The M & a market is "warm" recently. According to tonghuashun data, as of March 2, 448 mergers and acquisitions of a shares had occurred during the year, involving more than 90 billion yuan. Among them, the number of M & A cases in mechanical equipment, power equipment and pharmaceutical and biological industries is the largest. Industry insiders predict that the M & a market will remain active in 2022 driven by the continuous optimization of the system and economic transformation. There were more than 400 A-share M & A cases during the year On March 2, nine A-share listed companies, including northern navigation, Huatie Co., Ltd. and Minguang of Sansteel, issued merger and reorganization related announcements on the same day. According to tonghuashun data, taking the first announcement date as the statistical basis, as of the press release on March 2, 448 corporate M & A events have occurred in the A-share market this year (excluding M & a failure cases, the same below), involving M & a funds of about 97.754 billion yuan. "The overall activity of M & A of listed companies this year has a lot to do with the marketization and legalization of the environment. For example, the examination and approval of M & A cases will also be more market-oriented." Fu Lichun, an economist and founding partner of Yuntai capital, told the economic information daily that on the other hand, the overall financial environment this year is relatively loose, and the market has enough "ammunition" to engage in corresponding activities. In order to enhance the status of the industry, listed companies also have urgent requirements for upgrading the scale and transformation, and have more subjective motivation and motivation. In fact, 2021 has become the "big year" of the M & a market. According to the report "review of Chinese enterprise M & a market in 2021 and prospect in 2022" released by PwC recently, the number of domestic M & A transactions in China reached a record high in 2021, reaching 12790, an increase of 21% over 2020, and the transaction amount decreased by 19% from the highest level in 2020 to US $637.4 billion. Among them, the transaction amount of private equity funds exceeded half of the total transaction amount for the first time. Industry insiders predict that the M & a market will remain hot in 2022. Chen Li, chief economist of Chuancai securities and director of the Research Institute, said that with the promotion of the registration system in pilot projects such as the science and innovation board and the Beijing stock exchange, it is expected that after the comprehensive registration system, more high-quality companies will be listed to obtain financing. After completing the financing, many of these enterprises need to open up the upstream and downstream industrial chain through mergers and acquisitions, so as to enhance their competitive advantage. Driven by the policy, the M & a market is expected to remain active this year. PricewaterhouseCoopers also said that the M & A transactions of Chinese enterprises may continue to maintain a high level in 2022, mainly due to the continuous transformation of the domestic economy and the historical highest level of funds to be invested by financial investors. It is estimated that the number of M & A transactions of Chinese enterprises in 2022 will be roughly equal to or slightly lower than that in 2021. Mergers and acquisitions in new energy, TMT and other fields are hot In terms of industry, since this year, M & A cases have frequently appeared in power equipment, mechanical equipment and other industries in the manufacturing industry. According to the statistics of tonghuashun, among the M & A cases of listed companies since this year, there are 55, 41 and 37 M & A cases in mechanical equipment, power equipment and pharmaceutical and biological industries respectively, ranking among the top three in Shenwan industry, while the M & A cases in electronics and computer industry are also prominent. "The most noteworthy issue this year is still the mergers and acquisitions in the field of new energy. Specifically, with the high growth of downstream demand in the lithium battery sector and the high price of upstream raw materials, in order to reduce the cost pressure, new energy enterprises have shot to acquire upstream mining assets. At the same time, monocrystalline silicon, caustic soda and other photovoltaic enterprises have the need to acquire photovoltaic power plants to solve their own green power under the guidance of the dual carbon policy." Chen Li said that another sector with high incidence of M & A is the TMT field. TMT plate has a long industrial chain and many segments, and there are many opportunities and demands for reinforcement through M & A. Liu Yanlai, managing partner of PwC's private equity fund business in mainland China and Hong Kong, also expects that hot topics including "industrial upgrading", "digital economy" and "green development", as well as the general attention to the consumer economy in China, may continue to promote M & A transactions in the future, providing opportunities for enterprise restructuring and strategic changes. It is worth noting that in the pursuit of hot fields such as new energy, many listed companies have chosen the way of "cross-border M & a". For example, Tianyu ecology, whose main business is garden ecological engineering, recently announced that it would spend 610 million yuan to cross-border acquire 51% equity of Qinghai juzhiyuan, which is engaged in lithium batteries. Mubang high tech, whose main business is educational toys, recently said that the company plans to acquire 100% equity of haoan energy at a tentative transaction price of 1.1 billion yuan. "Generally speaking, there are two kinds of cross-border mergers and acquisitions. The first is to provide stable cash flow for the main business and dig deep into the 'moat' of the main business through cross-border mergers and acquisitions. A typical representative is the merger and acquisition of new energy power generation enterprises by high energy consuming enterprises. By entering the green power field, we can avoid the reduction of production due to energy consumption restrictions in our main business. The second is that our main business is in difficulties or even losses and tries to get through Business transformation through cross-border mergers and acquisitions. " Chen Li said that the former is a kind of reinforcement for itself, which can effectively increase the competitiveness of enterprises, while the latter ignores that there are already many high-quality enterprises in the popular track, and cross-border M & A may not be able to successfully transform and get what they want. Fu Lichun also said that the current hot areas of M & a mainly appear between interbank M & A in emerging industries, and there are also cross-border M & A carried out by some traditional enterprises to realize business transformation and improve corporate earnings. The latter is more uncertain, and may be influenced by some market bubbles or conceptual factors. It needs to be analyzed in combination with the actual situation. (Xinhua News Agency)