Reporter Wu Xiaolu.
On February 6, the China Securities Regulatory Commission proposed to activate the merger and reorganization market from five aspects.
In this regard, market participants believe that these measures will help improve the flexibility of mergers and acquisitions, improve the efficiency and quality of restructuring, stimulate the enthusiasm of listed companies for mergers and acquisitions, promote the prosperity and development of the mergers and acquisitions market, help listed companies become better and stronger, and further improve the company's investment value.
Increase flexibility and activity
The five aspects proposed by the CSRC to activate the M&A and restructuring market include: improving the inclusiveness of restructuring valuations; Categorical supervision of performance commitments; Implement "rapid review" for the restructuring of leading large-capitalization companies, and further optimize the "small and fast" review mechanism for restructuring; Support the "two innovations" companies to merge and acquire high-quality targets in the same industry or upstream and downstream, and have synergistic effects with the main business; Support mergers and acquisitions between listed companies, etc.
On the whole, these five measures are intended to improve the flexibility of mergers and acquisitions, reduce the cost of mergers and acquisitions, improve the efficiency and quality of mergers and acquisitions, and support the transformation and upgrading of enterprises, and become better and stronger.
Specifically, improving the inclusiveness of restructuring valuations can provide more M&A opportunities for companies and is expected to reduce M&A costs. Categorical supervision of performance commitments and improvement of M&A flexibility will help protect the interests of investors and improve the success rate of M&A. The implementation of "rapid review" for the restructuring of leading large-capitalization companies will help improve the market efficiency of mergers and acquisitions, shorten the cycle of mergers and acquisitions, and at the same time promote large-capitalization companies to play the role of "chain master", which will also help drive industrial transformation and upgrading.
In addition, supporting the mergers and acquisitions of high-quality targets in the same industry or upstream and downstream and with synergistic effects with the main business of "two innovation" companies will help promote the rapid development of innovative enterprises and improve the innovation ability and competitiveness of the entire industry; Supporting the absorption and merger between listed companies is conducive to the rapid expansion of the company's market share, the realization of scale effect, and the improvement of profitability.
Cheng Fengchao, a member of the Academic Advisory Committee of the China Association of Listed Companies, believes that the above support measures will lower the threshold for mergers and acquisitions, improve efficiency, and are expected to attract more enterprises to achieve strategic goals through mergers and acquisitions and enhance market vitality. These support measures will also guide M&A and restructuring activities to develop in a healthier and more efficient direction. Through these measures, the capital market will better play the function of resource allocation, support enterprises to become bigger and stronger through mergers and acquisitions, and bring more innovation vitality to the market.
Tian Lihui, dean of the Institute of Financial Development at Nankai University, expects that the scale and activity of the M&A market will increase, and the amount and number of M&A transactions will increase. Among them, more innovative and high-growth companies will achieve rapid expansion and development through mergers and acquisitions, and promote the optimization and upgrading of the entire economic structure. At the same time, the standardization and transparency of the M&A market will be improved.
Mainly industrial mergers and acquisitions
On the evening of February 6, Yunji Group and Shudao Equipment issued a major asset restructuring announcement, and Yunji Group intends to hold Zigong Bank 330% of the shares; Shudao Equipment is planning to acquire a controlling stake in Yahai Energy. So far, according to wind statistics, 8 major asset restructuring plans have been added to A-shares since the beginning of this year.
Among them, 2 are the ** assets of listed companies, with the purpose of divesting non-core businesses and reducing the scale of liabilities to improve the company's competitiveness. For example, Yunji Group said that through the shares of Zigong Bank held by **, the company can revitalize the stock assets and provide financial support for the company's core business development, which is conducive to further enhancing the company's competitiveness and profitability. The other 6 are mergers and acquisitions of listed companies, most of which are mergers and acquisitions of the same industry, upstream and downstream assets, and become bigger through horizontal mergers and stronger vertical alliances. For example, Shudao Equipment said that this transaction is conducive to the company's rapid extension to the downstream industrial chain and the construction and improvement of a clean energy investment and operation platform; The implementation of the project has a good synergistic effect, which is conducive to the company's expansion of the breadth and depth of business in the LNG market; The implementation of the project is expected to produce good economic benefits, which is conducive to the further improvement of the company's operating performance.
Cheng Fengchao said that in recent years, the mergers and acquisitions of listed companies have been characterized by industrial mergers and acquisitions, continuous optimization of resource integration, support for innovation and development, and emphasis on quality rather than quantity.
Recent mergers and acquisitions have shown three characteristics: industry concentration, purchase-based and accelerated review. Tian Lihui told the reporter that most of the recent mergers and acquisitions have occurred in the same industry or between upstream and downstream enterprises, showing that the company strengthens the integration of the industrial chain through mergers and acquisitions and improves competitiveness and market share. In the recently announced major asset restructuring plan, there are significantly more acquisitions than asset restructuring**", which reflects the company's aggressive pursuit of expansion and business growth. In addition, leading large-capitalization companies are expected to receive "fast review" treatment in mergers and acquisitions, which will help accelerate the M&A process and improve the efficiency of M&A.
* |Station cool Hailuo production |Zhang Wenling