According to statistics, as of August 2, this year, 2,268 listed companies have issued 3,928 single merger and acquisition plans, up 22.98% year-on-year. According to the progress, 1 166 has been completed, 64 failed and 2698 is in progress. In addition, since this year, "A and A" have become increasingly active.
Tian, dean of the Institute of Financial Development of Nankai University, said in an interview with the Securities Daily that the M&A and restructuring market is more active this year, which is faster than in previous years, and the industry distribution is more uniform, and industrial capital has gradually become the main force of mergers and acquisitions.
Real estate development and other three industries.
During the year, the number of mergers and acquisitions was relatively large.
Qiu Yilin, a postdoctoral fellow at China Bank Research Institute, said in an interview with Securities Daily that as an effective way to improve the quality of listed companies, moderate mergers and acquisitions can optimize the assets and business structure of enterprises and promote industrial upgrading and integration of industrial resources. In addition, the extension of the industrial chain layout around the main business of enterprises can also enhance the ability of enterprises to resist risks.
According to the breakdown of industries (Shen Waner), after excluding the failed projects, the number of M&A in real estate development, chemical medicine and auto parts is relatively large in the year, which are 14 1, 138 and 135 respectively. In the same period last year, the number of mergers and acquisitions in the above three industries also ranked in the top three.
"These industries are often at the turning point of development, or their value is underestimated due to cash flow problems, or they are in urgent need of industry integration to form leading enterprises." Tian said that some real estate development companies in China are heavily in debt and have cash flow problems, which leads to insufficient market confidence and depressed stock prices, but the values of land and real estate are relatively clear, so they have become the focus of some capitals. Under the background of an aging society, the chemical pharmaceutical industry is also favored. In addition, with the rapid development of new energy vehicles in recent years, the domestic auto parts industry needs to form leading enterprises, and there are relatively many mergers and acquisitions.
Qiu Yilin said that M&A is the choice for enterprises to deepen the development of industrial chain, optimize asset structure and resist risks, and is also an important measure for industrial integration. Chemical pharmaceutical, auto parts and other industries have long industrial chains, which belong to capital and technology-intensive industries and are deeply embedded in the development of global industrial chains; More capital, through moderate mergers and acquisitions, is also gathering in industries with growth prospects to optimize the industrial structure.
"A and A" are becoming more and more active.
Industrial mergers and acquisitions are still the mainstream.
From the purpose of M&A, industrial M&A is still the mainstream, while the number of diversified M&A is decreasing. In addition, the cases of "A and A" are gradually increasing. Since the beginning of this year, the acquisition targets of A-share companies such as Midea Group, China Resources Sanjiu and Zoomlion are all listed companies.
In addition, absorption and merger is also a special way of "A and A". On June 1 1, both AVIC Electromechanical and AVIC Electronics announced that AVIC Electronics intends to merge AVIC Electromechanical by issuing A shares.
Recently, Li Mingzhong, deputy general manager of Shenzhen Stock Exchange, said at the "2022 China Listed Companies Forum" that as a special way of "A and A" transactions, with the further decline of the value of shell resources in the future, listed companies aiming at industrial integration may absorb merger transactions more frequently.
Li Mingzhong believes that M&A plays a positive role in the market, but some listed companies have insufficient pre-adjustment, incomplete risk identification and unclear base, which leads to lightning strikes and seriously affects the normal operation of listed companies.
Tian said that mergers and acquisitions of listed companies can promote the integration of industrial chain and supply chain, form leading enterprises with core competitiveness, and promote the stable development, transformation and upgrading of China's economy. However, we should also pay attention to individual companies' illegal activities such as financial whitewashing and interest transfer by means of mergers and acquisitions.
Qiu Yilin said that on the whole, healthy mergers and acquisitions will help enterprises enhance their competitiveness. To carry out M&A activities, enterprises should focus on the development of their main business, carry out business mergers and acquisitions in the upstream and downstream of the industrial chain, lay a solid foundation for development, and avoid attacking everywhere and blindly expanding their business scope.
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