According to statistics, as of the press release of 65438+February 14, according to the first disclosure date, there were 158 major reorganization plans in the A-share market during the year, of which 124 were under implementation or completed, and 34 plans were terminated.
Listed companies actively implement the national strategy, seize the opportunity of industrial policy, seek high-quality targets in the industrial field, and launch major restructuring plans. In the above-mentioned 124 projects under implementation or completed, 80 bidders are listed companies.
For example, the light manufacturing industry Meiliyun 165438+ 10 announced that the company intends to promote the sustainable development of new energy business by increasing the acquisition of Tianjin Juyuan 100% equity and Suzhou Li Shen 100% equity; In the field of national defense and military industry, AVIC Electronics absorbed and merged AVIC Electromechanical, and formed an important airborne system listing platform in the aviation industry through restructuring, accelerating the development of airborne system business.
Tian, dean of the Institute of Financial Development of Nankai University, told the Securities Daily reporter that with the support of national strategies and industrial policies, the major restructuring of listed companies is a major opportunity for them to achieve leap-forward development again. China has effectively implemented the strategy of promoting "double carbon". The rapid development of new energy and clean energy has promoted the transformation and upgrading of the energy industry, and restructuring is a powerful starting point. At the same time, the strategy of manufacturing a strong country means that China's manufacturing industry has a strong chain, and the upgrading of the industrial chain needs to be reorganized.
According to statistics, during the year, 34 major reorganization plans were announced to be terminated for various reasons after the first disclosure, and the number decreased by 40% compared with the same period last year. Judging from the termination stage, most of them are in the stage where the reorganization draft has not been published. Before entering the M&A and restructuring committee review stage, both parties to the transaction voluntarily terminate the major restructuring plan through consultation.
According to the reporter's further analysis, the main reasons for the termination of the reorganization plan are: the two parties to the transaction failed to reach an agreement, the placing object did not meet the requirements of the listed company, the approval procedure was not completed within the agreed time, and the external environment changed.
Among them, there are not a few cases in which the reorganization plan is terminated due to the problem of the transaction target. For example, in February this year, Huaihe Energy first disclosed the announcement of its intention to absorb and merge Huainan Mining. Later, due to problems left over from the history of Huainan Mining's subordinate coal mines, the termination plan was announced on June 5438+065438+ 10.
Chen Li, chief economist and director of the research institute of Chuancai Securities, said in an interview with the Securities Daily reporter, "On the whole, enterprises with complementary resources and close industrial chains are suitable for launching major restructuring plans, while enterprises with large scale, stable operation and sufficient cash flow are more likely to complete major restructuring."
Regarding the future development of the major restructuring plan of the A-share market, Chen Li believes that, firstly, the quantity will be reduced and the quality will be improved. With the reform of registration system and stricter supervision, the degree of market standardization will be further improved, and enterprises that do not meet the regulatory requirements will not be able to complete major restructuring plans. At the same time, with the deepening of the reform of state-owned enterprises, major restructuring activities of large state-owned enterprises and central enterprises are expected to remain active. Second, major restructuring plans will focus on hot areas such as new energy, high-end manufacturing, infrastructure and digitalization supported by policies. Enterprises have better expectations for the industry prospects and stronger willingness to integrate resources.