A-share "step-by-step mergers and acquisitions" quietly popular, more than ten companies have implemented related capital operations since 2025.

The new owners first took control at a low cost through the "agreement transfer + voting rights arrangement" and then quickly injected high-quality assets within a year, completing a transformation through a form of merger and acquisition. In the current A-share market, a standardized capital operation model called "step-by-step M&A" is quietly becoming popular. According to Wind statistics, since 2025, more than ten companies have implemented the "step-by-step M&A" capital operation, with an average time interval of 4.6 months from the change of control to the disclosure of asset injection plans. Several industry experts interviewed by Securities Times reporters stated that the popularity of this "step-by-step M&A" model is essentially a product of the changes in regulatory guidance and the pursuit of capital efficiency in the A-share merger and acquisition market. The core characteristic is the separation and efficient connection of "acquisition of control rights" and "asset integration." However, this model of "small shareholders controlling large companies" inherently has governance shortcomings that need to be taken seriously, especially the risk of damage to the interests of minority shareholders.