Data show that as of September 20, this year, A-share companies issued a total of 4,790 single mergers and acquisitions plan, an increase of 19.15% year-on-year. Among them, 1,442 orders have been completed, 82 failed, and the remaining 3,266 are in progress.
Talking about this year's A-share mergers and acquisitions and reorganization characteristics, Nankai University Financial Development Research Institute, Tian Lihui, president of the Securities Daily reporter, said that the year's A-share mergers and acquisitions and reorganization present four major features: first, asset pricing is relatively fair, the subject valuation appears to decline; secondly, more focused on industrial integration; again, the state-owned mergers and acquisitions significantly strengthened; and lastly, the listed company merged with listed companies (hereinafter referred to as the Lastly, the activity of listed companies merging with listed companies (hereinafter referred to as 'A and A') has been increasing. He expects that with the improvement of financing convenience and the optimization of audit rules, the activity of A-share M&A restructuring is expected to further increase.
Electronics and other industries M&A plans are mostly
Chen Lei, chief economist of Chuan Cai Securities and director of the Institute, told the Securities Daily reporter that this year's A-share M&A and restructuring is mainly centered on three themes, the first of which is to realize the industry's resource integration through M&A and restructuring to open up the upstream and downstream, and to promote the long-term development of the company; the second is the reform of State-owned Enterprises (SOEs) The process of the necessary mergers and acquisitions and reorganization process; finally, some companies through mergers and acquisitions and reorganization to improve the operation, to avoid the delisting crisis.
From the industry point of view, the four industries with more M&A this year are pharmaceutical and biological, machinery and equipment, basic chemicals and electronics, basically the same as last year. However, from the industry changes, mechanical equipment, electronics and power equipment industry M&A program more growth, respectively, 112, 107 and 103 single year-on-year increase.
In the outlook is good, financing facilitation and valuation of the 'depression' three major conditions, mechanical equipment, electronics and other industry companies mergers and acquisitions plan to grow more. Tian Lihui said.
Chen Lei said that in recent years, high-end manufacturing, semiconductor and new energy are China's key support for the development of the industry, in the A-share market, these sectors also continue to be hotly pursued by the capital. In this context, the listed companies need to through mergers and acquisitions and reorganization, through the upstream and downstream industry chain, to make up for their own shortcomings, to improve their competitiveness.
Future, with the new energy, semiconductor and other industries continue to develop, the industry will be more intense competition, when the segments of the enterprise through mergers and acquisitions to combine, is one of the important ways to change the pattern of competition in the industry, the industry chain integration of popular industries will become one of the important points of view of mergers and acquisitions. Chen Lei further said.
A and A activity is rising
This year, A and A activity is rising. Under the background of the registration system, the enthusiasm of listed companies to merge and acquire listed companies has been significantly enhanced, and the allocation of resources has been optimized. Tian Lihui said.
Reporters according to public information incomplete statistics, since this year there are 5 single A and A has been completed. in April, Gree Electric completed the acquisition of Dunan environment; in May, Zoomlion offer to acquire the Road Changke completed, Zijin Mining completed the acquisition of the ST Long net; in July, the broadway energy to complete the acquisition of the alloy investment, Changfei fiber optic acquisition of the completion of the Bochuang technology. In addition, 4 single A and A is being promoted, respectively, China Resources Sanjiu acquisition of Kun Medicine Group, Tongtse medical acquisition and benevolent technology, AVIC Electronics acquisition of AVIC electromechanical, the United States Group acquisition of Kelu Electronics.
Recently, China Resources Sanjiu disclosed the progress of the merger and acquisition of Kunming Pharmaceutical Group, said the current integration of Kunming Pharmaceutical in accordance with the timetable in an orderly manner, hoping to complete the merger and acquisition by the end of this year. China Resources Sanjiu said the transaction constitutes a major asset reorganization of the company, relatively long time needed, and strive to complete the transaction around November. The company is very optimistic about the project of the Kun drug, the merger of the Kun drug will help CR Sanjiu to further consolidate the CHC industry leadership, but also help to improve the company's ranking in the field of traditional Chinese medicine.
CAE announced on September 9 that the State Administration of Science, Technology and Industry for National Defense (SASTIND) agreed in principle that AVIC Electronics would absorb and merge with CAE. Kelu Electronics August 31 announcement showed that the Shenzhen State-owned Assets Supervision and Administration Commission agreed to the controlling shareholder Shenzhen Capital Operation Group Limited non-public agreement to transfer part of the company's shares and the company's non-public offering.
With the steady progress of the registration system reform, the listed companies delisting process is gradually improved, some companies to avoid delisting crisis passive mergers and acquisitions restructuring will also increase. Chen Lei said.
State-owned mergers and acquisitions will increase
State-owned mergers and acquisitions have also become a hotspot for the market. Data show that during the year, state-owned enterprises (including central enterprises and state-owned enterprises) issued 1,460 single merger and acquisition plan, an increase of 14.33% year-on-year, accounting for 30.48%.
In May this year, the "Improvement of the quality of central enterprises holding listed companies work program" was released, put forward the scientific use of the listing platform mergers and acquisitions function, around the main industry and the industrial chain, the supply chain key links to implement the main business to expand and strengthen the chain to supplement the chain, and to promote the transformation and development.
The state capital has gradually become one of the main forces of mergers and acquisitions, focusing more on emerging industries and high-end manufacturing. In the future, under the policy and financial support, state-owned enterprises mergers and acquisitions reorganization is expected to continue to increase. Tian Lihui said.
Talking about the future trend of A-share mergers and acquisitions, Tian Lihui believes that, with the improvement of financing facilities and the optimization of the audit rules, A-share mergers and acquisitions and restructuring of the frequency and heat will continue to increase, and become an important channel to optimize the allocation of resources in the capital market. Among them, the integration between listed companies will be further active, further boosting the high-quality development of China's capital market.
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