Securities Times reporter Wu Shaolong
Shanghai recently released the latest mobile solution to support listed companies mergers and acquisitions and reorganizations.The development of productive forces and helping the key industry to make up the chain of the key industry, shape typical cases, and establish a distinctive orientation.
The reporter sorted out and found that with the policies that the policies are hot and wind frequent, many provinces have been transferred from the promotion of corporate listing to mergers and acquisitions, and new layouts in the capital market.
Tian Lihui, Dean of the Institute of Financial Development of Nankai University, said in an interview with the Securities Times reporter that the local government from supporting IPO to M & A and reorganization, mainly considerations are policy guidance, industrial integration and enterprisesCompetitiveness.By promoting mergers and acquisitions and reorganization, local governments can realize industrial integration and transformation and upgrading, enhance regional industrial competitiveness, and help promote listed companies to enhance competitiveness.
Turn to M & A and acquisition of mergers and acquisitions
Since October, Jiangxi, Sichuan, Guangdong, Shaanxi, Zhejiang, Shenzhen and other provinces and cities have successively passedSpeaking, studying and promoting special measures to promote the mergers and acquisitions of listed companies.
Among them, the "Implementation Plan on Promoting the High -quality Development of the Capital Market" issued by Sichuan proposes that listed companies are encouragedExtend the innovation ecological chain; encourage state -owned capital to participate in mergers and acquisitions and reorganize, and support listed companies to optimize the allocation of resource allocation through the capital market; make good use of the "green channels" of science and innovation stock bond financing and mergers and acquisitions.
Listed companies are often an important representative of the level and competitiveness of the regional economic development.In the context of the current accelerated advancement of global industrial changes and the transformation and upgrading of my countrys economic structure, it is also accelerating, and it is urgent to play the key role of corporate mergers and acquisitions and reorganization, helping industrial integration and quality improvement.Adapting to the objective requirements of the capital market from quantitative development into the new stage of high -quality development, in the context of strictly putting the "entry level", M & A reorganizations have become the "largest number of equivalent" for balanced local development, first -level markets and secondary markets.
"We are also adjusted to the policy, and transform the previous listed company multiplication plan into a high -quality development action plan." A local government financial department person told reporters.
Give full play to the mergers and acquisitions and reorganization functions to drive the high -quality development of regional industries. Pan Guangen, deputy director of the Zhejiang Provincial Party Committee Financial Office and Deputy Director of the Provincial Local Financial AdministrationThe operation and development of the market fully reflects the characteristics of industrial mergers and acquisitions, innovation orientation and new productive cultivation.
The M & A Fund is densely established
Since the introduction of "M & A Six", the pace of local mergers and acquisitions funds has accelerated significantly.Government and enterprises can not only attract external investment through participation in mergers and acquisitions funds, but also promote rapid growth and enhance competitiveness through mergers and acquisitions.
On November 1, the Shenzhen Private Equity Fund Industry Association and the Shenzhen Securities Industry Association jointly announced the proposed to initiate the establishment of a deep certificate M & A fund alliance to invite private equity fund managers and funders of the country.The "full chain" mergers and acquisitions funds participating in the "Full Chain" mergers and acquisitions of the "full chain" mergers and acquisitions funds joined the alliance to jointly build and improve the ecosystem of the Shenzhen M & A industry, and promote the high -quality development of the Shenzhen M & A and reorganization market.
According to data from the monthly report of China Private Equity Investment Fund Limited Partner (LP), the government fund LP has contributed a total of 201 times, an increase of 36%from 148 times last month.37.034 billion yuan, a decrease of 43%from 65.294 billion yuan last month.On the whole, the activity of capital contribution has increased, but the average funding scale has declined.
From the perspective of the funding structure of guided funds at all levels, the capital and county -level government guidance funds are in the top two.Shens trend.
In terms of regional activity, the number of capital contributions in Anhui and Jiangsu in September in September, 95 and 84 times, respectively.
At the same time, the industrial funds established by listed companies and local state -owned assets are also increasing.
Ganfeng Lithium recently issued an announcement saying that the proposed investment of no more than 200 million yuan jointly invested and established the Jiangxi Province Xinghe Science and Technology Innovation equity investment fund (limited partnership), and the total amount of the fund is the amount of capital is to be the amount of capital.2 billion yuan, the main partners include Jiangxi Province State -owned Capital Operation Holding Group Co., Ltd. and Jiangxi Modern Industry Guidance Fund.
Open source securities pointed out that state -owned assets and acquisitions have multiple advantages such as policies, funds, resources, and high mergers and acquisitions, which are expected to become an important force for driving mergers and acquisitions and reorganization markets.
M & A reorganization should pay attention to effectiveness
M & A reorganization has obvious role in promoting the high -quality development of listed companies, serving the local industrys transformation and upgrading, but doing itGood mergers and acquisitions are not easy.
"Local promoting mergers and acquisitions and reorganizations need to pay attention to compliance review to prevent tax and financial risks. We need to strengthen pre -review to reduce information asymmetry, especially losing companies to acquire IPO to withdraw from enterprise cases.. We must realize the steady assets and debts, avoid blind cross -border, and prevent excessive expansion.
From the perspective of practice, the governments of many places have guided enterprises to regulate the implementation of mergers and acquisitions and reorganization through training, symposiums and other methods.
For example, Shanghai supports listed companies mergers and acquisitions and reorganization operation plans to pay attention"Effect.At the same time, it is necessary to do a good job of preventing relevant risks, resolutely investigate and deal with illegal acts such as financial fraud, and maintain the stability of the overall economic situation.
Multi -regulatory authorities remind that we must pay attention to market risks and compliance control in the process of mergers and acquisitions.The main person in charge of the Dalian Securities Regulatory Bureau stated that enterprises should establish a correct view of listing and acquisition, and make necessary ideological preparations.The price must be carefully controlled, and the bottom line of the authenticity must be kept, and we must be able to control and integrate it, and strive to achieve the effect of "1+1> 2".The main person in charge of the Anhui Securities Regulatory Bureau proposed that it is necessary to effectively strengthen risk prevention and control and compliance management. The company must always maintain a sense of risk in the process of mergers and acquisitions, and strengthen the prevention and control of illegal acts.
In addition, Tian Lihui also said that localities must clarify the border between the government and the market, without setting up additional conditions and stealth thresholds, and maintaining a fair competition market environment.
