by SUN Yizhen

China's merger and acquisition market is gaining momentum, driven by a surge in technology deals and signs of stronger regulatory backing, executives and officials said at the Shanghai Stock Exchange (SSE) International Investors Conference, held on Nov. 11-12.

Since Beijing introduced the "Six Measures on M&A" last September to speed approvals and expand financing channels, companies listed on the SSE have announced more than 1,000 transactions, including 115 major restructurings, up 138% from a year earlier. About half involved technology assets, with tech-related deals jumping 287%.

SSE Executive Vice President WANG Bo said M&A has become a key tool in China's push to upgrade its industrial base. "It marks a shift from factor-driven growth to innovation-led development," he said.

Regulators signaled further reforms. LI Ming, vice chairman of the China Securities Regulatory Commission (CSRC), said authorities will continue adjusting the structure of listed companies, enforcing the new M&A rules and strengthening a more predictable delisting regime.

SSE Chairman QIU Yong said the exchange aims to channel more capital toward frontier technologies, advanced manufacturing and future industries under the "15th Five-Year Plan," supported by refinements to IPO, refinancing and restructuring mechanisms.

Executives from Chinese and international investment institutions said the policy push is creating fresh openings despite subdued global dealmaking. They highlighted rising demand for acquisitions in artificial intelligence, biotech and other emerging sectors, along with restructuring in traditional industries where valuations have come down.

New rules permitting cross-border share swaps are beginning to reshape deal structures, said CHEN Jie, head of M&A at China International Capital Corp (CICC). "For years, cross-border deals were almost entirely cash-based. Share swaps open a new door," she said.

QIAN Jing, CEO of Morgan Stanley Securities (China), said state-owned and private firms are accelerating outbound acquisitions, while foreign investors are expanding exposure to China's advanced manufacturing and biopharma industries.

WU Yibing, head of Temasek in China, said consolidation among mature companies and rapid innovation cycles continue to generate opportunities. Paul Bateman, Chairman of J.P. Morgan Asset Management, said healthcare and consumer sectors are particularly attractive and are drawing some U.S. companies into China through acquisitions.

Analysts say the staying power of China's M&A rebound will depend on how consistently the new rules are implemented and on broader market conditions, as global dealmaking remains subdued.