Data from the Shanghai Stock Exchange reveals that, following the introduction of the "Eight Measures for the STAR Market", listed companies on the STAR Market have cumulatively disclosed 156 new M&A deals. Among these, 40 involved the issuance of shares or convertible bonds, while 9 were substantial cash transactions. These deals spanned key hard-technology sectors, including semiconductors, biopharmaceuticals, and software. In 2025, market enthusiasm surged further, with 95 newly disclosed M&A transactions, of which 29 entailed the issuance of shares or convertible bonds, and 7 were significant cash transactions. Both pivotal indicators registered substantial year-on-year growth. Notably, the field of major asset restructurings witnessed rapid expansion: In 2024, a total of 17 transactions were announced, equaling the combined total for the five-year span from 2019 to 2023. However, as of the current point in 2025, 36 transactions have already been declared, not only significantly outpacing the entire year's total for 2024 but also surpassing the cumulative total for the six-year period from 2019 to 2024. This underscores a clear trend toward industrial integration.