growth in both the number of deals and transaction scale. Concurrently, this historic opportunity in the M&A sector is testing the comprehensive service capabilities of various securities firms, leading to shifts within a market traditionally dominated by top-tier investment banks. According to the latest 2025 Securities Company Financial Advisory Business Practice Quality Evaluation released by the Securities Association of China, among the 30 firms engaged in M&A-related financial advisory work in 2024, five received an 'A' rating: Huatai United, China Galaxy Securities, China International Capital Corporation (CICC), China Securities (CSC), and CITIC Securities. Notably, China Galaxy Securities emerged as the only non-"Three ZHONG and One HUA" firm to achieve an 'A' rating on this quality list, effectively disrupting the established hierarchy among leading investment banks in the M&A arena.

Industry insiders point to "'Serving National Strategy' and 'Deepening Cross-Border Layout'" as the two key drivers behind China Galaxy Securities' breakthrough in M&A services. They believe the firm's remarkable rise in the directly related financial advisory business this year is closely linked to its strategic focus on industries that represent new productive forces and hard technology, alongside a geographical emphasis on ASEAN and Belt and Road Initiative countries. Presently, under the cohesive "One Galaxy" brand, the firm has successfully achieved internal integration and connectivity between its domestic and international operations, thereby challenging the conventional market structure and charting a distinct path for differentiated development among major securities players.

Anchoring itself to national strategies, China Galaxy Securities is actively empowering the upgrade of the real economy. In 2025, focusing on state-owned enterprise reform, energy security, and fostering new productive forces, the firm acted as a joint independent financial advisor to facilitate the successful completion of the year's largest thermal power industry restructuring project—the reorganization of Huadian Power International alongside its matching financing. Simultaneously, as a joint financial advisor, it assisted State Grid Xinyuan Holdings in completing a capital increase and share expansion, resulting in the largest state-owned asset equity transaction by cash injection to date. In the realms of industrial ecosystem enhancement and regional coordinated development, serving as the exclusive independent financial advisor, China Galaxy Securities supported Seres in acquiring a 10% equity stake in Huawei's subsidiary, Shenzhen Yinwang, for a transaction value of 11.5 billion yuan. This deal stands as the largest major asset acquisition by a listed company in terms of target valuation since 2021, and also the largest such transaction within the new energy vehicle industry during the same period. Furthermore, in its capacity as exclusive independent financial advisor, the firm aided Hainan Airlines Holding in completing the acquisition of a 100% stake in Tianyu Feixun, marking another benchmark practice that contributes to the vertical integration of the aviation industry, supports the high-quality development of the real economy, and aids Hainan's exploration in building a free trade port with Chinese characteristics.

Personnel from China Galaxy Securities' internal M&A business line revealed that acting as a financial advisor to connect capital and resources is often just one facet of their work. The firm aspires to leverage its deep industry understanding to provide M&A, restructuring, and financing solutions tailored to different stages of a company's lifecycle. This approach extends beyond mere financial support; it involves utilizing the firm's extensive resource network to help clients connect with upstream and downstream supply chains, technology partners, and subsequent capital operation channels. This "companion-running" service model is designed to support enterprises throughout their entire growth journey, from development to maturity, thereby contributing to the nation's cultivation of high-quality, technology-driven实体 enterprises.

As "going global" becomes a central theme in M&A, the competitive battlefield for securities firms has expanded overseas. The ability to rapidly replicate advantages in channels, capital, and regulatory communication skills internationally has become a critical differentiator for investment banks in the next ranking cycle. China Galaxy Securities recognized the importance of overseas markets early on. Through external acquisitions, the firm established its Galaxy Overseas platform, extending its international business network from Hong Kong, China to over 10 countries and regions including Singapore, Malaysia, Indonesia, Thailand, South Korea, and the UK. This has positioned it as one of the Chinese investment banks with the most extensive Asian network, successfully carving out a niche in cross-border M&A services focused on the Belt and Road Initiative and ASEAN regions. In 2024, Galaxy Overseas facilitated the acquisition of Indonesian listed company BINO for a Chinese client. Subsequently, in 2025, it assisted Chinese enterprise HONOUR in acquiring Indonesian listed company RONY. These two landmark projects have significantly bolstered China Galaxy Securities' market reputation for M&A business in Southeast Asia. Reportedly, Galaxy Overseas currently has over four additional cross-border M&A projects for Chinese enterprises in Southeast Asia in the execution pipeline, with its market share in related business ranking among the industry leaders, earning high recognition for its professional capability and brand influence in the ASEAN region.

A Galaxy Overseas investment banking representative stated that cross-border M&A business has now become another crucial tool for serving the real economy. Currently, China Galaxy Securities primarily targets industries with strong "going global" demand or those requiring international resources, such as energy, infrastructure, and advanced manufacturing. In these sectors, Chinese companies possess production capacity advantages, while Southeast Asia offers markets and resources. The synergistic network advantage of "Mainland China + Hong Kong + Southeast Asia" held by China Galaxy Securities is poised to provide substantial support for M&A projects aimed at achieving cross-regional resource complementarity.

Driven by the dual engines of industrial upgrading and capital出海, M&A and restructuring business has become a core growth driver for investment banking operations at securities firms. Anchored by national strategy and deepened industrial integration through a "companion-running" full-lifecycle service model, and propelled by cross-border synergy with an integrated "domestic + international" network that builds bridges for global expansion, China Galaxy Securities has charted a distinctive path of differentiated development. Moving forward, the firm is set to advance steadily on its course of serving实体 industrial upgrades and the global layout of Chinese enterprises, contributing greater strength to the high-quality development of the capital market.