Central state-owned enterprises accelerate mergers and acquisitions, horizontal integration becomes the mainstream trend

IMDTECL plans to raise funds to acquire 100% equity of Baiyinhua Coal Power, and XMPD plans to raise funds to acquire 70% equity of Container Terminal Group... In the first half of 2025, the mergers and acquisitions cases led by listed companies under central state-owned enterprises (SOEs) are characterized by "large scale and fast speed." According to Guosen Securities statistics, as of the close on June 23, 2025, there are 16 significant mergers and acquisitions involving central SOEs as bidders that were first disclosed this year and are currently ongoing. Wang Kai, Chief Analyst of Strategy at Guosen Securities, believes that leading enterprises of central SOEs will effectively enhance their valuation levels by integrating dispersed resources and strengthen the market's expectation for the revaluation of quality assets. At the same time, the advancement of the mergers and acquisitions process will promote the increase of industry concentration, thereby driving the formation of an industrial pattern "led by high-quality leading enterprises to promote innovative development."