china-buyer-list
Purpose
Build A股潜在收购方名单, identifying both strategic and financial buyers for a sell-side M&A mandate.
Data Sources
Tier 0 — 万得 Wind（最全面付费数据）
- 覆盖：A股/港美股/基金/指数/债券/宏观/研报/分析（44个工具）
- MCP 服务：
wind-mcp（需WIND_API_KEY密钥，以ak_开头） - 优势：全市场覆盖面最广、数据最全面、包含研报和量化分析
- 密钥申请：https://aifinmarket.wind.com.cn/#/home
Tier 1 — 同花顺 iFind（付费精确数据）/ AkShare MCP（Tier-2 免费备选）
get_industry_stocks(industry="...") → Industry peer list
get_quote(ticker) → Valuation for comparable analysis
get_financials(ticker, "income") → Revenue for size comparison
Secondary Sources
- 巨潮公告 — M&A history
- Wind / Choice — transaction database
- 券商研报 — sector M&A analysis
- 企查查 / 天眼查 — corporate structure, related entities
Workflow
Step 1: Define Target Profile
Target characteristics:
- Industry / sector
- Revenue size
- Geography
- Growth profile
- Ownership structure (listed / unlisted, controlling shareholder)
Step 2: Build Strategic Buyer Universe
Strategic buyer categories:
| Category | Rationale | Examples |
|---|---|---|
| 同业龙头 (Industry peers) | Horizontal integration, market share | 白酒: 头部酒企 |
| 上下游整合 (Vertical integration) | Supply chain control | 车企 → 电池厂 |
| 多元化集团 (Conglomerates) | Diversification | 华润, 招商局 |
| 国企整合 (SOE consolidation) | Policy-driven consolidation | 央企/国企 |
| 民企扩张 (Private expansion) | Growth through M&A | 美的, 海尔 |
For each potential strategic buyer:
- Strategic rationale (why would they buy?)
- Fit assessment (complementarity, synergies)
- Financial capacity (cash, debt capacity)
- Historical M&A activity
- Regulatory approval likelihood
Step 3: Build Financial Sponsor Universe
Financial buyer categories:
| Category | Description | Typical China Players |
|---|---|---|
| 私募股权 (PE) | Traditional buyout funds | 高瓴, 红杉, 鼎晖, 中信产业基金 |
| 产业基金 (Industry funds) | Sector-specific | 国家集成电路产业投资基金 |
| 并购基金 (Buyout funds) | A-share focused | 中金, 中信, 华泰联合 |
| 国资平台 (SOE investment arms) | Policy-driven | 地方国资, 国投 |
Screening criteria:
- Fund size vs deal size
- Sector focus alignment
- Track record in China
- Currency availability (RMB vs USD)
- Hold period preference
- Regulatory approval track record
Step 4: Assess Buyer Fit
Fit scoring matrix:
| Buyer | Strategic Fit | Financial Capacity | Reg. Risk | Historical Activity | Overall Score |
|---|---|---|---|---|---|
| 1-5 | 1-5 | 1-5 | 1-5 |
Scoring criteria:
- Strategic fit: How natural is the combination?
- Financial capacity: Can they afford it?
- Regulatory risk: Likelihood of approval?
- Historical activity: Do they acquire actively?
Step 5: Prioritize Outreach
Priority tiers:
| Tier | Criteria | Approach |
|---|---|---|
| Tier 1 | High strategic fit, strong capacity, low reg risk | Direct outreach first |
| Tier 2 | Good fit, some hurdles | Secondary outreach |
| Tier 3 | Possible fit, significant challenges | Contingency / backup |
Outreach considerations:
- Relationship warmth (existing connections)
- Cultural/language compatibility
- Deal team familiarity with buyer
- Expected timeline
Step 6: Document the List
Standard buyer list format:
【目标公司】潜在收购方名单
一、战略买方
1. [Buyer Name]
属性：[国企/民企/外企]
逻辑：[Why they would buy]
历史并购：[Relevant deals]
风险：[Regulatory / Integration risks]
优先级：[Tier 1/2/3]
2. ...
二、财务买方
1. [Fund Name]
类型：[PE/产业基金/并购基金]
规模：[AUM]
重点行业：[Sector focus]
投资偏好：[Deet size, hold period]
优先级：[Tier 1/2/3]
2. ...
China-Specific Considerations
Strategic Buyer Landscape
Key strategic buyer types in China:
| Type | Description | Typical Targets |
|---|---|---|
| 央企集团 | Central SOE conglomerates | Large industrials, resources |
| 地方国企 | Provincial/municipal SOEs | Regional champions |
| 头部民企 | Leading private companies | Adjacent businesses |
| 互联网巨头 | Alibaba, Tencent, ByteDance | Tech, media, consumer |
| 金融机构 | Banks, insurers | Financial services |
| 地产集团 | Real estate developers | Diversification targets |
Financial Sponsor Landscape
| Fund Type | Typical Size | Focus | Example Funds |
|---|---|---|---|
| 美元基金 (USD funds) | Large | Growth, buyout | 高瓴, 红杉, Hillhouse |
| 人民币基金 (RMB funds) | Medium | Domestic focus | 中信产业基金, 鼎晖 |
| 产业基金 (Industry funds) | Large | National strategic | 大基金 (半导体) |
| 并购基金 (Buyout funds) | Medium | A-share M&A | 中金资本 |
Regulatory Considerations
- 经营者集中申报: SAMR review for deals above thresholds
- 外资安全审查: Foreign investment review (if applicable)
- 国有股权转让: 国有资产评估, 产权交易所挂牌
- 反垄断: Market share thresholds
- 行业准入: Sector-specific approvals
Common Transaction Patterns
| Pattern | Description | Frequency |
|---|---|---|
| 借壳上市 | Backdoor listing | Moderate |
| 吸并 | Merger of equals or absorption | Moderate |
| 协议转让 | Block trade / agreement transfer | Common for control |
| 要约收购 | General offer for remaining shares | Required for >30% |
| 定增 | Private placement | Common for acquisitions |
Quality Checks
Before delivering:
- [ ] Buyer universe comprehensive (both strategic and financial)
- [ ] Each buyer assessed for fit
- [ ] Regulatory risks considered
- [ ] Prioritization logical
- [ ] Contact approach appropriate
> Data Source Mode Switch: Set env var IFIND_DATA_SOURCE_MODE to control data source preference.
> - ifind-only (strict): Use iFind only, error if unavailable
> - ifind-fallback (default): iFind preferred, fallback to AkShare
> - akshare-only: Skip iFind, use AkShare only
> - wind-only: Wind only, error if unavailable
> - wind-fallback: Wind first, fallback to iFind → AkShare
