The continuous tightening of merger and acquisition policies, combined with the gradual weakening of investment attraction methods such as policies and funds, has made mergers and acquisitions a new way for local governments to attract investment. Among the various merger and acquisition models adopted by local governments, directly acquiring listed companies has become one of the mainstream models in the past two years. According to incomplete statistics, just this year, five listed companies have announced plans to change their actual controllers to local state-owned capital systems. Since 2024, more than 20 A-share listed companies have changed their actual controllers from individuals to local state-owned capital systems. (Securities Times)