M&A is a merger between enterprises. It is an act that an enterprise legal person obtains the property rights of other legal persons in a certain economic way on the basis of equality, voluntariness and equal compensation. It is also the main form of enterprise capital operation and management. Merger and acquisition of enterprises mainly includes three forms: company merger, asset acquisition and equity acquisition. Company merger refers to the legal act that two or more companies form a company by concluding a merger agreement in accordance with the conditions and procedures stipulated in the Company Law. Company merger can be divided into two forms: absorption merger and new merger. Asset acquisition means that an enterprise can selectively acquire all or part of the assets of the other company by paying cash, physical objects, securities and services or by debt forgiveness. Equity acquisition refers to the acquisition with all or part of the equity of the shareholders of the target company as the acquisition target. As a result of holding acquisition, Company A holds enough shares to control the absolute superiority of other companies, without affecting the continued existence of Company B, and its organizational form remains unchanged, and it still has the legal status of an independent legal person. Legal basis: Article 172 of the Company Law of People's Republic of China (PRC), the merger of companies can take the form of absorption merger or new merger. A company absorbs other companies for merger, and the absorbed company is dissolved. The merger of two or more companies to form a new company is a new merger, and the parties to the merger are dissolved.