Category: Money tips Release Date: 2007-06-07
Source: Fortune SGAM
June 19, 2006, G 31 the conditions of the limited available number of outstanding shares listed on 1093.69 million, becoming the first company lifted stocks. As a result, China's stock market ushered in the era of full circulation.
Into tradable securities will have a reserve of the era of wealth, promote the growth mechanism of wealth. China's securities market will be transformed into monetary assets, sexual function sexual function will become the center of society as a whole wealth management. In-floating era, will appear in China's stock market for 15 years before apparent with different characteristics, these differences are mainly reflected in several aspects.
In-floating era, the investment behavior of the market What are the new trends to emerge it? We believe that this is mainly reflected in the following aspects.
Market ready for emerging industries or a new model for funding. Securities market have the resources to optimize the allocation and financing two major functions. Mature birth of the U.S. stock market a lot of legendary "create wealth" myth, and now in China, Suntech, Baidu, Shanda, Focus, 51Job, Ctrip and so have landed the U.S. model, creating a lot of "Chinese myth." Into the full circulation of China's securities markets will appear more "wealth effect", new industries and new modes of operation are also more vulnerable to capital's favor, more accessible to industry, the chances of success. Therefore, in this context, a lot of industrial capital, has changed the traditional mode of business operations, people wishing to expand through the extension to be developed.
Mergers and acquisitions to become the eternal theme of the future. In the tradable after the merger took place in the securities market will enter a new stage, it is because there are several aspects of factors. The first acquisition system environment change. January 1, 2006 implementation of the new "Company Law" and "Securities Law" in M & A made a new amendment; January 31, 2006 shall come into force the five ministries by the Ministry of Commerce jointly issued a "foreign investors of listed investment management approach to corporate strategy ", which means of regulating foreign investors in strategic mergers and acquisitions in the Mainland A-share listed company's behavior; In addition, the" acquisition management practices of listed companies "also are expected soon. Second, the means of payment will be diversified. Solve the problem in the split share structure of listed companies will be more and more use of issuing new shares, convertible mergers and acquisitions to expand the payment method. 3 is a tender offer means flexibility. The new acquisition approach in addition to be made a mandatory offer to acquire shares of the above adjustments, but also retained the initiative to conduct the tender offer method, clearly the investors in accordance with its investment strategy and operational needs, choose to offer to acquire all or part of the shares of listed companies.
Into tradable Age, mergers and acquisitions will become the eternal theme. At this stage, major shareholders and foreign capital into the asset acquisition of its main manifestations. Some background with large groups of listed companies will be concerned about, followed by foreign investors optimistic about China's economy in recent years, have shot the domestic listed companies. For example, the Xuzhou Construction Machinery Group, The Carlyle acquired by the United States, ho Simon became the largest shareholder of Huaxin Cement, almost every industry has its shadow foreign acquisition of shares. The future, this theme will continue, with unique resources and competitive advantages of enterprises will become the first choice for foreign investment. Of course, the subject of future acquisitions will be to the tender offer, hostile acquisitions direction. Fortune SGAM Fund Management Company Limited.
