导航菜单

上半年沪市公司并购重组470余单 同行业平台整合龙头效应凸显

兴发娱乐新pt

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.

xx在国企改革和供给侧改革持续深化背景下,沪市国企积极通过并购重组整合优势产能,其治理结构,资产质量均得到进一步优化,打造出一批龙头地位突出的上市平台。2019年上半年,沪市国企共进行各类并购交易225次,发生交易金额约2400亿元,与去年同期基本持平其中,披露重大资产重组方案24单,涉及交易金额近1000亿元;实施完成重大资产重组11单,涉及交易金额660亿元。

上半年,并购重组助力国企改革的作用更加突出:一是市场化债转股,上市公司通过发行股份的方式收购债转股资产,为扎实推进供给侧结构性改革提供了市场化解决方案二是国企混改,集团层面引入新的战略投资者,为国企改革添油助力。三是资产整合与证券化高效并行,国企上市平台通过并购重组合理整合分配资源,公司主业更加聚焦突出。

民营资产跃步升级,海外并购更加聚焦主业。

上半年,民营企业积极通过并购重组实现产业升级,培育发展新动能。沪市民营企业共进行各类并购交易246次,交易金额约1100亿元。其中,披露重大资产重组方案21单,涉及金额近340亿元,实施完成重大资产重组14单,金额330亿元。并购重组在助力民企加速转型升级,抵御风险挑战,实现高质量发展等方面,日益发挥重要作用。同期,海外并购也呈现出围绕产业升级的显着特点,不少公司主动深化国际布局,积极参与国际竞争。

XX此外,在化解上市公司股权质押风险等方面,并购重组也发挥了积极作用。上半年,通过部分股权转让,控制权变更,资产处置或注入等市场化并购重组方式,沪市部分前期陷入困境的控股股东的流动性已明显改善,质押平仓风险隐患进一步缓解,有效避免了局部风险的扩大。

估值溢价有所回落,重组“三高”有效缓解。

上半年,沪市重大资产重组标的平均估值溢价率为145%,同比下降60个百分点其中,产业整合类并购的平均溢价率为140%,同比下降约50%;跨界类并购整体溢价水平,从2018年上半年的400%下降至160%。从三种不同估值方法来看,上半年重大资产重组已披露估值方法的,采用收益法评估的占比52%,溢价率平均值为240.77%,中位数为122.63%;采用资产基础法评估的占比39%,溢价率平均值为98.59%,中位数为89%;也有个别采用市场法评估,平均溢价率约7.55 %整体看,并购重组以往的“三高”现象回落明显,反映出真正围绕实体,产业类的并购估值相对更为理性审慎,交易双方博弈也更为充分和务实;同时也说明,随着近年对高估值,高商誉,高承诺的监管关注,并购重组市场乱象得到较为有效的治理,单纯追求股价或题材概念的并购重组显着降温,报表式重组逐渐淡市场,投资者也更为关注重组后续整合效果。

重组停牌大幅缩减,股价反应回归理性。

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.

xx自去年以来,中国证券监督管理委员会先后出台了一系列新措施,包括发行可转换债券,简化披露要求,“小批量”审查机制,以及募集资金的使用。今年上半年,随着这些系统红利的逐步释放,并购市场的活力得到了有效提升。首先,在支付工具方面,创新更多样化。自可转换债券试点以来,由于其更全面的博弈机制和相对灵活的条款设计,它逐渐成为并购的重要工具。从上海股市的角度来看,自赛腾股份披露首个单向可转换债券计划以来,已有8家公司在重组计划中引入了目标可转换债券。与此同时,许多公司积极探索和全面利用普通股+可转换债券+现金支付的问题,设计出更有利于双方充分博弈的个性化重组计划。其次,筹集资金更加灵活方便。由于募集资金的使用范围,上半年,上海证券市场的12家公司拟利用筹集的资金偿还债务或补充流动资金,有效缓解公司的财务压力,优化资本结构。第三是在交易安排方面更加注重交易的综合表现。一些上市公司积极引入分期付款的交易方式,或对目标资产购买率做出不同的安排,这对于与交易对手的游戏更为充分。它还减轻了上市公司的财务负担,充分保护了投资者的利益。

今年上半年,上海证券交易所坚决贯彻中国证监会的要求,继续把并购重组作为重要的资源配置方式,释放市场活力,增强市场弹性,提高上市公司质量,坚持监督和服务,做好并购和重组。对符合产业逻辑的并购和重组交易,回归实体的起源,适应国家战略,主动沟通协调,依法提供必要的支持;继续加大对“三高”和“闪烁”重组的监督和调查力度。如有必要,强度可以进行多次查询,并严格防止并购成为不正当套利或利润转移的工具。在整个并购重组过程中,监管信一直是提高上市公司质量的首要目标。下一步,上海证券交易所将坚决贯彻中国证监会“四敬”,“一力”的要求,着力提升上市公司质量,突出持续监管和分类监管的理念,更加注重重组后的实施效果,并通过并购继续支持上市公司。提高质量和效率。

记者张伟

原标题:上半年,上海股份公司的并购和重组涉及金额超过470单身人民币3500亿元

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