great news! two reorganization registrations took effect in one day!
2024-09-03
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on september 2, the official websites of the shanghai and shenzhen stock exchanges showed that the applications of china media and huaya intelligent technology to issue shares to purchase assets had been registered by the china securities regulatory commission. two registrations took effect in one day, and the m&a and restructuring market is gradually recovering.since last year, especially since the release of the new "nine national regulations", the china securities regulatory commission has taken multiple measures to stimulate the vitality of the m&a and restructuring market, further optimize the restructuring policy environment, improve the inclusiveness of restructuring valuation, and encourage listed companies to improve quality and efficiency, become better and stronger through m&a and restructuring, and improve the quality of listed companies. since may, the number of m&a and restructuring announced by a-share companies has increased month by month, among which, securities industry m&a and "a-to-a" cases have appeared frequently.experts interviewed said that the recent increase in the activity of the m&a and restructuring market is due to policy support and encouragement, as well as the recovery of market demand and the improvement of investor confidence. in the next step, the m&a and restructuring market is expected to continue to pick up, and there will be more m&a in areas such as technological innovation, state-owned enterprise reform, and cross-border m&a. in addition, companies will pay more attention to the integration of resources and the synergy effect after m&a to improve company quality and investment value.the m&a and restructuring market is picking upthe new "nine national regulations" released in april this year proposed that "listed companies are encouraged to focus on their main businesses and use mergers and acquisitions, restructuring, equity incentives and other methods to improve the quality of development". since then, the merger and acquisition restructuring market has gradually recovered. according to ifind data from tonghuashun, from may to august, the number of mergers and acquisitions disclosed by a-share companies was 362, 435, 448 and 629 respectively. among them, the number of major asset restructuring projects was 7, 8, 9 and 14 respectively, all of which increased month by month.in the view of market participants, the recovery of mergers and acquisitions and restructuring is influenced by many factors, including policy encouragement, improved market environment, increased demand, and improved investor confidence.first, from the policy level, since last year, the china securities regulatory commission has stepped up its efforts in merger and reorganization reforms and taken multiple measures to activate the merger and reorganization market. since the beginning of this year, the new "nine national regulations", "sixteen measures to serve technological innovation" and "eight measures for the science and technology innovation board" have been released one after another to further optimize the environment for mergers and reorganizations. these include: improving the inclusiveness of restructuring valuations, supporting the parties to third-party restructuring to negotiate whether to agree on performance commitments, supporting absorption mergers between listed companies, issuing rules for directional convertible bond restructuring, improving the "small and fast" mechanism for restructuring, extending the validity period of financial materials for share issuance restructuring, establishing and improving the "green channel" for mergers and reorganizations of "hard technology" companies that carry out key core technology research, supporting the acquisition of high-quality unprofitable "hard technology" companies by science and technology innovation board listed companies, and supporting the mergers and acquisitions of upstream and downstream of the industrial chain by science and technology innovation board listed companies.tian lihui, dean of the financial development research institute of nankai university, told the securities daily reporter that the new "national nine articles" encourage listed companies to improve their development quality through mergers and acquisitions and restructuring, and propose to increase the intensity of merger and acquisition reforms and activate the merger and acquisition market. at the same time, the regulatory authorities have introduced a number of supportive policies to provide a good policy environment for the market.secondly, the market environment has improved and demand has picked up. li xiao, deputy director of the capital market supervision and reform research center of the central university of finance and economics, told the securities daily reporter that with the gradual recovery of the global economy and the stable growth of the domestic economy, the market environment has become more friendly and corporate profitability has improved, providing a good economic foundation for mergers and acquisitions.yang chao, chief strategy analyst at galaxy securities, said in an interview with the securities daily that, due to the needs of industrial development, more listed companies are seeking opportunities for mergers and acquisitions to achieve resource integration and market expansion and enhance their core competitiveness. in addition, the expectations for exiting mergers and acquisitions have clearly increased, which has also led to the further expansion of the merger and acquisition market.finally, investor confidence has increased. li xiao said that with the market recovery and policy support, investors' confidence in the m&a and restructuring market has gradually increased, and funds have begun to flow in, further promoting the market's activity.securities firm mergers and acquisitions and "a-to-a" mergers are frequentfrom the industry perspective, since may, there has been a large number of major asset reorganizations announced in the pharmaceutical and biological, environmental protection, mechanical equipment, and power equipment industries.in this regard, tian lihui said that the pharmaceutical and biological industry has always been a hot area for mergers and acquisitions due to its high-tech content and continuous demand for innovation; the environmental protection industry, because of the country's emphasis on environmental protection and green development, related companies have improved their technology level and market competitiveness through mergers and acquisitions; the mechanical equipment and power equipment industry, as an important part of the manufacturing industry, has achieved technological upgrading and market expansion through mergers and acquisitions in promoting the upgrading of the manufacturing industry and the development of intelligent manufacturing."with the intensification of market competition and the iteration and updating of technology, companies in these industries need to integrate resources and achieve industrial upgrading through mergers and acquisitions and restructuring. for example, leading pharmaceutical companies can focus on solving key technical problems by integrating research and development resources," said yang chao.since the beginning of this year, "a mergers and acquisitions" have frequently appeared. in july, guangdong hongda released a major asset restructuring plan, intending to acquire 21% of the equity of shanghai-listed xuefeng technology for 2.2 billion yuan, becoming its controlling shareholder, expanding its strategic layout in xinjiang and achieving rapid performance growth. in august, china resources sanjiu released a major asset restructuring plan, intending to spend 6.2 billion yuan to acquire the equity of shanghai-listed tasly. the cooperation between the two parties will enhance the research and development capabilities of innovative drugs, promote the company to achieve performance goals, and further supplement, strengthen and extend the traditional chinese medicine industry chain.in addition, the new "national nine articles" proposed to support leading institutions to improve their core competitiveness through mergers and acquisitions, restructuring, organizational innovation and other means. encouraged by the policy, a wave of securities mergers and acquisitions has emerged. on august 8, guolian securities issued an announcement that it plans to purchase the controlling stake of minsheng securities by issuing a-shares; on the evening of august 21, guosen securities issued an announcement that it plans to purchase 53.0892% of wanhe securities by issuing a-shares.market participants predict that the activity of the m&a and restructuring market will continue to pick up in the next step. li xiao said that with the support of policies, the improvement of the market environment and the high growth of the industry, m&a and restructuring activities are expected to remain active. especially in emerging industries such as high-tech, new energy, and biomedicine, m&a and restructuring will become an important way for companies to develop rapidly. with the continuous improvement of regulatory policies and the gradual maturity of market mechanisms, the quality of m&a and restructuring will be further improved. companies will pay more attention to the integration of resources and the synergy effect after mergers and acquisitions to realize the true value of m&a and restructuring.yang chao said that with the support of regulatory policies and the promotion of industrial development, the m&a and restructuring market is expected to achieve further expansion. first, the mergers and acquisitions of listed companies will return to the industry itself, and achieve resource integration and synergy effects through horizontal mergers and acquisitions or vertical mergers and acquisitions along the upstream and downstream of the industrial chain. secondly, the number of mergers and acquisitions and restructuring cases in the field of hard technology and strategic emerging industries is expected to increase, so as to enhance the "hard technology" attributes of enterprises and help accelerate the breakthrough of "stuck neck" technology. at the same time, state-owned enterprises are also expected to become an important subject in the m&a and restructuring market, helping state-owned assets and state-owned enterprises to become better, bigger and stronger.tian lihui said that the m&a and restructuring market will show four major trends in the next step, namely, more active, outstanding state-owned enterprises, industry integration and increased cross-border m&a. first, with the deepening of reform, the m&a and restructuring activities of listed companies will become more active. secondly, the reform of state-owned enterprises will continue to deepen, and enterprises with state-owned backgrounds will play an important role in m&a and restructuring, especially in promoting industrial structure adjustment and optimizing resource allocation. thirdly, with the changes in the domestic and foreign industrial environment, the integration within the industry will be further accelerated to achieve the survival of the fittest and industrial upgrading. finally, cross-border m&a will also become an important trend in the m&a and restructuring market, and enterprises will acquire advanced technology, brands and market resources through overseas m&a.image | zcool helo
produced by | zhou wenrui
review | su shiyu
editor | yan liliang
final review | zhao xueyi
