We observe the M＆A market of Intelligent Internet from three aspects. As an overview， M＆A events keep growing in Intelligent Internet field recently， while China-U.S. trade repute and the new regulation of asset management firms bring about some policy risks in the market. In sub-categories， Public Cloud SaaS， Fin-Tech and other application area are experiencing high M＆A turnover， and smart chips and IoT fields see a growing active degree. In respect of capital arrangement， domestic M＆A funds prefer playing the roles of co-investors or capital-providers， it is different from the way that oversea M＆A funds play as leading investors.