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under the new regulations on mergers and acquisitions, will unprofitable assets become the "new favorite" of the capital market?

the china securities regulatory commission recently issued the "opinions on deepening the market reform of mergers, acquisitions and reorganizations of listed companies" (hereinafter referred to as the "six mergers and acquisitions"), which clearly supports the transformation and upgrading of listed companies in the direction of new quality productivity, and carries out activities that will help strengthen the chain and improve the level of key technologies. acquisition of unprofitable assets.

prior to this, the science and technology innovation board had ushered in a wave of mergers and acquisitions, and many companies were targeting unprofitable assets. the "eight articles of the science and technology innovation board" in june this year proposed to support the acquisition of high-quality unprofitable "hard technology" companies by companies on the science and technology innovation board. since then, xinlian integration, fuchuang precision, xidi micro, etc. have all announced plans to carry out mergers and acquisitions around the industrial chain, and the targets are currently unprofitable.

nowadays, favorable policies for the acquisition of unprofitable assets have been upgraded again. does it provide a new path for such enterprises to enter the capital market? some people believe that the new regulations provide a licensing channel for the exit of investments in unprofitable strategic emerging industries and future industry targets, as well as the financing and development of the above-mentioned types of enterprises. some analysts also said: "it is expected that the acquisition of unprofitable assets will not be a common phenomenon, and traditional industries should not be the targets of mergers and acquisitions."

what characteristics should unprofitable assets have as an enterprise, and which industries may be eligible for the new regulations? liu qing, founder of wangrong m&a, told china business news that it is expected that unprofitable companies that are expected to be acquired will mainly be assets related to high-tech and strategic emerging industries, such as artificial intelligence, biotechnology, new energy, etc., as well as those focusing on certain industries. enterprises with core technology research and development, market potential and brand influence, etc.