Legal analysis: 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; Listed companies withdraw M&A funds through mergers and acquisitions.

Legal basis: Article 94 of People's Republic of China (PRC) Securities Investment Fund Law. After the non-public offering of funds is completed, the fund manager shall file with the fund industry association. If the total amount of fund raised or the number of fund share holders reaches the prescribed standards, the fund industry association shall report to the securities regulatory authority in the State Council. Securities investment in non-public offering of fund property includes buying and selling stocks, bonds and fund shares of publicly issued joint stock limited companies, as well as other securities and their derivatives as stipulated by the State Council Securities Regulatory Authority.