Recently, the Shanghai Stock Exchange (SSE) collaborated with the Shanghai Securities Regulatory Bureau to conduct research on mergers and acquisitions. Representatives from six listed companies in Shanghai spoke at the symposium. Research suggests that the relationship between promoting development through scientific coordination, strong regulation, and risk prevention should be explored, and measures should be taken to enhance the inclusiveness of restructuring valuation and activate the M&A market. The Economic Reference News reporter learned that in the next step, the Shanghai Stock Exchange will continue to conduct research on mergers and acquisitions in Beijing, Anhui and other places. During the survey, the Shanghai Stock Exchange introduced recent capital market support measures for mergers and acquisitions and restructuring, as well as the status of restructuring review work. From a practical perspective, listed companies have achieved quality improvement, efficiency enhancement, and strength through mergers and acquisitions. Since the pilot registration system, the Shanghai Stock Exchange has approved 13 asset restructuring projects that involve issuing shares to purchase assets. Overall, listed companies have improved their operating performance and enhanced their profitability through restructuring. Conduct in-depth exchanges among various parties on the regulatory rules and mechanism arrangements, planning, and implementation of mergers and acquisitions that are widely concerned in the market. In response to the issues raised by representatives of listed companies regarding payment methods, performance commitments, and industry competition in the process of mergers and acquisitions, the research team conducted face-to-face communication with the companies. All parties involved in the research unanimously agree that mergers and acquisitions of listed companies have multiple functions such as optimizing resource allocation and accelerating technological integration, which are of great significance for serving high-level technological self-reliance and developing new quality productivity. The "Eight Articles of the Science and Technology Innovation Board" further clarify the support for mergers and acquisitions integration in the upstream and downstream of the industrial chain, improve the inclusiveness of valuation in mergers and acquisitions, and facilitate the role of the capital market hub. It supports listed companies to focus on optimizing and strengthening their main businesses, inject high-quality assets, and enhance investment value. Research various suggestions, scientifically coordinate the relationship between promoting development and strengthening supervision and risk prevention, and take multiple measures to activate the M&A and restructuring market. One is to further enhance the inclusiveness of restructuring valuation, support the reasonable determination of transaction price by both parties on the basis of market-oriented negotiation, and improve the disclosure of valuation related information. The second is to support the merger and acquisition of high-quality targets with synergistic effects by listed companies on the Science and Technology Innovation Board, promote the development and growth of technology enterprises, and enhance the "hard technology" attributes of listed companies. The third is to strengthen policy promotion and promote the implementation of typical cases, support the absorption and merger of listed companies, adopt diversified payment tools such as targeted convertible bonds and installment payment methods for stock consideration, and promote or guide them in combination with market demand to form typical cases. Various parties also exchanged views on the impact of policies and rules in the fields of taxation, foreign investment, etc. on cross-border mergers and acquisitions and other restructuring businesses, as well as suggestions for improvement. (New Society)
Edit：Lubaikang Responsible editor：Chenze
Source：jjckb.cn
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