Under The Registration System, "Play" Will Continue.

At the executive session of the State Council, held in November 19th, the senior officials mentioned the registration system again, and put forward "pay close attention to the reform plan".

On November 28th, Zhang Xiaojun, a spokesman for the securities and Futures Commission, said that the SFC had taken the lead in completing the first draft of the registration system reform plan and submitted it to the State Council before the end of November.

Market participants believe that the registration system will fundamentally solve the problem of listing queuing, which means that the target can be greatly reduced. At the same time, the introduction of the registration system will make the valuation of small and medium value growth stocks under pressure, and the arbitrage space between the one or two markets will be compressed.

However, in many PE practitioners, the next phase of the M & a market will continue to boom.

Tang Zurong, managing director of 7.23,0.00, 0%, said that the promotion of registration system would not have a big impact on M & A.

The registration system is expected to be orderly and dynamic, and the process will not be particularly fast.

Judging from the current situation, the number of listed companies waiting in line is relatively large. "Curve saving the nation" is still a fast way for some companies.

The latest release of the initial public offering (IPO) audit process table shows that as of November 27, 2014, the SFC accepted 636 first out businesses, 32 of which had passed, and 604 had not yet been passed.

In the absence of the meeting, there are 579 enterprises on trial, and 25 of the enterprises to be terminated.

In this regard, Guotai Junan research report also believes that the registration system will be launched in 2015, and will not be fully implemented throughout the market. The greater possibility is that the gem will be layered, forming a new sector to implement the registration system, and possibly a quality company that has been listed on the new three boards, or a high-tech non profit company directly pferring to the growth enterprise board after a year of listing the new three boards.

Tang Zurong further said that in the past few years, PE has invested nearly 10000 enterprises, and these enterprises can not all realize IPO.

Among them, at most 20%-30% can be listed, and the rest is to be merged.

At present, the price earnings ratio of listed companies is high, and the valuation of M & a market is also 8-12 times. As long as the difference exists, the M & a market will remain a certain degree of activity.

Wu Zhaoyang analyzed from the perspective of industrial integration that in recent years, many listed companies are indeed doing industrial integration, and many companies in the market have completed the conversion from the market value of three billion yuan to the market value of 34 billion yuan.

From a deeper level, mergers and acquisitions will speed up the birth of new blue chips.

It is the A group with the most investment value in the next ten years.

Therefore, the demand for mergers and acquisitions of listed companies will continue to maintain a strong momentum in the next stage.

However, in the long run, PE practitioners say that the visual center can not fall on the rhythm of registration system, but instead return to the logic of industrial integration.

Wu Zhaoyang believed that

There are some misunderstandings about M & A fund to assist listed companies in market value management and the one or two level market linkage.

The arbitrage of valuation spreads in the one or two tier market can only be regarded as a superposition of non market dividends. The bonus of M & a funds must come from the long-term blue chip value of industrial integration.

For example, we must change shares with the listed companies in the promotion of our buyout fund, participate in the operation and promote continuous M & A.

It is the future of M & A fund by mining and releasing blue chip value through continuous cooperation with listed companies.

He said.

He further indicated that the leading role of new industries is to achieve faster growth through mergers and acquisitions, which is the core value of mergers and acquisitions.

Stock price speculation is only associated with mergers and acquisitions.

If the registration system hits down the market valuation, it will really spawn the source of acquisition.