news

한어Русский языкEnglishFrançaisIndonesianSanskrit日本語DeutschPortuguêsΕλληνικάespañolItalianoSuomalainenLatina

at a time when ipos are slowing down and exits from the primary market are restricted, the m&a and restructuring sector has ushered in a policy "rain".

on the evening of the 24th, the china securities regulatory commission issued the "opinions on deepening the reform of the merger and acquisition market of listed companies" (hereinafter referred to as the "six mergers and acquisitions"), which clearly supports cross-industry mergers and acquisitions, allows mergers and acquisitions of unprofitable assets, and encourages private equity funds to participate in mergers and acquisitions of listed companies.

tian lihui, dean of the institute of financial development at nankai university, told caixin that the new m&a policy is expected to have three major impacts: enhanced market vitality, accelerated corporate transformation and upgrading, and more investment opportunities. in the future, there will be more diversified strategies, more active m&a activities of small and medium-sized enterprises, and more investment behaviors focused on technological innovation and industrial upgrading.

previously, there have been many listed companies in the capital market that were keen on cross-industry mergers and acquisitions, and some companies blindly followed suit, but abandoned the deals after encountering regulatory inquiries or when the transactions became difficult to continue, leaving behind sequelae such as large amounts of goodwill. wang jiyue, a senior investment banker, said that cross-industry mergers and acquisitions are very risky and have very high requirements for the targets of the mergers and acquisitions. the cross-industry mergers and acquisitions encouraged by the new regulations are also conditional and limited.

"the 'six rules on mergers and acquisitions' is a large framework, and there will need to be detailed rules to provide detailed regulations on how to conduct cross-industry mergers and acquisitions and the acquisition of unprofitable assets," said an investment banker.

support reasonable cross-industry mergers and acquisitions

the "six articles on mergers and acquisitions" clearly state that support will be given to listed companies in their transformation and upgrading towards new quality productivity, including: actively supporting listed companies in mergers and acquisitions and restructuring around strategic emerging industries and future industries, carrying out cross-industry mergers and acquisitions based on transformation and upgrading goals, acquiring unprofitable assets that will help to fill in the gaps in the supply chain and enhance key technology levels, and supporting "two innovation" sector companies in acquiring upstream and downstream assets in the industrial chain.