A Share Mergers And Acquisitions Intensified, Single Scale Approaching IPO

Over the past year, the IPO acquisition has been developing a new normal because of the PE barrier.

The industry believes that even if the IPO speed increases in the future, the M & a market will not be depressed.

After the longest IPO suspension in the history of A shares, PE's business focus shifted from the traditional Pre-IPO project to the M & a field. On the other hand, it also increased the extension of early investment.

The pfer of PE action has spawned the hot market of domestic M & a market in the past two years.

In the 1~11 month of 2014, a total of 104 enterprises listed on the A share market were listed, raising the amount of 59 billion 104 million yuan, and the average raised amount was 568 million yuan.

Meanwhile, in the case of completed mergers and acquisitions in the domestic mergers and acquisitions market, the scale of domestic M & A pactions is 767 billion 857 million yuan, and the number of cases in domestic mergers and acquisitions is 1735, with an average amount of 443 million yuan for each acquisition paction.

That is to say, the number of mergers and acquisitions of domestic enterprises has far exceeded IPO in terms of quantity, and it is also getting closer and closer to a single scale.

From the point of view of participants, the leading players of M & a business are constantly expanding their ranks.

In the second half of last year, after the establishment of M & A fund by a large number of securities companies in the second half of last year, the listed companies took the baton in the first half of this year.

Wind data show that as of the end of November, 32 listed companies announced the establishment or investment of the industry buyout fund, covering many fields such as medicine, energy, wearable, cultural media and environmental protection.

"Setting up a series of industry led M & a funds is a pformation and upgrading for listed companies, and also can ease the pressure of performance. For PE institutions, we have more exit channels. Meanwhile, listed companies provide operational teams, which can also make up for our lack of investment in operation."

Shao Jun, a German capital partner, told reporters that the hot market of mergers and acquisitions is the result of market demand, and there will be much room for improvement in the future.

In October, the SFC issued the revised management measures for major asset restructuring of listed companies and the management measures for acquisition of listed companies, and explicitly encouraged the investment institutions established by law, such as buyout funds, equity investment funds, venture capital funds and industrial investment funds, to participate in mergers and acquisitions of listed companies.

This is also the first time in similar laws and regulations to encourage mergers and acquisitions fund to participate in mergers and acquisitions.

The industry expects that the M & a market will continue to be hot in the future.

The reopening of new shares in early 2014 did not negatively affect its enthusiasm, which meant that PE mergers and acquisitions had developed from another IPO to another obviously increasing market. With the formal opening of the SOE reform and the further deepening of industrial restructuring, the listed companies expanded their business to cater to the capital market through merging into new industries, which also provided the soil for the development of future industrial funds.

From this year's mergers and acquisitions cases of listed companies' industrial funds, the targets of mergers and acquisitions are popular themes in the capital market, such as film and television, media, games, Internet, medical treatment, environmental protection and so on.

The merger and acquisition project actually promoted the share price of listed companies to rise.

"At present

Mergers and acquisitions are not strategic mergers and acquisitions, and this wave of mergers and acquisitions is based on stock prices as the most direct driving force in financial mergers and acquisitions.

Lo Chi Ming, executive director of the merger and Acquisition Department of Huatai Securities, believes that the most obvious manifestation is that the hot spot of M & a market mergers and acquisitions is exactly the same as the hot spots in the two tier markets, including hand travel and film and television. Mergers and acquisitions are basically icing on the cake, not A.

From the perspective of enterprises, in the increasingly fierce competition environment, industry reshuffle is an inevitable trend.

Under the background of mixed ownership reform, state-owned enterprises need to inject professional management and technical capabilities to eliminate uncompetitive enterprises and make the industry develop smoothly.

This also requires that the domestic M & a funds must take the path of integration of industrial funds, not only limited to the current stock prices of listed companies.

"The direction of future M & A, especially for mature institutions, is to strengthen industry based mergers and acquisitions with solid industrial integration background.

Like the pharmaceutical industry, there are currently more than 7000 pharmaceutical factories, which are bound to merge and merge. "

Zhu Yijia, an investment partner of Jiuding, said that the future M & A is both a means of exit and a means of trading, and mergers and acquisitions based on industry will be more sustainable.