The market activity of mergers and acquisitions (M&A) is surging, with a steady influx of cases involving listed companies absorbing and merging with others for reorganization. Notably, many of these cases span across different industries and markets. These developments underscore the escalating pace of industrial integration and the broadening spectrum of payment methods. Traditional industries are fostering the transition from old to new growth engines through the transfer of control rights, while cross-market M&A transactions underscore the interconnectedness of capital markets. Investment banking experts assert that cross-market and cross-industry integrations are the culmination of policy guidance, industrial upgrading, and market conditions. Cross-market share swap mergers empower target companies to secure new listing eligibility, alleviate financing pressures, alleviate market anxieties regarding the return of large-cap stocks, and foster the convergence of A-share and H-share valuations.