Keywords for the first quarter of mergers and acquisitions: Accelerating the review cycle

Keywords for the first quarter of mergers and acquisitions: Accelerating the review cycle

Keywords for the first quarter of mergers and acquisitions: Accelerating the review cycle, “Flicker-style reorganization” was closely watched by our reporter Tan Chudan Shenzhen, which reported the end of the first quarter, and the merger and reorganization market ushered in an inventory moment.

  According to statistics from 21st Century Business Herald, in the regulatory department, the review of mergers and acquisitions and reorganizations has accelerated, and the average time from replacement to the last will be 70 days, which is changed to nearly two weeks compared with the same period last year.

Regarding the focus of the review, the “Fudge” reorganization was watched by the regulators. On April 2, Hero Mutual Entertainment terminated the backdoor Hemei Group, and was asked by the Shenzhen Stock Exchange to check whether it was suspected of “Flick” style reorganization.The affiliated Hangzhou Bajiuling was also asked similar questions, reflecting that the scale of the regulatory review has not been relaxed.

  Benefiting from the market recovery and policy encouragement, the activity of mergers and acquisitions and reorganizations increased in the first quarter, and the number of shares issued to purchase assets increased by 26% each year.

A brokerage investment bank M & A person said that the mentality of the two parties in the merger and acquisition has changed, and the target party is no longer worried about selling assets at low prices, and the number of cases requiring equity payments is also increasing.

  The review has accelerated to 70 days. Since this year, the 杭州桑拿养生会所 pace of M & A and reorganization review has taken another step.

  According to 21st Century Business Herald’s statistics on wind audit data, the M & A and Reorganization Committee reviewed a total of 23 orders in the first quarter of this year, and the average audit time for these projects was 70 days.

In the same period last year, the average review time for 34 cases required 83 days, and now it has been shortened by nearly 2 weeks.

  Among them, Keli Yuan (600478.

(SH) Issuance of shares to buy Geely Group, CHP Corporation, the total holders of Maple Motors36.

The M & A of 97% equity was the shortest project in the first quarter of this year, with 34 days.

  ”Since last October, the supervisors have stated their strong support for the development of mergers and acquisitions and reorganization, which has stimulated vitality and accelerated the review process as 佛山桑拿网 a whole.

For example, Tuo Ersi (300229.

SZ), set up research institute (300732.

SZ) projects are reviewed within one month.

This year is to continue this rhythm.

“Mergers from a securities firm in South China said on the 2nd.

  Review speed or other continues to increase.

  On March 21, the CSRC decided to cancel part of the application materials for administrative licensing matters and reduce the time limit for processing promised administrative parts.

Among them, with regard to the administrative licensing matters including “approval for the purchase of assets by listed companies for the purchase of assets”, the statutory time limit for processing is 3 months (90 natural days), and the CSRC now promises to reduce the time limit to 70 natural days.

  According to statistics from reporters in the first quarter of the meeting, due to the existing projects, 9 projects have been reviewed for more than 70 days. Yunnan Tourism (002059).

SZ) and New Open Source (300109.

SZ) projects are all over a hundred days.

  ”The supervisors have now promised to reduce the length of the audit and give the market a very clear expectation. It is expected that the audit will continue to accelerate in the second quarter.

“Some South China brokerage mergers and acquisitions talk.

  Judging from the past meetings, 20 of the 23 projects attended the meeting, 2 failed, and the rate of meeting reached 91.

3%, compared with 91 in the same period last year.

7% performed consistently.

  In terms of the audit focus, according to the 15 single items that have disclosed their audit opinions, a reporter from the 21st Century Business Herald found that 7 supervisors have asked about the profitability of the underlying assets, accounting for 47%, which shows that profitability is still an audit.core.

  In addition, two were asked about the stability of control of listed companies and whether they can effectively control the formation of targets; two were asked the question of “competitive competition”.

  Possibly, the regulation of “flick reorganization” has been relaxed again.

  On April 2, Hermet Group (002356.

SZ) announced that the termination of M & A and reorganization was mainly because the core transaction conditions must be met and agreed; the “Merger and Absorption Agreement of Shenzhen Hemei Group Co., Ltd. and Hero Mutual Entertainment Technology Co., Ltd.” signed on March 1Automatic termination.

  Subsequently, the Shenzhen Stock Exchange immediately issued a letter of concern on the same day, asking the company to self-inspect whether there were false records or misleading statements, whether to fully redistribute the termination risk, and whether it was suspected of a “fugitive” reorganization.

  Coincidentally, on March 31, Quantong Education announced a reorganization plan, saying that it intends to purchase a 96% stake in Hangzhou Bajiuling, which belongs to Wu Xiaobo, for 1.5 billion shares.

The Shenzhen Stock Exchange inquired to verify whether the feasibility of the transaction was a “fugitive” reorganization.

  Industrial M & A activity From the perspective of activity, the M & A market has obviously heated up in the first quarter.

  According to wind statistics, in the first three months of this year, a total of 34 listed companies planned to acquire assets by issuing shares, about 27 in the same period last year, an annual increase of 26%.  Initially, it was generally believed that the recovery of the secondary market was the main factor.

  Wind data shows that, as of April 1, the highest discount rate was Qijiang Hydropower (600131).

(SH), the company plans to acquire 100% equity of 4 companies including CLP Feihua, Jiyuan Software, CLP Puhua and CLP Kaixing, with a discount rate of 71.


The essence is CSIC (600072.

(SH), the company intends to acquire 100% equity of Haiying Group, resetting the discount 54.


  A Shenzhen-based large-scale brokerage merger and acquisition person joined on the 2nd. The recovery of the stock market this year is an important reason for the active merger and reorganization.

“Last year, the overall estimation system moved downwards, and the downward trend was expected to be particularly fast. It suddenly fell by 20%, and the mentality was very different, so many reorganizations were terminated.

It is easier to talk now than in the past. In terms of backdoors, the expectations of selling shells are not so strong, and the price of shells has also risen.

“In contrast, in the first quarter of 2018, mergers and acquisitions and reorganizations have been completed. In the context of the apparent recovery of the secondary market today, there are still 48% of cases where prices are inverted.

Of which Chang Aluminum (002160.

Shenzhen), Longsheng Technology (300680.

SZ), China Shipbuilding Defense (600685.

(SH) All prices are upside down from 50%.

  For a Shenzhen PE person in the field of mergers and acquisitions, equity payment methods have also increased.

“It was previously discovered that getting cash outweighs the sense of security, so there will be more cash acquisitions; this year, because the secondary market is picking up, getting stocks means optimistic about the future value-added space.

“From the perspective of the type of mergers and acquisitions, the first quarter of this year is still dominated by industrial mergers and acquisitions.

Among them, the number of “basic chemical industry” and “construction engineering” was the largest, with three each.

The electronics category also accounted for the majority, with two sub-sectors, “semiconductor products”, “electronic equipment and instruments”, and “electronic components” each.

  Obviously, the merger and reorganization or acceleration of state-owned enterprises and state-owned enterprises will also be a major focus in the next quarter.

  FAW Car (000800.

SZ) announced at the end of March that it planned to purchase the shares of FAW Jiefang, the holder of FAW shares, by means of asset replacement, issue of shares to purchase assets, and raise supporting funds.

Subsequently, on the evening of March 28, Chinese ships (600,150.

(SH) announced the adjustment of major asset reorganization, that is, plans to put into Jiangnan Shipbuilding, Guangzhou Shipbuilding International, Huangpu Wenchong and other shipbuilding assembly assets; Hudong Heavy Machinery was placed to CSSC Defense (600685).


  It is understood that during the major asset reorganization of some state-owned enterprise listed companies, they had planned to increase the reorganization to solve the problem of competition in the same industry. Now the commitment period is gradually approaching.

For example, China Chemical Industry had planned to solve the problem of inter-group competition among its subsidiaries by September 2020, involving the listed company Andoma A (000553).