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Integration is power, and mergers and acquisitions are undoubtedly an effective way to integrate resources. In today's economic globalization, cross-border M&A is an important way to rapidly realize capital accumulation, resource possession and market expansion. On the eve of the LED lighting era, the acquisition of the LED lighting market by means of mergers and acquisitions has become the consensus of the lighting industry. After the outbreak of the European debt crisis, European countries generally welcomed Chinese companies to invest, which provided excellent opportunities for overseas mergers and acquisitions for Chinese lighting companies. Based on this, in 2011, the tidal wave of mergers and acquisitions of LED lighting companies in China surged and a wave of LEDs was purchased. In 2012, the momentum of M&A has become even more fierce, and many of the acquisition targets are world-class companies. The wave of mergers and acquisitions of Chinese lighting companies will undoubtedly affect the lighting industry in China and the lighting industry in the whole world. At the same time, however, we must also remind Chinese lighting companies to be purposeful and targeted when investing abroad or acquiring foreign-funded enterprises. Do not blindly bottom out. International environment: the best time for cross-border mergers and acquisitions. The participation of Chinese companies in cross-border mergers and acquisitions is only the last two decades. From 1992 to 2000, the first foreign investment peak appeared. Since China joined the WTO in 2000, China The company’s foreign investment has begun its second wave of peaks. The first phase is mainly tentative, and the scale of mergers and acquisitions is small. In the second phase of mergers and acquisitions, Chinese companies realized that they can only have greater viability if they are integrated into the world economic system. The enterprises that first went out of China were consumer electronics and home appliance enterprises represented by Lenovo and TCL. Immediately afterwards, the automobile industry and the financial industry launched a series of mergers and acquisitions in 2006 and 2007, which attracted people's attention in the market. At the same time, resource companies such as oil and minerals have also become a Chinese force in the international M&A market. However, in the new wave of mergers and acquisitions, the scope of Chinese companies' M&A targets has been greatly expanded and their horizons are more open. In the fields of construction machinery, automobiles, consumer goods, and even luxury goods, news of Chinese companies' mergers and acquisitions is constantly coming. In 2002, the amount of foreign investment by Chinese enterprises in mergers and acquisitions was only 200 million US dollars. In 2003, it reached 834 million US dollars, an increase of more than 4 times, showing a rapid upward trend. In 2004, only Lenovo’s acquisition of IBM’s personal business amounted to $1.75 billion. According to Rasham Global Consulting, the overseas acquisitions of Chinese companies in 2004 amounted to 7 billion US dollars. According to the statistics of the Ministry of Commerce, in 2011, Chinese domestic investors conducted non-financial foreign direct investment in 3,391 overseas enterprises in 132 countries and regions, and realized direct investment of 60.07 billion US dollars, of which the amount of foreign acquisition investment was 23.428 billion US dollars. . Both in terms of scale and quantity, Chinese companies' overseas mergers and acquisitions have steadily increased. In 2012, Chinese companies' overseas investment culminated again: On January 31, Sany Heavy Industries invested heavily in the acquisition of German machinery giant Putzmeister; on February 3, State Grid Corporation acquired 3.2 billion yuan in energy from Portugal. Net company 25 share analysts believe that the current opportunity for Chinese companies to go out: First, the European debt crisis and the US financial crisis provide favorable objective conditions for enterprises to go global; second, in the past in Africa, Latin America and In the investment process of some countries such as Asia, a lot of experience has also accumulated. Therefore, at this time, the success rate of enterprises going out is relatively high, and the lighting industry is also the same. Industry background: market weakness to promote corporate mergers and acquisitions upgrade In 2011, LED chip supply exceeds demand, the price decline is obvious, and the application market has not really opened, LED corporate profits are generally reduced, in the second half of the year, the news of LED manufacturers collapsed, the market penetration continues Sustained fatigue, not only China's small and medium-sized LED lighting manufacturers, but also foreign LED lighting brand manufacturers also feel the tremendous pressure of business. In the first half of 2012, there will be more news that LED manufacturers will withdraw from the market, and industrial integration is inevitable. But in the LED industry, upstream core technology is still controlled by foreign companies. In the case of core technology and huge profits being manipulated by foreign companies, the development of China's LED enterprises is thin, and the current situation of the industry is limited by the small scale and uneven distribution, which has made China's LED enterprises have no leader. Fortunately, the coming of the LED lighting era has also prompted upstream and downstream companies to join hands to bridge the market. In order to expand the competitive market area and enhance the core competitiveness, enterprises with capital advantages began to actively seek resource integration, trying to integrate industry resources through mergers and acquisitions, and expand product lines in different fields through acquisitions to consolidate and enhance market position.