Since this year, mergers and acquisitions of listed companies have been active. In the first two months, more than 300 listed companies have issued relevant announcements, and trading models such as "A and A", absorption and merger have been emerging. The industry believes that the expected improvement of listed companies and the improvement of investment intention this year have accelerated the pace of industrial integration and agglomeration. At the same time, with the optimization of major asset restructuring rules, the efficiency and quality of mergers and acquisitions of listed companies are expected to continue to improve. The picture shows the exterior of Shanghai Stock Exchange. The latest data released by China Association of Listed Companies, which is active in mergers and acquisitions of listed companies, shows that in the first two months of this year, more than 300 listed companies have issued announcements related to mergers and acquisitions, involving more than 110 billion yuan. From the perspective of the industry, the listed companies in the mechanical equipment, medicine and biology, power equipment and other sectors issued the largest number of announcements, accounting for more than 30% of all companies that issued announcements. Sun Nianrui, vice president of China Association of Listed Companies, believes that since this year, listed companies have actively used the way of mergers and acquisitions to increase key investment in advanced manufacturing, digital economy, green and low-carbon industries, and played the role of the main channel of mergers and acquisitions in the capital market and the function of direct financing, optimize the quality of main businesses, and constantly promote the transformation and upgrading of the real economy. Why are listed companies active in mergers and acquisitions this year? "Mergers and acquisitions will continue to be active with the recovery of macroeconomic prosperity, and the micro behavior of listed companies directly reflects the macro growth expectations and transformation direction," said Zhang Peng, deputy director of the Research Center for Listed Companies of the Chinese Academy of Social Sciences. Zhang Peng said that from the perspective of industry, the concentrated areas of mergers and acquisitions of listed companies are the key industries leading the high-quality transformation of China's economy in recent years. With the in-depth implementation of China's green and low-carbon transformation and innovation-driven development strategy, a large number of important enterprises with core technology and independent intellectual property rights have risen, driving the overall prosperity of the industry. Chen Li, chief economist of Chuancai Securities and director of research institute, believes that the policy has been continuously optimized and improved in recent years, which has enhanced the willingness of listed companies to merge and restructure. The regulatory authorities continue to guide small and medium-sized enterprises to connect with the capital market through mergers and acquisitions, and encourage listed companies with need, ability and willingness to integrate resources. Mergers and acquisitions are expected to improve both quality and efficiency. On February 17, the CSRC issued and implemented relevant rules and regulations for the comprehensive implementation of the stock issuance registration system, one of which is to improve the major asset restructuring system of listed companies. The CSRC has made a comprehensive revision of the Measures for the Administration of Major Assets Restructuring of Listed Companies (hereinafter referred to as the "Restructuring Measures") from the aspects of improving the regulatory system, optimizing the trading mechanism, and strengthening the responsibilities of all parties, focusing on strengthening the supervision during and after the event, making up the weaknesses of market constraints, and stimulating the vitality of the M&A and restructuring market. According to the legislative description of the reorganization measures, on the one hand, transactions that do not meet the relevant standards will not need to disclose information and perform internal decision-making procedures in accordance with the relevant provisions of the reorganization, which is conducive to reducing the transaction costs of listed companies; On the other hand, the base price of shares issued by listed companies to purchase assets was adjusted from 10% of the market reference price to 20%, further expanding the game space of all parties. This revision also strengthens the "front-line supervision" responsibility of the stock exchange. Except for the issue of shares