Category: Money tips Release Date: 2007-02-05
In 2002, "issued by listed companies to acquire management approach" based on the newly revised "Regulations Acquisition of Listed Companies (Exposure Draft)" (hereinafter referred to as the "new acquisition approach") in a recent public announcement, and since starting on the 22nd of this month to 31 to the public for comments.
Usher in a historic investment opportunities
The author believes that the "new acquisition approach" of the forthcoming and formally implemented, is expected to significantly active in mergers and acquisitions in Shanghai and Shenzhen stock market behavior, greatly enhance the resources of the second reorganization of listed companies more efficiently, as well as mergers and acquisitions in Shanghai and Shenzhen securities secondary market bubbling to have a profound positive impact on subject matter.
On the one hand, the Shanghai and Shenzhen stock split share structure reform has entered an "tackling" stage, the "new acquisition approach" to be implemented, is expected to make split share structure reform quickly break the bottleneck, especially for those who do not have the ability to pay the share reform on the price of the Heritage Poor listed companies, through mergers and acquisitions indirectly pay for the price, it will be their choice to change to the price of shares of the preferred mode; the other hand, in the full circulation system has gradually formed a new market system environment, mergers and acquisitions market behavior will have a help to play a secondary stock market portfolio, to really achieve the "1 +1" 2 "win-win results.
In fact, from the perspective of growth, in part through their own listed companies in addition to ongoing efforts to improve product competitiveness and expand market share of leading products, etc. to achieve endogenous grow, but also can make use of the advantages of capital markets, through the merger the acquisition means to achieve the extension type, fast-growing. Especially since the A-share listed companies face nearly 1.3 billion people in mainland China a huge consumer demand, the potential opportunities for development, with a very broad market can be expansionary, which is the world's capital markets rely on any other "market carrier" can not be compared . The acquisition will be involved in the Chinese market, one of the important shortcuts. Therefore predictable in recent years, foreign firms will be "China M & A Year" also is not too much. Further, the "new acquisition approach" to be implemented would be likely to lead to the "China M & A" The evolution of the "Shanghai and Shenzhen stock market M & A Year" historic opportunity.
Concerned about the four M & A topics
On the secondary market opportunities, the author believes that the "new acquisition approach" to be implemented, is expected to greatly enhance the market investors in the following key themes bubbling degree of concern.
First, do not have the stock price change on the ability to pay the outstanding shares of the company to change potential "re-+ stock change" theme. Statistical data show that as of last week, the Shanghai and Shenzhen stock markets have been completed share reform and the reform process into the stock of companies Number of accounting and stock restructuring over 70% of market value accounting for all the others, but a major shareholder equity ratio is relatively low, and the great Shareholders do not have the cash price of stocks on the ability to change an important factor in making some of the current market fundamentals are still in relatively good companies also did not make it share reform program. Therefore, it can be predicted that the "new acquisition approach" to be implemented, is expected to gradually increase the market share of some reform Ji-liang is not a listed company "restructuring + stock change" theme of expectations, I believe that companies such as Nanjing and Century Guanghua, etc. fall into this column, afternoon should take an active interest.
Second, the underperformance of listed companies, "Shell Resources" theme. On the one hand, due to IPO shares in Shanghai and Shenzhen stock markets have been suspended up to one year time span, the current domestic company has accumulated a number of good prospects, but suffer from a lack of operating funds to be listed company; the other hand, the past two years, domestic macro-control tight monetary and credit policy measures and the implementation of such measures, but also an objective to strengthen some of the domestic non-listed companies listing desire; And because the "new acquisition approach" forthcoming, will significantly reduce the acquisition of listed companies and unlisted enterprises "backdoor "listing costs, therefore, non-listed companies listed company" Shell Resources "increase in demand will stimulate the" shell resource "value to rise. In fact, the recent East Lake High-tech stocks such as stock prices and Yanbian Road continued soaring, that is, investors in the "Shell Resources" theme once again better reflect the unprecedented attention; Therefore, for the two cities still have the disk corresponds to the company fundamentals, plasticity, relatively limited potential restructuring costs, such as T-family stock * ST Ji 100 and G * ST ternary and so on, should take an active interest.
Third, the largest shareholder equity ratio quite easy to trigger the "control of companies competing" theme. Conceivable that, in the progressive implementation of full circulation of the new market system, those first few major shareholders holding significant proportion of listed companies, due to competition for corporate control issues will be indirectly related to the major shareholders own interests. Therefore, the "newly acquired approach" to be implemented, will likely make the market, "the control of companies fight for the" unprecedented attention to the subject matter, such as the low proportion of private enterprises holding stocks may easily lead to "the control of companies fight for the" theme.
Fourth, the blue chip listed companies, "the potential acquisition of complementary resources," theme. In my opinion, because of complementary product sales target customers, sales and product markets complementary regional R & D capabilities and marketing network, and other complementary incentives for the past two years frequently occurred in the steel industry, beer industry, retail and cement industries listed companies within the industry M & A behavior, are a typical acquisition of complementary resources, so future to speak of an active interest in these industries in the corresponding shares of listed companies.
