In 2019，the securities regulatory deregulation of M & A will promote the M & A activities of listed companies. However，the overall M & a market is sluggish，with a significant decline in transaction volume from 2019. At present，the characteristics of M & A industry in China are that horizontal integration is the main purpose of M & A，industrial chain integration and technology acquisition are the main driving force，and diversification is the important reason. Looking forward to 2020，the total amount of M & A in China will decline，and enterprises will pay more attention to the integration of industrial chain transactions. In terms of overseas M & A，Chinese enterprises will be cautious and smaller overseas M & A transactions will be more popular，and the annual turnover will not exceed 2019.