With the policy effects of the "Six M&A Rules" coming into play, M&A and restructuring activities in the A-share market have continued to gain momentum. According to Wind data, over 300 listed companies have unveiled M&A plans for the first time this year. The scale of these transactions has steadily grown, with mergers and acquisitions involving billions or even tens of billions of yuan becoming increasingly common. Semiconductors, electronic equipment, machinery, and other sectors have emerged as hotspots for M&A activities. Moreover, not only are listed companies actively pursuing mergers and acquisitions, but various regional government departments have also established M&A funds to bolster industrial consolidation efforts. Against this backdrop, A-share M&A and restructuring transactions are exhibiting new features in terms of models, payment methods, and performance commitments.