上半年沪市公司并购重组470余单 涉及金额达3500亿元

时间:2019-07-22 来源:www.wzyuedu.com

Securities Daily

Our reporter Zhang Wei

In the first half of 2019, the mergers and acquisitions of listed companies in Shanghai stock market showed a new look and pattern: industrial mergers and acquisitions are still the mainstream, the reform of state-owned enterprises is deepening, the private assets are gradually upgraded, the restructuring of the “three highs” is effectively alleviated, the restructuring is suspended, and the market is greatly reduced. Vigor is fully inspired.

The data shows that in the first half of the year, the Shanghai stock company disclosed more than 470 orders for various types of mergers and acquisitions, involving a total amount of 350 billion yuan. In terms of major asset restructuring, the Shanghai Stock Exchange disclosed a total of 45 reorganization plans, involving an amount of nearly 134 billion yuan; Completed the restructuring plan 25, involving an amount of nearly 100 billion yuan.

Industry M&A is still the mainstream, focusing on improving the quality of listed companies.

Main line, industrial mergers and acquisitions are still the mainstream. The reorganization logic based on the integration of the same industry and upstream and downstream has become the main theme of the market. The blind cross-border and follow-up phenomenon that has been popular in the past few years has been further reduced. From the data, the transaction scale of industrial mergers and acquisitions in the major asset restructuring of the Shanghai Stock Exchange in the first half of the year exceeded 90 billion yuan, much higher than the scale of cross-border restructuring. From the perspective of the industry, the industries with more active M&A are mainly in the fields of communication and information technology, basic chemicals, medicine, nonferrous metals, and national defense military. Among them, opening up the upstream and downstream, acquiring the same industry, and transforming new technologies are important driving forces for the merger and reorganization of the Shanghai Stock Exchange.

From the practice in recent years, the original intention of mergers and acquisitions based on industrial integration is often better in the implementation of the follow-up performance commitment period. The 2018 annual report shows that the company's performance commitments focused on industrial mergers and acquisitions are also higher.

The reform of state-owned enterprises has been further advanced, and the leading effect of platform integration in the same industry has been highlighted.

xx在国有企业改革和供给侧改革不断深化的背景下,上海国有企业通过并购积极整合优势产能,进一步优化治理结构和资产质量创造数量。具有突出领先地位的上市平台。 2019年上半年,上海国有企业共进行了225笔并购交易,交易金额约为2400亿元,与去年同期基本持平。其中,披露了24项重大资产重组计划,涉及交易金额近1000亿元;完成11项重大资产重组,涉及交易金额660亿元。

上半年,并购对帮助国有企业改革的作用更为突出:一是以市场为导向的债转股,上市公司通过发行购买债转股权资产股票,提供市场导向的解决方案,以坚定地促进供应方结构改革。二是国有企业的混合型改革,集团层面引入新的战略投资者,推动国有企业改革。第三,资产整合和证券化是高效的。国有企业上市平台通过并购合理整合资源,公司主营业务更加集中。

私人资产已经升级,海外并购更多地关注主营业务。

上半年,民营企业通过并购积极推动产业升级,形成新的发展势头。上海民营企业共进行了246项并购交易,交易金额约为1100亿元。其中,披露21项重大资产重组计划,涉及金额近340亿元,实施重大资产重组14项单项,完成金额330亿元。并购重组在帮助民营企业加快转型升级,抵御风险挑战,实现优质发展方面发挥着越来越重要的作用。在同一时期,海外并购也显示出围绕产业升级的显着特征。许多公司主动深化国际布局,积极参与国际竞争。

此外,兼并和收购也在解决上市公司股权质押风险方面发挥了积极作用。上半年,通过股权转让,控制权变更,资产处置或注入等市场化并购,上海部分已有控股股东的流动性得到显着改善。质押清算的隐患风险得到进一步缓解,有效避免了地方风险的扩大。

估值溢价回落,“三高”的重组有效缓解。

上半年,上海主要资产重组目标平均估值溢价为145%,同比下降60%。其中,工业一体化并购的平均溢价率为140%,同比下降约50%;跨境并购的整体溢价水平从2018年上半年的400%下降至160%。从三种不同的估值方法来看,上半年的重大资产重组已经披露了估值方法。收入法比例为52%,平均保险费率为240.77%,中位数为122.63%。法律评估的比例为39%,平均保险费率为98.59%,中位数为89%。还有个别市场评估,平均溢价率约为7.55%。总体而言,并购过去的“三高”现象明显减少,反映出实体和行业并购的估值相对更加理性和谨慎,双方之间的博弈更加全面务实。它还表明,近年来监管重点关注高估值,高商誉和高承诺,并购市场的混乱得到了更有效的管理,简单追求股价或主题概念的兼并和收购冷却显着,基于报告的重组已逐渐淡出市场,投资者更加关注随后的重组整合效应。

暂停的重组已经大大减少,股票价格反应已经恢复到合理性。

自锁定制度改革以来,由于长期停牌交易的现象,上海股份公司已经彻底解决。目前,暂停发行股票的资产交易不超过10个交易日;由于计划现金而收购资产不会被暂停,主要是通过分阶段披露方法而非先前的暂停。从实际情况来看,今年上半年,只有38家公司因重组申请被停职,其中没有一家超过10个交易日,有效保护了投资者的交易权和市场流动性。从股票价格反弹恢复交易后,上半年重组和恢复交易的第一天股票价格平均上涨2.66%。恢复交易后第一天股票涨跌幅度基本相同,平均涨幅为8.41%,即5.74%。一些重组对恢复交易后投资者的持续增长持乐观态度,并且在恢复交易后不会出现持续下跌的情况。但是,总的来说,重组和恢复交易后的单边连续涨停现象已基本停止。总体而言,并购的猜测已大幅降温,分阶段披露已逐渐被市场所认可。根据实际情况,重组信息分阶段披露,风险充分显示,取代原先的长期停工。投资者可以在拥有足够交易权的前提下仔细评估风险和收益,并做出独立决策。

改革措施取得了显着成效,市场活力得到了充分发挥。

款设计相对灵活等优势,已逐步成为并购重组的重要工具。从沪市来看,自赛腾股份披露首单定向可转债方案以来,已有8家公司在重组方案中引入定向可转债。同时,也有不少公司积极探索,综合利用发行普通股+可转债+支付现金等方式,设计出更有利于交易双方充分博弈的个性化重组方案。二是在募集资金方面,更加灵活便利。自拓宽配套募集资金使用范围以来,上半年沪市已有12家公司拟将募集资金用于偿还债务或补充流动资金,有效缓解了公司资金压力,优化了资本结构。三是在交易安排方面,更加注重交易后续的整合绩效。有部分上市公司主动引入分期支付的交易方式,或在标的资产收购比例上做出差异化安排,与交易对方的博弈更为充分,同时也减轻了上市公司的财务负担,充分保障了投资者利益。

今年上半年,上交所坚决贯彻证监会要求,继续把并购重组作为释放市场活力,增强市场韧性,提高上市公司质量的重要资源配置方式,坚持寓监管于服务,做好并购重组信披监管工作。对于符合产业逻辑,回归实体本源,契合国家战略等并购重组交易,主动做好沟通协调,依法依规给予必要的支持;对于涉及“三高类”“忽悠式”重组,继续加大监管问询力度,必要时进行多次问询,严防并购重组成为不当套利或利益输送的工具。贯穿并购重组信披监管理念始终的,仍是提高上市公司质量这个首要目标。下一步,上交所将坚决落实证监会“四个敬畏”,“一个合力”要求,聚焦提高上市公司质量,突出持续监管和分类监管理念,更加关注重组后的实施效果,继续支持上市公司通过并购重组提质增效。

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