the implementation of the "eight measures for the science and technology innovation board" has taken effect, and the activity of industrial mergers and acquisitions continues to heat up
2024-09-08
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◎ dou shiping, reporter liang yinyan
in the more than two months since the release of the "eight measures on deepening the reform of the science and technology innovation board to serve technological innovation and the development of new productivity" (hereinafter referred to as the "eight measures for the science and technology innovation board"), 16 companies including mindray medical, xinlian integration, nanochip, edi pharmaceuticals, fuchuang precision, xidiwei, and zejing pharmaceutical have successively released industrial merger and acquisition plans, among which typical cases of mergers and acquisitions and restructuring in the semiconductor and biomedicine fields continue to emerge.
industry insiders said that the science and technology innovation board has gradually become a gathering place for domestic semiconductor listed companies, and the biopharmaceutical industry cluster has also developed rapidly. the introduction of the "eight measures for the science and technology innovation board" has further unleashed the vitality of the m&a and restructuring market, and more hard technology companies have used m&a and restructuring tools to achieve effective industrial integration and high-quality development.
typical cases of semiconductor and biopharmaceutical mergers and acquisitions continue to emerge
since the beginning of this year, typical cases of mergers and acquisitions and restructuring in the semiconductor and biomedicine fields have continued to emerge on the science and technology innovation board.
in the semiconductor field, on june 21, xinlian integrated circuit disclosed a restructuring plan, intending to acquire the remaining 72.33% equity of xinlian yuezhou, an unprofitable asset, by issuing shares and paying cash. this is also the first plan to acquire unprofitable assets after the "eight measures for the science and technology innovation board". on july 16, puyuan jingdian issued shares to purchase 67.74% of the equity of naishu electronics and was approved by the china securities regulatory commission for registration, becoming the first m&a and restructuring registration after the "eight measures for the science and technology innovation board". on august 23, siruipu's issuance of convertible bonds to purchase 100% of the equity of chuangxinwei was approved by the shanghai stock exchange merger and restructuring committee, becoming the first case of issuing directional convertible bonds for m&a and restructuring.
in addition, nanochip plans to acquire 79.31% of magtron shares directly held by silicon technology for a cash consideration of rmb 793 million; xidiwei plans to acquire a total of 30.91% of the shares of south korean listed company zinitix co., ltd. for approximately rmb 109 million; fuchuang precision plans to acquire 100% of yisheng precision held by the company's actual controller and other transaction parties for a cash consideration of no more than rmb 800 million.
"the semiconductor industry is characterized by strong economies of scale, and larger semiconductor companies have more outstanding risk and cyclical resistance." xu wei, investment director of yizhuang state investment, said that healthy mergers and acquisitions and restructuring are conducive to companies expanding their scale, reducing costs and increasing efficiency, improving their competitive position and bargaining power in the industry, and increasing their profit levels and innovation capabilities.
in the field of biomedicine, many companies on the science and technology innovation board have also launched merger and acquisition plans. at the beginning of this year, mindray medical acquired the science and technology innovation board company huitai medical through an agreement transfer and obtained a controlling stake, becoming the first "a controlling a" case on the science and technology innovation board. after the completion of this acquisition, huitai medical has delivered the best performance report since its listing. its latest semi-annual report shows that in the first half of 2024, the company achieved total revenue of 1 billion yuan, a year-on-year increase of 27.03%; net profit of 343 million yuan, an increase of 33.09%; net profit attributable to the parent company after deducting non-recurring items of 328 million yuan, an increase of 35.2%.
after the release of the "eight measures for the science and technology innovation board", many biopharmaceutical companies followed the policy trend and announced the progress of mergers and acquisitions. for example, aidi pharmaceuticals, sinomed medical, haier bio and other companies carried out mergers and acquisitions and reorganizations of upstream and downstream companies in the industrial chain.
greater support for mergers and acquisitions of upstream and downstream industries in the sci-tech innovation board
the "eight articles on the science and technology innovation board" clearly state that it is necessary to support science and technology innovation board-listed companies in conducting mergers and acquisitions of upstream and downstream of the industrial chain, improve the valuation inclusiveness of mergers and acquisitions, support science and technology innovation board-listed companies in acquiring high-quality unprofitable "hard technology" companies, enrich payment tools for mergers and acquisitions, support science and technology innovation board-listed companies in focusing on improving and strengthening their main businesses, carrying out absorption mergers, and conducting research on installment payment of share consideration.
after the release of the "eight measures for the science and technology innovation board", a reporter from shanghai securities news learned that through the release of special issues on mergers and acquisitions, training, lectures, online practical courses, etc., the shanghai stock exchange encourages business entities to make good use of the "eight measures for the science and technology innovation board" policy tools, actively explore and boldly try, and promote the implementation of representative cases.
"the current policy of supporting industrial mergers and acquisitions is of great significance for promoting science and technology innovation board-listed companies to carry out mergers and acquisitions of upstream and downstream industrial chains." said tian lihui, dean of the financial development research institute of nankai university.
industry insiders said that with the continuous implementation of supporting measures such as improved valuation inclusiveness, allowing the acquisition of high-quality unprofitable "hard technology" companies, and enriching m&a and restructuring payment tools, the industry m&a activity of the science and technology innovation board will continue to heat up, and the market can also expect more m&a and restructuring cases in the "hard technology" field to be implemented.
a relevant person in charge of the shanghai stock exchange said that in the future, they will accelerate the implementation of more exemplary merger and reorganization cases, strive to implement the "eight articles of the science and technology innovation board" well, release institutional dividends, and stimulate market vitality.
(source: shanghai securities news)
