StageTime periodMain Features
I1995-1998
a) Most M&As incurred in manufacturing industry
b) The buyers are mostly large international capital
c) The targets are focused on listed company
II1998-2001
a) The scope of M&A extended to electronic manufacture,
glass, rubber and food industries
b) Indirect control mode was adopted
III2001-Present
a) Foreigners have begun to become major stakeholders of listed company
b) More M&A methods were adopted
c) Foreign investors began to invest more monopolized industries
