M & A and restructuring this year will hit 3 trillion state-owned enterprises
Today’s point of view: this year’s merger and acquisition restructuring hits 3 trillion US dollars in mixed reform of state-owned enterprises will play a leading role Source: Securities Daily ■
But in the 2018 market data, some bright spots can still be found. Some mergers and acquisitions and reorganizations have achieved rapid growth in both singular and transaction amounts.
In 2019, due to factors such as the integration of listed companies’ resources, industrial upgrading, and mixed reforms of state-owned enterprises, the scale of M & A and restructuring is expected to take another step.
Among them, the mixed reform of state-owned enterprises will play a leading role in mergers and acquisitions.
Yan Qingmin, vice chairman of the China Securities Regulatory Commission, disclosed at the 17th China Economic Forum of Antiques on December 29, 2018 that at the end of November, the number of listed companies’ M & A and restructuring orders and transaction amounts in 2018 were 3689 and 2 respectively.
3 trillion yuan, an increase of 57% and 42% before, and both exceeded the 2017 growth rate.
Nearly 40% of the audited issuance of shares to purchase asset-type mergers and acquisitions belong to strategic emerging industries.
The amount of M & A and restructuring transactions in 2017 was 1.
87 trillion yuan, an increase of 430 billion yuan in the first 11 months of last year compared with the previous year.
This growth rate is considerable.
The success of M & A and restructuring is inseparable from the optimization of the policy environment.
After the previous period of rectification, the current M & A and reorganization rules are more market-oriented and rule of law: China shares have participated in the A-share M & A and reorganization and have been encouraged by the regulatory authorities. The M & A and reorganization review lane system has been improved.Channel industry types, adding ten industries 佛山桑拿网 can enjoy fast review channels, relax the use of M & A and restructuring financing, encourage private equity investment funds to participate in listed companies ‘M & A and reorganization, and simplify the disclosure requirements of listed companies’ M & A and restructuring plans.
At present, the percentage of M & A projects that require administrative review has replaced about 4%, and more than half of them have been acquired by industries with “same industry, upstream and downstream” assets as the target.
The reconstruction of the policy has laid a solid foundation for M & A and reorganization.
The mixed reform of state-owned enterprises is a new force for mergers and acquisitions. After the preparation of policies last year, the mixed reform of state-owned enterprises will accelerate significantly this year.
The Central Economic Work Conference, which was incorporated from December 19 to 21, 2018, stated that the reform of state-owned and state-owned enterprises should be accelerated; and the reform of mixed ownership should be actively promoted.
On October 9 of the same year, the ancient National Symposium on Reform of State-Owned Enterprises pointed out that it is necessary to firmly advance the enterprise reform with the thinking of “damaging one’s ten fingers rather than breaking one of them” and move forward boldly and pragmatically.
In 2016, the State Council’s Central Enterprise Reform Leading Group studied and decided to launch “Ten Reform Pilots”, one of which was to promote the pilot reform of mixed ownership in areas where power, oil, natural gas, railways, civil aviation, telecommunications, military industries, and other state capital were relatively concentrated.
Three types of trials have been carried out by various types of enterprises.
All circles hope that the experience and achievements of the three batches of pilots that have been carried out in these industries can be replicated and promoted, and mixed scale reforms will be promoted.
Officials from the National Development and Reform Commission and the State-owned Assets Supervision and Administration Commission of the State Council have both recently stated that 2019 will focus on promoting mixed reforms in these areas.
There is also the “Double Hundred Pilots” of state-owned enterprise reform launched by the State-owned Assets Supervision and Administration Commission of the State Council in the middle of last year. If mixed reforms can be carried out in these areas, a round of mixed reforms is bound to set off.
Ji Xiaogang, deputy director of the Reform Office of the State-owned Assets Supervision and Administration Commission of the State Council, stated at the 9th Shanghai State-owned Assets Summit of Antiques at the end of last year that, for commercial enterprises in completely competitive industries, conditions must be adopted to promote the reform of mixed ownership, and to replace external supervision through mixed reformpower.
This area does not need to be piloted to be fully rolled out.
The reform of local state-owned enterprises has also accelerated significantly.
Shanxi Civil Explosives Group, which was unveiled a few days ago, proposes that through further restructuring and integration, the Civil Explosives Group will transform the rapid development of the capital market and the national “Belt and Road” policy environment to become larger and stronger, and will become a certain industry within the next three to five years.Leading companies in the civilian explosion industry with motivation and international competitiveness.
The author believes that in order for capital markets to play a “pivotal role” and to “act as a whole,” they must use the tool of mergers and acquisitions.
The in-depth progress of the mixed reform of state-owned enterprises can play a more important role in the process of resource integration and industrial upgrading.
Based on the growth rate in 2018, the transaction size of M & A and restructuring in 2019 is expected to impact the 3 trillion yuan “gateway”.
Investors should seize this structured investment opportunity.