Experts： Six major changes in the M & A market
Experts: Six major changes in the M & A market
Gui Haoming, chief market expert of the Securities Research Institute of Shen Wanhongyuan (Hong Kong Stock 06806), recently said in an interview with the Securities Daily reporter that mergers and acquisitions have indeed accelerated after relatively slow development in the previous two years.
He analyzed that there will be seven major changes in the M & A and restructuring market.
First, the M & A and restructuring market has accelerated.
First, the policy support is more complete; second, the personnel structure adjustment of members can be trimmed, and future reviews of the internal compliance, profitability and legality of restructuring projects will be more focused, which will help M & A and reorganization on a more standardized road.Advance.
”The problem of M & A and reorganization in the past was not about quantity, but the main reason was not high quality. This problem triggered low-quality restructuring from 2015 to 2017, leading to problems such as impairment of goodwill now, so now there are new strictSupporting policies are conducive to the prevention of future risks.
Gui Haoming said.
Second, there will be major changes in the payment of 重庆耍耍网 restructuring considerations.
From the perspective of payment instruments, out of the 70 companies that have issued restructuring plans this year, the payment method of “cash + targeted issuance” has been adopted. Due to the strict requirements of listed companies implementing targeted convertible bonds, only Three Gorges Water Conservancy and FAW Car have adopted thisthe way.
”For the payment of restructuring considerations, there will be great changes in the future.
Gui Haoming said that in the past, cash purchases and private placements were comparatively used, but this model is relatively simple after all, and from a practical point of view, the large-scale issuance of new shares by companies in the market is serious, especially the private placement.The results in recent years have not been particularly satisfactory.
”In turn, the method of paying equity to the restructured party has two major advantages.
Gui Haoming said that one is to reduce the expenditure of additional cash, and the other is to benefit the reorganized party.
Third, there will be changes in the direction of reorganization.
Since the beginning of this year, there have been 26 diversified reorganizations, 20 horizontal reorganizations, 15 initial reorganizations, and 9 other methods.
In the past few years, backdoor listings and diversified mergers and acquisitions have been mainstream. Today, the A-share M & A market has gradually shifted from market value management-oriented mergers and acquisitions to industrial mergers and acquisitions.
Gui Haoming said that in the future, there will still be a more obvious guide in restructuring the market, that is, the integration of a more complex company under the main business system, rather than excessive cross-industry.
When a company enters a new field, there will be a break-in period, which will bring some uncertain market risks.
”In the future, the development of this industry is encouraged, or a coordinated development between upstream and downstream in this industry, which is more in line with the concept of reorganization itself, and is conducive to achieving a goal: the extension through integration and the allocation of advantages through integration of resourcesTo achieve upstream and downstream coordination.
Gui Haoming said.
Fourth, the suspension of over and over duplication due to mergers and acquisitions and reorganizations will change.
Gui Haoming said that relevant companies must be cautious when promoting reorganization. In the past, some companies issued three or four asset reorganization programs a year, but once they all came to an end, this had a great impact on the market. Therefore, the future merger and reorganization market mayExcessive excessive and prolonged suspensions have changed.
Fifth, asset reorganization funds will be cultivated.
Gui Haoming said that future changes in the M & A and reorganization market may vigorously develop asset reorganization funds and improve their management capabilities.
This is an important aspect of improving the social effect. Without the participation of large institutions, many mergers, acquisitions, reorganizations and integrations will be more difficult to promote.
Sixth, the supervision of registration system for mergers and acquisitions may be realized in the future.
Gui Haoming said that the regulatory policy may continue to relax the conditions for ratification.
According to market-oriented operations, the current review of mergers and acquisitions integration will take into account the company’s funding sources and business composition. In the future, the type of asset reorganization may eventually no longer be reviewed.
He also suggested that leaders should roll out a temporary checklist to improve review efficiency.
Gui Haoming said that from the perspective of involvement, a relatively clear encouraging list, or list and industry, should be produced, which is conducive to targeted enterprises to do some asset integration work, and can be done appropriately in the pre-review stage or communication stageForward.