During the year, the A -share company released a total of nearly 20 % of the future activity of nearly 20 % of the future.

Reporter Wu Xiaolu

According to Flush iFind data, as of September 20, the A -share company has released a total of 4790 single M & A plans since this year, a year -on -year increase of 19.15%. Among them, the 1442 orders have been completed, the 82 orders fail, and the remaining 3266 orders are in progress.

Speaking of the characteristics of A -share mergers and acquisitions and reorganizations this year, Tian Lihui, Dean of the Institute of Financial Development of Nankai University, told reporters of the Securities Daily that the A -share M & A reorganization shows four major characteristics during the year: first, asset pricing is relatively fair, the target valuation decreases; secondly , More focused on the integration of industries; again, the state -owned assets and acquisitions have been significantly enhanced; in the end, the activity of listed companies (hereinafter referred to as 'A and A') has continued to increase. He predicts that with the improvement of financing convenience and optimization of the review rules, the active degree of active activity of A -share mergers and acquisitions is expected to further improve.

Most of the mergers and acquisition plans for electronics and other industries

Chen Li, chief economist of Chuancai Securities and Director of the Institute of Research, told a reporter from the Securities Daily that this year's A -share M & A reorganization mainly focuses on three themes. Development; followed by the necessary mergers and acquisitions and reorganization processes in the reform of state -owned enterprises; in the end, some companies improve their operating conditions through mergers and acquisitions to avoid the delisting crisis.

From the perspective of the industry, the four industries with a large number of mergers and acquisitions this year are pharmaceuticals, machinery and equipment, basic chemicals and electronics, which are basically the same as last year. However, from the perspective of industry changes, the mergers and acquisitions plans of machinery, equipment, electronics, and power equipment industries have increased more, with an increase of 112, 107, and 103 orders respectively year -on -year.

"Under the three major conditions of good prospects, good financing, and valuation‘ depression ’, machinery and equipment, electronics and other industry companies have grown more.” Tian Lihui said.

Chen Li said that in recent years, high -end manufacturing, semiconductors and new energy are all industries that my country's focusing on development, and these sectors in the A -share market have also been popular with capital. In this context, all listed companies need to open up and downstream industrial chains through mergers and acquisitions, make up for their own shortcomings, and improve their competitiveness.

"In the future, with the continuous development of new energy, semiconductor and other industries, competition in the industry will also be more intense. At that time, companies in various segments will be strongly united through mergers and acquisitions. The integration of the industrial chain will become one of the important highlights of mergers and acquisitions. "Chen Li further said.

"A and A" activity continues to increase

Since the beginning of this year, the activity of "A and A" has continued to improve. "In the context of the registered system, the popularity of listed companies' mergers and acquisitions of listed companies has increased significantly, and resource allocation is optimized." Tian Lihui said.

According to incomplete statistics from the public information, 5 "A and A" have been completed since this year. In April, Gree Electric completes the acquisition of the Dunan environment; in May, Zhonglian Heavy Section required a tender to acquire Lu Changke, and Zijin Mining completed the acquisition of ST Dragon Jing; in July, Guanghui Energy completed the acquisition of alloy investment, Changfei Optical Fiber acquisition Bo Chuang Technology is completed. In addition, the 4 order "A and A" is being promoted, which are China Resources Sanjiu acquisition of Kunyao Group, Tongce Medical acquisition and Ren Technology, AVIC Electronics acquisition of AVIC, and Midea Group to acquire Kelu Electronics.

Recently, China Resources Sanjiu disclosed the progress of the M & A Kunpar Group, saying that the current integration of Kunyao is promoted in an orderly manner according to the timetable, hoping to complete the mergers and acquisitions by the end of this year. China Resources three -nine claims that this transaction constitutes a major asset reorganization of the company, which takes a long time to strive to complete the transaction around November. The company is very optimistic about the Kunyao project. The entry of Kunyao will help China Resources Sanjiu to further consolidate the leadership of the CHC industry and also help improve the company's ranking in the field of Chinese medicine.

AVIC announced on September 9 that the National Defense Science and Technology Industry Bureau agreed to AVIC electronics absorption and consolidated AVIC. Ketu Electronics announced on August 31st that the Shenzhen Municipal SASAC agreed to the controlling shareholder of Shenzhen Capital Operation Group Co., Ltd.'s non -public agreement to transfer some shares of the company and the company's non -public issuance matters.

"With the steady advancement of the reform of the registration system, the delisting process of listed companies is gradually improving, and the number of some companies to avoid passive mergers and acquisitions and reorganizations from the delisting crisis will also increase." Chen Li said.

State -owned corporate mergers and acquisitions will increase

State -owned M & A has also become a hot spot in the market. Data show that during the year, state -owned enterprises (including state -owned enterprises and state -owned enterprises) released the 1460 single M & A plan, an increase of 14.33%year -on -year, accounting for 30.48%.

In May of this year, the "Improvement of the Quality Work Plan for the Holding Listed Companies of Central Enterprises" was released, proposed that the scientific use of the M & A function of the listed platform, and implementing the main business expansion and strong chain supplementary chain around the key links of the main business and the industrial chain and the supply chain to promote transformation and development.

"State -owned assets are gradually becoming one of the main mergers and acquisitions, and they will focus more on the industry and high -end manufacturing. In the future, with the support of policy and funding, the intensity of the M & A and acquisition of state -owned enterprises is expected to continue to increase." Tian Lihui said.

Speaking of the future trend of A -share mergers and acquisitions, Tian Lihui believes that with the improvement of financing convenience and optimization of the review rules, the frequency and heat of A -share M & A reorganization will continue to increase, becoming an important channel for the optimization of capital market resources. Among them, the integration between listed companies will be further active and further helps the high -quality development of my country's capital market.

- END -