The third part is case introduction and analysis. Mainly introduce the background, motivation and process of the merger and acquisition of the two companies through the case of Alibaba merger and acquisition of Sun Art Retail, and then analyze the financial risks arising from the merger process. The fourth part is to put forward preventive measures for the case. Regarding the financial risks of Alibaba's merger and acquisition of Gaoxin Retail and their control measures, corresponding solutions are summarized. The fifth part is a summary. Summarize the content of the analysis in this article, and draw corresponding conclusions.