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）
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:
1---2name: china-buyer-list3description: Build a list of potential strategic and financial acquirers for A-share sell-side M&A mandates. Adapted from the original buyer-list skill for Chinese market acquirer universe. Triggers on "A股买方名单", "潜在收购方", "buyer list China", "strategic buyers China", "who would buy this A-share company", or "build buyer universe".4---56# china-buyer-list78## Purpose910Build **A股潜在收购方名单**, identifying both strategic and financial buyers for a sell-side M&A mandate.1112## Data Sources1314### Tier 0 — 万得 Wind（最全面付费数据）15- 覆盖：A股/港美股/基金/指数/债券/宏观/研报/分析（44个工具）16- MCP 服务：`wind-mcp`（需 `WIND_API_KEY` 密钥，以 `ak_` 开头）17- 优势：全市场覆盖面最广、数据最全面、包含研报和量化分析18- 密钥申请：https://aifinmarket.wind.com.cn/#/home1920### Tier 1 — 同花顺 iFind（付费精确数据）/ AkShare MCP（Tier-2 免费备选）2122```python23get_industry_stocks(industry="...") → Industry peer list24get_quote(ticker) → Valuation for comparable analysis25get_financials(ticker, "income") → Revenue for size comparison26```2728### Secondary Sources29- 巨潮公告 — M&A history30- Wind / Choice — transaction database31- 券商研报 — sector M&A analysis32- 企查查 / 天眼查 — corporate structure, related entities3334## Workflow3536### Step 1: Define Target Profile3738**Target characteristics:**39- Industry / sector40- Revenue size41- Geography42- Growth profile43- Ownership structure (listed / unlisted, controlling shareholder)4445### Step 2: Build Strategic Buyer Universe4647**Strategic buyer categories:**4849| Category | Rationale | Examples |50|----------|-----------|---------|51| 同业龙头 (Industry peers) | Horizontal integration, market share | 白酒: 头部酒企 |52| 上下游整合 (Vertical integration) | Supply chain control | 车企 → 电池厂 |53| 多元化集团 (Conglomerates) | Diversification | 华润, 招商局 |54| 国企整合 (SOE consolidation) | Policy-driven consolidation | 央企/国企 |55| 民企扩张 (Private expansion) | Growth through M&A | 美的, 海尔 |5657**For each potential strategic buyer:**58- Strategic rationale (why would they buy?)59- Fit assessment (complementarity, synergies)60- Financial capacity (cash, debt capacity)61- Historical M&A activity62- Regulatory approval likelihood6364### Step 3: Build Financial Sponsor Universe6566**Financial buyer categories:**6768| Category | Description | Typical China Players |69|----------|-------------|----------------------|70| 私募股权 (PE) | Traditional buyout funds | 高瓴, 红杉, 鼎晖, 中信产业基金 |71| 产业基金 (Industry funds) | Sector-specific | 国家集成电路产业投资基金 |72| 并购基金 (Buyout funds) | A-share focused | 中金, 中信, 华泰联合 |73| 国资平台 (SOE investment arms) | Policy-driven | 地方国资, 国投 |7475**Screening criteria:**76- Fund size vs deal size77- Sector focus alignment78- Track record in China79- Currency availability (RMB vs USD)80- Hold period preference81- Regulatory approval track record8283### Step 4: Assess Buyer Fit8485**Fit scoring matrix:**8687| Buyer | Strategic Fit | Financial Capacity | Reg. Risk | Historical Activity | Overall Score |88|-------|---------------|-------------------|-----------|---------------------|---------------|89| | 1-5 | 1-5 | 1-5 | 1-5 | |9091**Scoring criteria:**92- Strategic fit: How natural is the combination?93- Financial capacity: Can they afford it?94- Regulatory risk: Likelihood of approval?95- Historical activity: Do they acquire actively?9697### Step 5: Prioritize Outreach9899**Priority tiers:**100101| Tier | Criteria | Approach |102|------|----------|----------|103| Tier 1 | High strategic fit, strong capacity, low reg risk | Direct outreach first |104| Tier 2 | Good fit, some hurdles | Secondary outreach |105| Tier 3 | Possible fit, significant challenges | Contingency / backup |106107**Outreach considerations:**108- Relationship warmth (existing connections)109- Cultural/language compatibility110- Deal team familiarity with buyer111- Expected timeline112113### Step 6: Document the List114115**Standard buyer list format:**116117```118【目标公司】潜在收购方名单119120一、战略买方1211221. [Buyer Name]123 属性：[国企/民企/外企]124 逻辑：[Why they would buy]125 历史并购：[Relevant deals]126 风险：[Regulatory / Integration risks]127 优先级：[Tier 1/2/3]1281292. ...130131二、财务买方1321331. [Fund Name]134 类型：[PE/产业基金/并购基金]135 规模：[AUM]136 重点行业：[Sector focus]137 投资偏好：[Deet size, hold period]138 优先级：[Tier 1/2/3]1391402. ...141```142143## China-Specific Considerations144145### Strategic Buyer Landscape146147**Key strategic buyer types in China:**148149| Type | Description | Typical Targets |150|------|-------------|-----------------|151| 央企集团 | Central SOE conglomerates | Large industrials, resources |152| 地方国企 | Provincial/municipal SOEs | Regional champions |153| 头部民企 | Leading private companies | Adjacent businesses |154| 互联网巨头 | Alibaba, Tencent, ByteDance | Tech, media, consumer |155| 金融机构 | Banks, insurers | Financial services |156| 地产集团 | Real estate developers | Diversification targets |157158### Financial Sponsor Landscape159160| Fund Type | Typical Size | Focus | Example Funds |161|-----------|-------------|-------|---------------|162| 美元基金 (USD funds) | Large | Growth, buyout | 高瓴, 红杉, Hillhouse |163| 人民币基金 (RMB funds) | Medium | Domestic focus | 中信产业基金, 鼎晖 |164| 产业基金 (Industry funds) | Large | National strategic | 大基金 (半导体) |165| 并购基金 (Buyout funds) | Medium | A-share M&A | 中金资本 |166167### Regulatory Considerations168169- **经营者集中申报**: SAMR review for deals above thresholds170- **外资安全审查**: Foreign investment review (if applicable)171- **国有股权转让**: 国有资产评估, 产权交易所挂牌172- **反垄断**: Market share thresholds173- **行业准入**: Sector-specific approvals174175### Common Transaction Patterns176177| Pattern | Description | Frequency |178|---------|-------------|-----------|179| 借壳上市 | Backdoor listing | Moderate |180| 吸并 | Merger of equals or absorption | Moderate |181| 协议转让 | Block trade / agreement transfer | Common for control |182| 要约收购 | General offer for remaining shares | Required for >30% |183| 定增 | Private placement | Common for acquisitions |184185## Quality Checks186187Before delivering:188- [ ] Buyer universe comprehensive (both strategic and financial)189- [ ] Each buyer assessed for fit190- [ ] Regulatory risks considered191- [ ] Prioritization logical192- [ ] Contact approach appropriate193> **Data Source Mode Switch**: Set env var `IFIND_DATA_SOURCE_MODE` to control data source preference.194> - `ifind-only` (strict): Use iFind only, error if unavailable195> - `ifind-fallback` (default): iFind preferred, fallback to AkShare196> - `akshare-only`: Skip iFind, use AkShare only197> - `wind-only`: Wind only, error if unavailable198> - `wind-fallback`: Wind first, fallback to iFind → AkShare
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