For a long time, M&A is an important means and strategy for many firms to achieve leapfrog development, and it is a topic of high attention in the capital market. Because information asymmetry in M&A can not be fundamentally eliminated, some M&A fails to achieve financial synergies, especially in the context that the first serious type of agency problems still exists in Chinese capital market firms, the second type of agency problems seriously damages the interests of a large number of minority shareholders, which is particularly prominent in the M&A decision-making of industrial-policy supported projects. Limited by the traditional corporate governance framework, the protection of rights and interests of minority shareholders has not been well solved. The development of social media provides an important channel for minority shareholders to voice in industrial-policy-related M&A decision-making. Based on the background of China’s industrial policy and the e-interactive data of Shanghai and Shenzhen Stock Exchanges from 2010 to 2020, this paper investigates the impact of industrial-policy information feedback of minority shareholders on corporate M&A industrial-policy supported project preference. It is found that the feedback of industrial-policy information from minority shareholders on social media will significantly increase the proportion (number) of industrial-policy supported projects for M&A, and this effect is more significant in firms with low investor protection level, low media literacy level and low corporate governance level. The mechanism test shows that the feedback of industrial-policy information from minority shareholders on social media platforms will not only increase the stock price volatility of firms, but also increase the traditional media reports of firms, thus enhancing the preference of firms to choose industrial-policy supported projects during M&A. Therefore, on the one hand, based on the perspective of minority shareholders taking the initiative to safeguard their own rights and interests, this paper expands the literature on factors affecting M&A decision-making, and obtains empirical evidence that minority shareholders’ social media “voice” affects M&A preference; on the other hand, it reveals that industrial policy has a significant impact on the decision-making behavior of minority shareholders, enriching the literature on the feedback of minority shareholders on the effect of industrial policy. In addition, this paper is helpful to deepen the understanding of the impact of macro-industrial policy on micro-firm governance behaviors, providing reference for the regulatory authority to improve the quality of M&A and reorganization and implement policies on protecting the rights and interests of minority shareholders.