Driven by multiple factors such as policy support, upstream technology breakthroughs, price decline, and strong market demand, the LED industry has undoubtedly taken off, and the next decade is a golden development period. At present, executives of many listed companies and several fund managers all agree that the new round of industry mergers and acquisitions is different from the capacity expansion in previous years. This round of mergers and acquisitions is relatively rational, and the leading forces are leading enterprises in the industry, and the differentiation competition situation is obvious, the industry will enter the post-competition era. Statistics from CSAResearch show that 2014- In June, LED lighting enterprises in mainland China completed 11 mergers and acquisitions, with a total transaction amount of about 3. 5 billion yuan, with an average capital scale of about 0. 3 billion yuan per case.