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Financial Investment News reporter Chen Yuhe
Recently, the news that the A-share medical giant intends to acquire a company on the Science and Technology Innovation Board has become the focus of market attention. On January 28, Mindray Medical (300760SZ) announced that it intends to acquire Huitai Medical (688617.) through its wholly-owned subsidiary, Shenzhen Mindray Technology Holding Co., Ltd. (hereinafter referred to as "Shenmai Holdings").SH) controlling shareholders and other shareholders hold a total of about 14.12 million shares of Huitai Medical, accounting for 21 of the total share capital of Huitai Medical12%, the transfer amount is about 66500 million yuan. After the completion of this transaction, Shenmaikong and its concerted actor Zhuhai Tongsheng hold a total of about 16.46 million shares of Huitai Medical, accounting for 24% of the total share capital of Huitai Medical61%, the controlling shareholder of Huitai Medical will be changed to Shenmai Holdings, and the actual controllers will be changed to Li Xiting and Xu Hang. 
According to the company's announcement
The two companies are "strong together".The reporter of the Financial Investment News noticed that this is the first case of "A revenue A" merger and reorganization in 2024, involving companies on the Science and Technology Innovation Board that have attracted much attention in recent years. According to the data, Mindray Medical is a high-tech medical equipment R&D and manufacturing manufacturer, whose main business covers three major fields: life information and support, in vitro diagnostics, and medical imaging, and provides more complete product solutions through cutting-edge technological innovation to help the world improve medical conditions and improve diagnosis and treatment efficiency. Huitai Medical's main business is the R&D, production and sales of electrophysiology, coronary access and peripheral vascular interventional products, and is a leading domestic enterprise in the field of electrophysiology and cardiovascular in China, with deep technical reserves and rich product matrix. For the purpose of this transaction, Mindray Medical said that the company is firmly optimistic about the market development trend of cardiovascular products such as electrophysiology, and it is one of the important development directions of the company to continuously build and enrich the consumable business layout. To this end, the company actively looks for global excellent targets for mergers and acquisitions, and develops synergistically both internally and externally. In terms of the current industry situation, according to the Blue Book of China's Medical Devices, the market size of cardiovascular interventional devices in China will reach 43.2 billion yuan in 2021, accounting for 36% of the domestic high-end implantable interventional medical devices2%。According to Mindray's announcement, the prevalence of cardiovascular diseases in China continues to rise, and the number of patients is estimated to be 33 billion. Previously, Mindray Medical was involved in cardiovascular-related subdivisions in a number of business lines, such as ultrasound, IVD cardiac marker testing, etc. Specific to the electrophysiology field involved in Huitai Medical, some analysts have pointed out that the global accessible market space is more than 10 billion US dollars, of which the domestic space is more than 10 billion yuan, and the global accessible market space for coronary access and peripheral vascular interventional products is more than 20 billion US dollars, of which more than 15 billion yuan in China, and the industry growth rate is faster than that of other mature medical device fields. 
Is the company's stock price divergent? On January 29, Mindray Medical's stock price fell 539%, closing at 269 yuan; Huitai Medical's share price opened high and went low, closing at 377 yuan, an increase of 457%。In this regard, the agency also gave relevant views. 
According to wind
Huatai** believes that after this acquisition, Mindray Medical will enter the relevant high-consumption fields and further enhance the scale of the business, which is of far-reaching significance to the company's long-term development. For Huitai Medical, this acquisition will leverage Mindray's R&D reserves and global marketing resources in the field of medical devices to help Huitai Medical further optimize its products and enhance its global sales capabilities. Guotai Junan** said that Mindray Medical's plan to achieve a controlling stake in Huitai Medical will help enhance the certainty of performance growth, expand the accessible market space, cut into high-consumption fields and improve the R&D capabilities of consumables. Huitai Medical can leverage Mindray's years of experience in the field of equipment to empower R&D ends, such as engineering and system integration, and quickly improve its terminal reach capabilities with the help of Mindray's global marketing network and brand influence. SDIC believes that this acquisition will help Mindray Medical to achieve horizontal expansion in the medical device segment, further enhance the company's ability to integrate market resources and services as a platform-based enterprise and output solutions, and bring new growth poles for long-term development. As a leading enterprise in the cardiovascular field in China, Huitai Medical is expected to further enhance its market position in the fields of electrophysiology, coronary access, and peripheral vascular intervention by joining forces with Mindray, and achieve a win-win situation with Mindray Medical. In addition, the premium situation in the acquisition has also attracted market attention. According to the announcement, the combined valuation of this transaction is 30.2 billion yuan, corresponding to the premium rate of Huitai Medical's ** price on January 26 is 25%. In response to the reason for the premium, Huatai ** believes that, on the one hand, this acquisition is not a financial investment acquisition of shares, but more importantly, Mindray Medical has obtained control of Huitai Medical as an industrial party, and after the completion of the acquisition, it will realize consolidation and quickly enter the field of electrophysiology and cardiovascular intervention; On the other hand, after the completion of the acquisition, Cheng Zhenghui, the founder of Huitai Medical, continued to serve as the vice chairman and general manager, and permanently gave up 10% of the voting rights, so this acquisition** is more reasonable. 
M&A on the STAR Market has become more active
The reporter of the Financial Investment News noticed that for the merger and acquisition, many institutions mentioned the "strong alliance", which will help the long-term development of both parties. At the same time, some analysts pointed out that mergers and acquisitions are an important way for science and technology companies to accelerate technological breakthroughs, optimize resource allocation, and empower scientific and technological innovation. According to reports, the regulatory authorities focus on key areas such as "hard card replacement", guide them to launch more demonstration cases, encourage science and technology companies to comprehensively use payment instruments such as issuing shares and directional convertible bonds to place high-quality assets, and make more inclusive of transaction arrangements such as diversified valuation methods such as market methods, acquisition of unprofitable high-quality targets, and innovative performance commitment indicators. The Shanghai Stock Exchange said that it will use successful cases to convey the audit concept and regulatory standards, so that the market can form a new expectation and consensus on the industrial mergers and acquisitions of enterprises on the Science and Technology Innovation Board, better stimulate market vitality, and jointly promote the high-quality development of companies listed on the Science and Technology Innovation Board. The reporter of the Financial Investment News noted that since 2023, the China Securities Regulatory Commission has repeatedly supported listed companies to become better and stronger through market-oriented mergers and acquisitions. In terms of science and technology enterprises, in February last year, at the 2023 system work conference held by the China Securities Regulatory Commission, it was mentioned that the adaptability and inclusiveness of equity and debt financing, mergers and acquisitions and restructuring policies to science and technology enterprises were enhanced; In July, the China Securities Regulatory Commission mentioned at the mid-year work symposium of the system that it would implement the "Action Plan for Increasing Efforts to Support the Financing of Science and Technology Enterprises" deliberated and approved by the executive meeting, focus on improving the institutional mechanism for supporting high-quality science and technology enterprises, adhere to the positioning of the Science and Technology Innovation Board and the Growth Enterprise Market, and further improve the accuracy of services; In the "Pudong New Area Comprehensive Reform Pilot Implementation Plan (2023-2027)" released on January 22 this year, it is also mentioned that the capital market will improve the institutional arrangements for the listing and financing, mergers and acquisitions of technology enterprises, and study the timely launch of options products on the science and technology innovation board. In this context, the mergers and acquisitions of companies on the STAR Market have naturally attracted much attention. According to the data, since the beginning of 2024, a number of companies on the Science and Technology Innovation Board such as Puyuan Varitronix, AsiaInfo Security, and SRP have successively disclosed their restructuring plans. Among them, Puyuan Varitronix and AsiaInfo Security are major asset restructuring plans, the former is the first private placement and restructuring this year, and the latter is the first case of a company on the Science and Technology Innovation Board acquiring a company on the Hong Kong Stock Exchange. In addition, SRP is also the first case of directional convertible bonds in Shanghai after the China Securities Regulatory Commission issued the rules for the restructuring of directional convertible bonds in November last year. In addition, in 2023, listed companies such as Damon Technology, Lexus Software, and Focuslight Technology will implement mergers and acquisitions, as well as China Merchants Group's strategic investment in Cathay Biotech, showing that the transaction activity in the M&A market of the Science and Technology Innovation Board continues to increase. Shenyin Wanguo** said that in the past year, the regulator has frequently stated that it has deepened the market-oriented reform of mergers and acquisitions, and supported listed companies to improve quality and efficiency through mergers and acquisitions. 
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