Category: Money tips Release Date: 2006-10-19
This wonderful REVIEW 1, M & A restructuring of the arbitrage opportunity
2, arbitrage opportunities brought about by financial innovation
3, ETF fund arbitrage opportunities
4, shares and warrants in the reform bears arbitrage opportunities
5, investment opportunities in the industry next year
M &
A opportunities in Prone to mergers and acquisitions of listed companies
Recently, the focus of China's listed companies, mergers and acquisitions occurred in cases increased significantly, China National Petroleum's acquisition of Jinzhou Petrochemical, Liaohe Oilfield, Jilin Chemical three listed companies, the amount of 61.5 billion yuan; Changhong, not to exceed 145 million acquisition of Guangdong Greencool held 20.03% stake in electrical appliances such as Meiling. The merger took place in a short period of November, indicating that next year's mergers and acquisitions of listed companies in the stock market Yuyan Yu heat, to continue to provide investment opportunities in the stock market, which is expected to promote the stock market step by step from the current weakness.
So, what industry and listed companies, mergers and acquisitions will become the object of it? We were from the foreign mergers and acquisitions, domestic mergers and acquisitions analyze two perspectives: Emphasis on foreign M & A market, "threshold"
First, there is the "threshold effect" of the industry, the more trades or businesses with high threshold, the more will be cause for concern.
In the early accession to the WTO, China's huge auto market has been limited by high tariffs and import of dual protection, so the accession to the WTO before the co-operation with foreign auto industry has already started out of auto stocks led the successful accession to the WTO before the panic, giving investors ample returns.
Second, the existence of the policy to prohibit or limit investment in service industries, including utilities, commercial, financial services, telecommunications, and other service industries. In recent years, foreign optimistic about China's financial industry, a huge profit margins and growth potential, but the development of domestic industries at a low level state, domestic enterprises and foreign peers are significant differences between the size of the strength of domestic enterprises basically do not have direct participation in international ability to compete, therefore, become a Sino-foreign cooperative banking hot spots. Retail trade area is the first post-WTO China fully open to foreign fields, as there are more domestic enterprises cloth, with a market share advantage, resulting in more cases of foreign mergers and acquisitions.
Well, this we can determine areas of more mergers and acquisitions occurring in the future are: oil products wholesale and retail areas, retail areas of pharmaceuticals and logistics industries.
Emphasis on domestic M & A Integration
China's current industrial structure adjustment in the period, when the enterprises in mergers and acquisitions, taking into account restrictions on mergers and acquisitions, mergers and acquisitions costs and potential benefits of such factors, the emphasis on integration from the perspective of industry mergers and acquisitions, mainly including horizontal mergers and vertical integration, part of the powerful mix of companies mergers and acquisitions. We believe that horizontal mergers and vertical integration more:
First, horizontal mergers: industry leading companies, such as Tsingtao Brewery, Qingdao Haier, Changhong, China Vanke, Shanghai Pharmaceutical, China Southern Airlines, Conch Cement, Baosteel and so on, generally horizontal mergers mainly through the acquisition of competitor to gradually expand the market share objectives.
Second, the vertical acquisitions: a scale, the capital advantage of companies such as PetroChina, Sinopec, China Aluminum and so on, through vertical acquisitions, upward extending downstream to improve the ability to control business on the market, generally through raw materials and sales channels and the user's control to achieve this purpose.
In addition, the replacement cost is much higher than the current market value of the circumstances, it is apt to cause the acquisition of certain listed companies.
At present, China is carrying out a new round of industrial restructuring, are also facing the pressures of globalization and market opening pressures will inevitably lead to an increasing number of mainland enterprises and between domestic enterprises and foreign cooperation and joint ventures, Therefore, the acquisition will become a hot market can not be ignored. A total of 4 1 [2] [3] [4]
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