Utilize the functions of the capital market and adopt multiple measures to support mergers and acquisitions in various regions
2024-11-15
Recently, Shanghai, Jiangxi, Sichuan and other places have successively introduced relevant policies or held related activities to support mergers and acquisitions of listed companies, attempting to promote mergers and acquisitions, promote the optimization and strengthening of enterprises, and drive the high-quality development of regional economy through the high-quality development of listed companies. Reporters have found that many places are taking different measures to increase support for mergers and acquisitions. On the one hand, clarify policy support. On November 12th, the executive meeting of the Shanghai Municipal Government agreed in principle to the "Action Plan for Supporting Mergers and Acquisitions of Listed Companies in Shanghai (2025-2027)", which clearly states that mergers and acquisitions are an important way to improve the quality of listed companies and cultivate leading enterprises. The "Several Measures for Fully Implementing the National Package of Incremental Policies to Promote the Continuous Recovery and Improvement of the Provincial Economy" recently released by Jiangxi Province proposes to study and promote special measures for mergers and acquisitions of listed companies and industrial enterprises, and establish a reserve resource library for mergers and acquisitions around the "1269" action plan. On the other hand, launch special activities. On November 11th, Wuxi held a merger and acquisition project docking meeting, which aimed to promote the high-quality development of listed companies by building a platform for docking merger targets with listed companies. On October 30th, the China Securities Hunan 50 Index Release and High Quality Development Training Conference for Listed Companies, jointly organized by the Financial Office of the Hunan Provincial Party Committee, the Hunan Securities Regulatory Bureau, the Shanghai Stock Exchange, and the Shenzhen Stock Exchange, was held in Changsha, and 21 listed companies and equity investment institutions with merger and acquisition intentions were organized for discussion. Listed companies are usually important representatives of a region's economic development level and competitiveness. Many regions encourage mergers and acquisitions with the aim of better leveraging their functions, assisting in industrial integration, and improving the quality and efficiency of enterprises Tian Lihui, Dean of the Institute of Financial Development at Nankai University, said. The booming development of M&A funds is worth noting that since the release of the "Six Measures for M&A", many places have sparked a wave of M&A fund establishment. The Financial Office of the Shenzhen Municipal Party Committee recently released the "Action Plan for Promoting High Quality Development of Entrepreneurial Investment in Shenzhen (2024-2026) (Draft for Public Solicitation of Opinions)", proposing to explore the establishment of an industrial merger and acquisition fund in cooperation with the city's industrial leaders, and encourage state-owned enterprises to study and explore the establishment of an industrial merger and acquisition fund in accordance with market-oriented and rule of law principles. The Kangqiao Medical and Health M&A Investment Fund of Beijing Economic and Technological Development Zone (Beijing Yizhuang) has recently been officially established, which is the first M&A fund established by Yizhuang. The fund is jointly established by Beijing Yizhuang International Biomedical Investment Management Co., Ltd. and Kangqiao Capital, with a total scale of 3 billion yuan. In the fourth quarter, M&A funds will show a vigorous development trend, with a significant increase in M&A funds backed by state-owned capital and local governments Yu Chaohui, co director of the International M&A and Investment Institute of Renmin University of China, said. The trend of IPO companies seeking mergers and acquisitions is gradually becoming more and more common. With the help of the merger and reorganization policy "Dongfeng", the trend of IPO companies seeking mergers and acquisitions is becoming more and more common. According to incomplete statistics, nearly 10 A-share companies have announced the acquisition of controlling stakes in previously planned or failed IPO companies since the beginning of this year. Zhou Maohua, a financial analyst at Everbright Bank, believes that with the launch of a series of merger and acquisition policies and the new financing environment changes in the IPO market, more and more investors may seek to achieve industrial integration or capital exit through mergers and acquisitions in the future. It is not ruled out that mergers and acquisitions may become the main way for venture capital institutions to exit through equity investment in specific stages. Based on the current situation, some places have made policy adjustments, hoping to support listed companies to focus on their main business and grow stronger through capital market tools such as mergers and acquisitions, and drive high-quality regional economic development. The "Implementation Plan for Promoting High Quality Development of the Capital Market" issued by Sichuan in October proposes to establish a correct "listing concept", improve the cultivation mechanism of Sichuan Province's reserve enterprise resource pool for listing, increase support for "hard technology" enterprises that break through key core technologies in new industries, new business forms, and new technologies, and support enterprises in need to legally and compliantly raise funds overseas; Support mergers and acquisitions of listed companies, and make good use of the "green channel" for financing and mergers and acquisitions on the Science and Technology Innovation Board. In the view of Liu Chen, a researcher at the China Banking Research Institute, under the joint promotion of central and local policies, it is gradually becoming a trend for IPO companies to seek mergers and acquisitions.
Edit：Yao jue Responsible editor：Xie Tunan
Source：China Securities Journal
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