Legal analysis: the merger and reorganization of listed companies is a resource reorganization involving both parties or even many parties. The reorganization process needs to be submitted to the supervision department of listed companies of China Securities Regulatory Commission for review and profit approval. At present, M&A funds mostly appear in mature markets, which belongs to the high-end of private equity investment (PE) and is also the mainstream model of PE in mature markets in Europe and America. Different from angel funds and growth funds, M&A funds mainly choose mature enterprises, while angel funds and growth funds mainly invest in entrepreneurial enterprises. The traditional M&A fund aims to gain the control of the target enterprise and seek the management right of the enterprise, while angel fund and growth fund exist in the form of equity participation and rarely participate in the daily operation and management of the enterprise. It is usually good to set up an M&A fund. The difference between M&A fund and other types of investment is that venture capital mainly invests in entrepreneurial enterprises, and M&A fund chooses mature enterprises; Other private equity investments are not interested in corporate control, while M&A funds want to gain control of the target enterprise. M&A Fund is a fund that focuses on M&A, the target enterprise. Its investment method is to acquire the control right of the target enterprise by acquiring the equity of the target enterprise, and then sell it after a certain period of restructuring and transformation.

Legal basis: "Measures for the Administration of Acquisition of Listed Companies" Article 31 If the purchaser fails to announce the tender offer report within 60 days after issuing the suggestive announcement of tender offer, the purchaser shall notify the acquired company and make an announcement on the next working day after the expiration; After that, it will be announced every 30 days until the tender offer report is announced. If the purchaser intends to cancel the acquisition plan by himself after making the suggestive announcement of the tender offer and before the announcement of the tender offer report, the reasons shall be announced; Within 12 months from the date of announcement, the purchaser may not make another acquisition of the same listed company.