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Since January 2020，the sudden COVID-19 epidemic has swept the world and impacted the global economy deeply. After the sharp drop of national economy at the beginning of the epidemic，the economic operation improved and returned to normal gradually，and achieved positive growth. After the sharp decline in the first and second quarters，China’s M&A market began to pick up in the third quarter with a narrow decline and showed strong vitality.

The China Merger and Acquisition Report （2021） comprehensively reviews the macroeconomic environment of China’s M&A market in 2020. Due to the impact of the epidemic，M&A activities declined sharply，international trade activities were depressed，and debt risks continued to rise due to the stimulus of fiscal and monetary policies. Due to the impact of the COVID-19，the transaction volume in the American market declined seriously，while the number of M&A transactions in Europe declined，the amount of M&A in Europe increased. The gap between China and the mature European and American markets gradually narrowed.

In the section of policies and regulations，M&A Laws and Regulations and Policy Analysis and Evaluation introduced in recent years about merger，acquisition and reorganization of national laws，administrative regulations，department regulations and other normative documents，the Securities Law of the People’s Republic of China（new version），the Law of the People’s Republic of China Civil Code，and the Regulations on the Takeover of Listed Companies （2020 revision） are analyzed and interpreted. At the same time，it also analyzes the common disputes in merger and acquisition activities，and some legal disputes and difficulties in the litigation practice of merger and acquisition disputes. The “New Changes” in the M&A Market under the “New Laws and Regulations” analyzes the “new changes” in China’s M&A market that will be brought about by the “New Laws and Regulations”. Industry article respectively analyzed ten major industries such as manufacturing，energy，mining，real estate industry，the Internet information technology，financial sector，culture and entertainment industry，construction industry，utilities industry，transportation and warehousing logistics industry，as well as the accommodation and catering industry. M&A analysis follows the logic framework of interpretation basic background，status quo and trend of development of the industry，industry scale of mergers and acquisitions，characteristics and problems，industry main M&A cases and famous cases. From plane to point，mergers and acquisitions are systematically presented and interpreted by industry situation.. Special topics focus on the merger and acquisition market，and carry on the comprehensive analysis and exploration to the key issues，analyzed the situation of China’s listed companies，private enterprises，blockchain industry and China’s M&A fund，comprehensively interprets the acceleration of the “mixed reform”，the new M&A rules in the capital market，and the gradually active M&A in the high-tech field provide favorable conditions for the M&A activities of private enterprises，points out the blockchain industry should improve collaborative efficiency，reduce trust costs，and realize the upgrade of the “Internet of Value” of traditional industries，and finally analyzes and interprets the M&A cases of well-known funds. The trending topics in China’s M&A market analyzes troubled assets restructuring and “mixed reform” introduces the relevant policies to support the merger and reorganization of troubled assets，analyzes the main problems in the mixed ownership reform and puts forward some corresponding policy suggestions. The case chapter explains four well-known acquisition cases：Guolian Securities’ acquisition of Sinolink Securities，Taobao’s acquisition of Jixin Holdings，the privatization of 58.com and Wanda’s sale of overseas assets.