Talking about the characteristics of this year's A-share M&A, Tian, dean of the Institute of Financial Development of Nankai University, told the Securities Daily reporter that there were four characteristics in this year's A-share M&A: First, the asset pricing was relatively fair and the underlying valuation declined; Secondly, pay more attention to industrial integration; Third, the merger and reorganization of state-owned assets has been significantly enhanced; Finally, the activity of M&A of listed companies (hereinafter referred to as' A, A') is increasing. He predicted that with the improvement of financing facilities and the optimization of audit rules, the activity of A-share mergers and acquisitions is expected to be further improved.
M&A programs are mainly in electronics and other industries.
Chen Li, chief economist and director of the research institute of Chuancai Securities, told the Securities Daily that this year's A-share mergers and acquisitions mainly focused on three themes. First, integrate industry resources through mergers and acquisitions, open up upstream and downstream, and promote the long-term development of the company; Secondly, the necessary merger and reorganization process in the process of state-owned enterprise reform; Finally, some companies improve their operations through mergers and acquisitions to avoid delisting crisis.
From the industry point of view, the four industries with a large number of mergers and acquisitions this year are pharmaceutical biology, machinery and equipment, basic chemicals and electronics, which are basically the same as last year. However, from the perspective of industry changes, M&A plans in mechanical equipment, electronics and power equipment industries have increased a lot, with 1 12, 107 and 103 respectively.
Under the three conditions of good prospects, convenient financing and low valuation, M&A plans of companies in machinery, equipment, electronics and other industries have increased more. Tian said to him.
Chen Li said that in recent years, high-end manufacturing, semiconductors and new energy are all key industries supported by China, and these sectors continue to be popular with capital in the A-share market. In this context, listed companies need to open up upstream and downstream industrial chains through mergers and acquisitions to make up for their shortcomings and improve their competitiveness.
In the future, with the continuous development of new energy, semiconductor and other industries, the competition within the industry will become more intense. By then, it will be one of the important ways to change the industry competition pattern through mergers and acquisitions, and industry integration, a hot industry, will become one of the important highlights of mergers and acquisitions. Chen Hao further pointed out.
One activity after another is constantly improving.
Since the beginning of this year, the activity of A and A has been increasing. Under the background of registration system, the enthusiasm of listed companies to merge and acquire listed companies has been significantly enhanced and the resource allocation has been optimized. Tian said to him.
According to incomplete statistics of public information, five A's and A's have been completed this year. In April, Gree Electric completed the acquisition of Du Nan Environment; In May, Zoomlion completed the tender offer for Luchangke, and Zijin Mining completed the acquisition of ST Longjing; In July, Guanghui Energy completed the acquisition of alloy investment, and Chang Fei Fiber acquired Bochuang Technology. In addition, 4 orders A and A are being promoted, namely, China Resources Sanjiu acquired Kunyao Group, Tongce Medical acquired He Ren Technology, AVIC Electronics acquired AVIC Electromechanical, and Midea Group acquired Kelu Electronics.
Recently, China Resources Sanjiu disclosed the progress of the acquisition of Kunyao Group, saying that the integration of Kunyao Group is progressing in an orderly manner according to the timetable, and hopes to complete the acquisition before the end of this year. China Resources Sanjiu said that this transaction constitutes a major asset restructuring of the company, and it will take a long time to complete around 1 1. The company is very optimistic about the Kunyao project. The merger of Kunyao will help China Resources Sanjiu to further consolidate its leading position in CHC industry, and also help to enhance the company's ranking in the field of traditional Chinese medicine.
AVIC announced on September 9th that the State Bureau of Science, Technology and Industry for National Defense agreed in principle that AVIC should absorb and merge Avic. According to the announcement of Kelu Electronics on August 3 1 day, Shenzhen State-owned Assets Supervision and Administration Commission agreed that the controlling shareholder Shenzhen Capital Operation Group Co., Ltd. would transfer part of the company's shares and make a private offering.
With the steady progress of registration system reform, the delisting process of listed companies is gradually improving, and the number of passive mergers and acquisitions carried out by some enterprises to avoid delisting crisis will also increase. Chen Hao said.
Mergers and acquisitions of state-owned assets will increase.
Merger and acquisition of state-owned enterprises has also become a hot spot in the market. The data shows that during the year, state-owned enterprises (including central enterprises and state-owned enterprises) issued 1460 single merger and acquisition plans, with a year-on-year increase of 14.33%, accounting for 30.48%.
In May this year, the "Work Plan for Improving the Quality of Listed Companies Holding by Central Enterprises" was released, which proposed to scientifically use the M&A function of the listing platform to expand the main business, strengthen the chain and promote the transformation and development around key links such as the main business, industrial chain and supply chain.
State-owned assets have gradually become one of the main forces of mergers and acquisitions, with more emphasis on emerging industries and high-end manufacturing. In the future, with the support of policies and funds, the intensity of mergers and acquisitions of state-owned enterprises is expected to continue to increase. Tian said to him.
Talking about the future trend of A-share mergers and acquisitions, Tian believes that with the improvement of financing facilities and the optimization of audit rules, the frequency and popularity of A-share mergers and acquisitions will continue to increase and become an important channel for optimizing resource allocation in the capital market. Among them, the integration of listed companies will be further active, and further contribute to the high-quality development of China's capital market.
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