A new video footage released by China Conservation and Research Center for the Giant Panda (CCRCGP) in southwest China's Sichuan Province offers a heartwarming look into the daily life of giant pandas spending quality time with their cubs.
Captured in mid-March at the center's Wolong Shenshuping base, a panda cub curiously explored its surroundings near its sleeping mother, Fu Feng.
Fu Feng and her twin brother Fu Ban were born on August 7, 2016 in Austria. They returned to China on Dec 4, 2018. In August 2025, Fu Feng successfully gave birth to a pair of twins.
The other cub featured in the other two parts of the video is one of a pigeon pair of cubs born in August 2025 at the CCRCGP to the giant panda Jia Mei.
In the footage, Jia Mei hugged her baby, and gently lifted her baby with her mouth and carried it to a higher spot.
The CCRCGP is a world-leading institution dedicated to the breeding and conservation of the giant panda. The center has established the world's largest captive population of giant pandas and pioneered research on captive breeding and training for rewilding.
The center has established a global platform for promoting international cooperation and exchanges involving 18 zoos from 16 countries and regions, 39 domestic animal breeding institutions, and over 10 scientific research institutes.
Giant pandas spend quality family time with cubs
Mergers, acquisitions, and reorganizations in China's A-share market have picked up markedly since the start of the year, with deals disclosed in the first quarter up over 80 percent year on year, led by strong momentum in hard-tech sectors.
Data from Wind Information, a China financial data provider, showed that by Tuesday, listed companies had announced 829 merger, acquisition, and reorganization deals, with 224 on the ChiNext board and 94 on the STAR Market. By sector, "hard technology" sectors, represented by semi-conductor and smart manufacturing, have emerged as the most active areas.
"Hard-tech sectors typically feature rapid technological iteration, heavy research and development investment and long industrial chains, with significant economies of scale. Given these features, industrial mergers, acquisitions, and reorganizations have been a key tool for hard-tech companies to strengthen supply chain resilience and competitiveness. In addition, China's related policies, dubbed 'Six Measures for Mergers and Acquisitions,' explicitly support listed companies in carrying out mergers, acquisitions, and reorganizations around strategic emerging industries and future industries, while moderately increasing regulatory tolerance for unprofitable assets. This has created more favorable institutional conditions and a better market environment for listed companies in the hard-tech sectors to accelerate industrial upgrading and strengthen independent innovation," said Chen Jie, head of Mergers and Acquisitions Group at the investment banking division of China International Capital Corporation.
Chen also noted that the surge in mergers, acquisitions, and reorganizations has been reshaping valuation dynamics in the A-share market. As integration and synergies take time to materialize, investors are increasingly shifting their focus from short-term sentiment to long-term value based on business logic. At the same time, sustained mergers and acquisitions activity is expected to support the revaluation of leading companies.
"Through consolidation and expansion, leading A-share firms are likely to see their core competitiveness and long-term growth prospects become more evident. This will help the market better recognize their intrinsic value, offering higher valuation, and contribute to a more rational and mature valuation system overall," said Chen.
China's A-share sees mergers, acquisitions, reorganizations pick up,led by hard-tech sectors
