Corporate increase their competitive advantage by M&A. It is a recent trend over the world. It is important to make a distinctive plan for M&A. In addition, the process of M&A must follow the rules of business and corporate governance. The study analyzes the re-election of the board of the directors of China Development Financial Holding Corporation. In the perspectives of corporate governance, politics, economics, and social-culture, we study that Chinatrust Financial Holding Company acquired the control of China Development Financial Holding Corporation by the proxy contest. And we discuss some issues of government¡¦s role, ¡§Chinatrust rule¡¨, and other investor¡¦s role.

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