In the first half of 2019, the mergers and acquisitions of listed companies in Shanghai stock market showed a new look and pattern: industrial mergers and acquisitions are still the mainstream, the reform of state-owned enterprises is deepening, the private assets are gradually upgraded, the restructuring of the “three highs” is effectively alleviated, the restructuring is suspended, and the market is greatly reduced. Vigor is fully inspired.
The data shows that in the first half of the year, the Shanghai stock company disclosed more than 470 orders for various types of mergers and acquisitions, involving a total amount of 350 billion yuan. In terms of major asset restructuring, the Shanghai Stock Exchange disclosed a total of 45 reorganization plans, involving an amount of nearly 134 billion yuan; Completed the restructuring plan 25, involving an amount of nearly 100 billion yuan.
Industry M&A is still the mainstream, focusing on improving the quality of listed companies.
In the first half of 2019, the merger and reorganization of the Shanghai stock market continued to revolve around the main line of the real economy, and industrial mergers and acquisitions remained the mainstream. The reorganization logic based on the integration of the same industry and upstream and downstream has become the main theme of the market. The blind cross-border and follow-up phenomenon that has been popular in the past few years has been further reduced. From the data, the transaction scale of industrial mergers and acquisitions in the major asset restructuring of the Shanghai Stock Exchange in the first half of the year exceeded 90 billion yuan, much higher than the scale of cross-border restructuring. From the perspective of the industry, the industries with more active M&A are mainly in the fields of communication and information technology, basic chemicals, medicine, nonferrous metals, and national defense military. Among them, opening up the upstream and downstream, acquiring the same industry, and transforming new technologies are important driving forces for the merger and reorganization of the Shanghai Stock Exchange.
From the practice in recent years, the original intention of mergers and acquisitions based on industrial integration is often better in the implementation of the follow-up performance commitment period. The 2018 annual report shows that the company's performance commitments focused on industrial mergers and acquisitions are also higher.
The reform of state-owned enterprises has been further advanced, and the leading effect of platform integration in the same industry has been highlighted.
XXSince the reform of the lock-up system, the Shanghai stock company has been completely resolved due to the phenomenon of long-term suspension of trading. At present, the suspension of trading of assets for the issuance of shares is no more than 10 trading days; the acquisition of assets due to the planning of cash will not be suspended, mainly through the phased disclosure method instead of the previous suspension. From a practical point of view, in the first half of the year, only 38 companies were suspended due to restructuring applications, and none of them exceeded 10 trading days, effectively protecting investor trading rights and market liquidity. From the stock price reaction after the resumption of trading, the stock price of the first day of the reorganization and resumption of trading in the first half of the year rose by an average of 2.66%. The number of stocks rising and falling on the first day after the resumption of trading was basically the same, with an average increase of 8.41%, or 5.74%. Some reorganizations are optimistic about the continuous rise of investors after the resumption of trading, and there is no shortage of continuous decline after the resumption of trading. However, in general, the phenomenon of unilateral continuous daily limit after reorganization and resumption of trading has basically ceased. Overall, the speculation of mergers and acquisitions has cooled significantly, and phased disclosure has gradually been recognized by the market. According to the actual situation, the reorganization information is disclosed in stages and the risks are fully indicated to replace the previous long-term suspension. Investors can carefully assess risks and benefits and make independent decisions on the premise of having sufficient trading rights.
The reform measures have achieved remarkable results and the market vitality has been fully stimulated.