Differences between acquisitions and mergers:
 1. In M&A, the merged enterprise no longer exists as a legal entity; In the acquisition, the acquired enterprise can still exist as a legal entity, and its property rights can be partially transferred.
 2. After M&A, the M&A enterprise becomes the new owner of the merged enterprise and the bearer of creditor's rights and debts, which is the simultaneous conversion of assets, creditor's rights and debts; In the acquisition, the acquiring enterprise is the new shareholder of the acquired enterprise, and bears the risks of the acquired enterprise to the extent of the capital contributed by the acquisition.
 3. Mergers and acquisitions often occur when the merged enterprise's financial situation is poor, production and operation are stagnant or semi stagnant, and after merger, it is generally necessary to adjust its production and operation, and reassemble its assets; However, acquisition generally occurs in the normal production and operation of enterprises, and the flow of property rights is relatively peaceful.
 4. The main difference between M&A and acquisition is that merger is the integration of enterprises, while acquisition only obtains the control of the other party.
 [Legal Basis]
 Article 3 of the Company Law states that a company is an enterprise legal person with independent legal person property and legal person property rights. The Company shall be liable for its debts with all its assets. The shareholders of a limited liability company shall be liable to the company to the extent of their subscribed capital contributions; The shareholders of a joint stock limited company shall be liable to the company to the extent of the shares they have subscribed for.