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Wind data show that the number of A-share listed companies disclosing major restructuring events for the first time so far this year far exceeds the level of the same period last year, indicating that the M & A market is obviously heating up.
Recently, the policy of M & A has been blowing frequently, and the adaptability and inclusiveness of the supporting system have been significantly improved. Industry insiders concluded that the A-share M & A market is showing a new trend that industrial integration is gradually becoming mainstream and the value of "shell" resources is further reduced, and new opportunities for M & An are emerging in the subdivision track.
Horizontal integration and strategic cooperation are in the majority.
As of May 26, 121 listed companies had disclosed announcements of major restructuring events for the first time this year, far more than 45 in the same period last year and an increase of about 169 per cent over the same period last year, according to Wind.
The number of companies that announced the first scheduled increase in restructuring events also increased from last year to 13, compared with 11 in the same period last year.
Announcement for the first time to increase the situation of the reorganization event company
Source: Wind
From the perspective of the purpose of restructuring, most of the major restructuring events of A-share companies this year are focused on the main business and major restructuring for the purpose of industrial cooperation, including horizontal integration, vertical integration, strategic cooperation and so on, accounting for more than 50% of the total.
Among them, the majority of them are horizontal integration and strategic cooperation. For example, major restructuring events such as AsiaInfo Security subsidiary's proposed acquisition of a stake in AsiaInfo Technology are aimed at horizontal integration, and military Information shares are proposed to increase the acquisition of 63% equity in Renren and the Environment for strategic cooperation.
Yin Zhongyu, assistant president of the Securities President of the Federal Reserve and head of the M & A business department, believes that since the beginning of 2024, securities regulatory authorities have issuedSeacavearcadeA series of policies and measures to encourage and guide mergers and acquisitions. These measures take a more clear-cut stand to encourage industrial mergers and acquisitions, especially those large companies in the leading position of the industry to further consolidate their industry position through mergers and acquisitions.
Four "shell listings" and two have failed.
The decline in the value of "shell" resources is also a major trend in the A-share M & A market.
Wind data show that in the past three years (since May 26, 2021), there have been 18 major restructuring cases for the purpose of "shell listing".
After entering 2024, there are 4 cases of major restructuring for the purpose of "shell listing". They are: Shandong Huapeng (rights protection) definitely increased the acquisition of 100% stake in Hepang Chemical Industry.SeacavearcadeZhongyida Dingzeng acquires 100% stake in Wengfu Group; Lu Chang Science and Technology acquires Zhonglian Gaoji 99Seacavearcade.532% equity; Dalian Thermal Power (rights protection) will increase the acquisition of 100% equity in Kanghui Xinliao. Among them, the first two cases have been declared a failure.
In terms of policy, the new "National Nine articles" proposes to improve policies and regulations such as absorption and merger, and encourage and guide the head company to strengthen the integration of listed companies in the industrial chain based on the main business. Further reduce the value of "shell" resources. Strengthen the supervision of mergers and acquisitions, strengthen the relevance of the main business, strictly control the quality of injected assets, strengthen the supervision of "backdoor listing", and accurately crack down on all kinds of illegal "shell preservation" behavior.
Yin Zhongyu believes that from the national level, it is clear and clear to further reduce the value of "shell" resources, while strengthening the merger and acquisition of high-quality industries and strengthening the supervision of "backdoor listing", and accurately crack down on all kinds of illegal "shell" behaviors. it will have a significant impact on the ecology of A-share capital market.
New opportunities emerge in subdivided tracks
Explore potential investment opportunities along the policy guidance and M & A demand, and new opportunities emerge in some subdivided tracks.
The merger and reorganization of securities firms has aroused concern. The CSRC issued the opinions on strengthening the Supervision of Securities companies and Public offering funds and speeding up the Construction of first-class Investment Banks and Investment institutions (for trial implementation) on March 15, pointing out that the space for high-quality institutional capital should be appropriately broadened. we will support head institutions to be better and stronger through mergers and acquisitions and organizational innovation.
Recently, many cases of mergers and acquisitions of securities firms, including "League of Nations + people's livelihood" and "Zhejiang Merchants + National Capital", have ushered in new progress.
Guolian Securities said on May 14 that it intends to use 11.SeacavearcadeThe price of .31 yuan per share buys a total of 100% shares of Minsheng Securities from 46 counterparties, such as Guolian Group and Guoquanyu, by issuing A-share shares. and raise no more than 2 billion yuan of matching funds from no more than 35 specific investors to develop Minsheng securities business. On May 15, Guolian Securities rose by the daily limit after the resumption of trading.
"the current policy continues to guide 'building first-class investment banks and investment institutions', industry rates decline, competition intensifies, and some securities firms are expected to increase market share and comprehensive strength through mergers and acquisitions. Under the dual role of endogenous drive and policy guidance, the integration of mergers and acquisitions of securities firms may be accelerated. " AVIC Securities Analysis said.
The restructuring of enterprises at the head of the low-altitude economy has also attracted market attention. The General Office of the Guangdong Provincial people's Government recently issued the Guangdong Provincial Action Plan for promoting High-quality Development of low-altitude economy (2024-2026), which proposes to support head enterprises to implement mergers and acquisitions in a market-oriented manner and promote industry integration and upgrading.
China Photovoltaic Industry Association also recently proposed to encourage industry mergers and restructuring to smooth the market exit mechanism. In this regard, a number of A-share listed companies responded that encouraging mergers and restructuring of the photovoltaic industry, smooth market exit mechanism, is conducive to maintaining the stable growth of the domestic photovoltaic market. We will continue to adhere to innovation-driven and long-term doctrine, win-win cooperation with colleagues in the industry, and jointly maintain the order of fair competition.