Category: Money Tips Date: 2006-10-11
Since 1993, the extension of industrial pull, Baoan acquisition of listed companies in China buy a prelude to starting a gradual acquisition of domestic listed companies into nirvana. Not only the central enterprises, private enterprises mergers and acquisitions, more large-scale involvement of foreign mergers and acquisitions. In particular, as to allow foreign investors to make strategic investments in listed companies, opened A-share accounts, foreign mergers and acquisitions will gradually become a new force. With the opening WTO commitments fulfilled one by one until the end of 2006, China will open most of the industry. China's central enterprises bigger and stronger, if not before, will inevitably lose out in future competition, so the central enterprises mergers and acquisitions must be urgent. Along this line, this is an idea from the foreign mergers and acquisitions and mergers and acquisitions central enterprises begin looking for the future direction of investment.
Foreign M & A
With China's sustained high economic growth, China's economy is increasingly affected by global attention. Many foreign companies have moved to the processing base in China, especially in the appreciation of the renminbi is expected, more and more overseas assets, hope to enjoy the benefits of appreciation of the renminbi. In this case, China's assets, more and more world attention. Allowing foreign investors to make strategic investments in listed companies, the merger-related companies has become another important channel for China. Judging from the current point of view, three types of companies most vulnerable to foreign investors favor.
Industry leader
Industry leaders will fully enjoy the benefits brought by industry growth. From a practical operational point of view, a special liking for foreign capital to the industry leader. December 28, 2005, Morgan Stanley and IFC were obtained from Conch Cement 10.51% and 3.82% of the shares. Conch Cement's main income is the cement industry more than 4 times the second. Therefore, the Conch Cement claim to be a leading listed companies, foreign mergers and acquisitions industry, the latest case. In recent years, engineering machinery industry leader, Xugongkeji, vitamin manufacturing industry, North China Pharmaceutical, lamps and lighting industry in Foshan were foreign to encroach. M & A industry leading listed companies, and can greatly help the foreign investors to conduct market reshuffle. For example, through the acquisition of Lucky Film, the United States completely established Kodak's dominant position in the Chinese market. Therefore, the industry leader is the preferred varieties of foreign intervention.
Channel
Control channels is tantamount to control the market. The most saw in foreign capital in China's huge market space for development. Listed company's sales channels and network of relationships is a bridge between foreign investors penetrate the Chinese market. Sumitomo Pharmaceutical Co., Ltd. shares-day side is one example. In the days side by Sumitomo Pharmaceutical Co., Ltd. will be extending their reach to international markets, while Sumitomo will also be days side medicine as a base for expansion in China. And Sumitomo Pharmaceutical Co., Ltd. M & A days side comparison, Goldman Sachs (Asia) Finance Limited Group, North Asia, cases of hand, then more clearly reflects the expansion of foreign investment through mergers and acquisitions to find a base for strategic intentions. Under the agreement, Goldman Sachs and North Asian group in the railway transportation, pulp and paper production and trade, dairy industry, finance, logistics and real estate and other areas of strategic cooperation, and North Asia, the Group's major shareholder of Harbin Railway Bureau, main business scope of on including the railway transport, coal operation, import and export of pulp and composite flooring trade. Foreign investment through mergers and acquisitions by listed companies to better channel resources to expand the Chinese market.
Market
Recent Intime Department of frequent pairs of 100 large corporations such as E Wushang retail mergers and acquisitions of listed companies, behind the United States is the Warburg Pincus fund flash shadow. As the retail industry after China's accession to the WTO the first fully open trade, is now being treated as foreign investors to seize China's huge domestic market of the entry point.
Resources
Mittal Steel's acquisition of Valin, CITIC Pacific M & A Daye Special Steel, Lafarge acquisition of Sichuan pairs of horses overseas capital to obtain resources for steel and cement, two typical cases. If it is not the policy limits, the media, information, metal, non-metallic mining industry with the listed companies are more vulnerable to foreign competition objects. Therefore, once the policy of liberalization of the industry chain is located in the upper reaches of the resource companies will very easily become acquisition targets.
Central Enterprise M & A
The market according to WTO's commitment to the end of this year China will be the majority of industries open to foreign investment. Rulangsihu the face of foreign capital, China's large group bound through integration of resources, bigger and stronger as soon as possible. SASAC Director Li Rongrong has said: the scale of the central enterprises can not enter the top three of the industry, it is necessary to restructure. 2005 full-year total of 169 central enterprises realized profits of 627.65 billion yuan, of which seven big monopolies (PetroChina, China Mobile, Sinopec, China Telecom, CNOOC, Baosteel, COSCO Group) share of total profit accounted for more than 60%. For some benefits in general, especially in difficult central level, it is likely to be mergers and acquisitions and restructuring. Wang Ruixiang, deputy director of SASAC, said recently, the central enterprises to adjust the layout and structure of the work will take new steps, the central corporate merger and reorganization will be further promoted. By the end of 2005, the SASAC has identified 96 central enterprises main business and in accordance with metallurgy, automobiles, major equipment, trade and other 21 major business segments, initially established the central enterprises and adjustment of the layout of ideas and opinions. According to media reports, the SASAC is currently the practice of the 169 companies divided into three main categories:
The first category is related to national security, belonging to China's economic lifeline of the industry, mainly including national defense industry, civil aviation, electricity, telecommunications and other industries.
Second pillar of the national economy, enterprises are the backbone of enterprises, mainly referring to architectural, automotive, electronics, metallurgy and so on industry.
The third category is commercial circulation, services of a large number of enterprises, such enterprises will become the focus of adjustment and reorganization. It has been reported that the SASAC is preparing the central enterprises to adjust the schedule - in 2006 the central enterprises will be adjusted to 120, 2010 100 2015 60-80 at home. During this process, the relevant listed companies may face an important opportunity.
Huayuan Group, the first cases of enterprise restructuring is the central case of mergers and acquisitions. From the September 16 incident, so far, Huayuan restructuring has been 5 months time, restructuring has not yet been finalized. First, Chengtong Group intends to re-Huayuan, the latter is the CRC intends to re-Huayuan. February 16 announcement, the current restructuring program is still under SASAC discussion. This shows that the SASAC cautious in the disposal of central enterprises. Huayuan reorganization Game N kinds of restructuring plan, regardless of which program wins, it will be about the "real start" of the central enterprises to explore a major restructuring of the model can be seen. The secondary market, the restructuring of the rumors led to Huayuan Huayuan Pharmaceutical Group's share price rose this week, the biggest gain in Huayuan Pharmaceutical more than 36%, filling the charm of the central enterprises mergers and acquisitions. In addition to Huayuan Group, what are the central enterprises are likely to be mergers and acquisitions do? A total of 2 1 [2]
