Moderator Bao Xing'an: Since the beginning of this year, the CSRC has continued to deepen the reform of the institutional mechanism for mergers and acquisitions of listed companies, which has greatly increased market activity. Experts believe that this not only injects new strength into listed companies, but also lays a solid foundation for the stable and healthy development of the capital market.
In 2018, the scale of A-share mergers and acquisitions transactions increased significantly. According to the incomplete statistics of the "Securities Daily" reporters, as of December 12, this year, the A-share market has completed 3897 single mergers and acquisitions, and the transaction scale reached 2.03 trillion yuan. Over the whole year of last year, compared with the transaction scale of 1.87 trillion yuan in 2017, the increase was 160 billion yuan.
From this year to December 12, the CSRC M&A Committee reviewed 126 single mergers and acquisitions, combined with the whole market merger and acquisition data (3897 single), which means that only 126 orders require the SFC to review, and the proportion of administrative licenses is insufficient from 2017. 10% further dropped to 3.2%, and market activity has greatly increased.
In addition, of the 126 single mergers and acquisitions reviewed by the M&A and Restructuring Committee, 113 singles were approved, with a pass rate of 89.68%. In 2017, 173 singles were audited and 161 singles were approved, with a pass rate of 93.06%. Although the pass rate this year is slightly lower than that of 2017, according to the "Securities Daily" reporters, the M&A review has experienced ups and downs this year. From April to August this year, the M&A and restructuring committee has a low monthly review, which is lower than 10 single, and since September, the number of audits and the pass rate have increased significantly. From September, October, November, December to December 12, 10, 19, 19, and 11 orders were reviewed, respectively. They are 70%, 84.21%, 100%, and 100%, respectively.
The number of M&A audits has increased rapidly since September this year, which is closely related to the CSRC's related loosening and support policy measures. Such as the introduction of "small amount of fast" audit channel, pilot targeted convertible bonds as a payment mechanism for mergers and acquisitions restructuring transactions, increase the flexibility of supporting fundraising, new mergers and acquisitions, review and division of the "exempt/fast" channel industry type, support the same industry mergers and acquisitions Reorganization. In addition, the regulation of the raised matching funds was relaxed, and the listed companies were allowed to supplement the working capital and repay the debts. At the same time, the financial indicators were removed for the acquisition of minority interests in non-financial assets. The CSRC has also simplified the disclosure requirements for mergers and acquisitions of listed companies from four aspects.
Recently, VC/PE institutions and brokerages interviewed by the Securities Daily reporter said, "In the context of strict IPO audits, we will work hard at the M&A and reorganization, and dig deep into the market opportunities for mergers and acquisitions."
People from the organization generally believe that the regulatory layer deepens the market-oriented reform of mergers and acquisitions, substantially cancels and simplifies the administrative licensing, further reduces the review time, focuses on improving the efficiency of the audit, and guides the merger and acquisition to return to the source, which will continue to promote industrial integration and transformation and upgrading. It is expected that with the implementation of relevant measures, vigorously promoting market-oriented mergers and acquisitions focusing on industrial integration, supporting industrial upgrading and structural adjustment, and fully serving the major strategies of manufacturing and strengthening countries, military-civilian integration and state-owned enterprise mixed ownership reform will effectively stimulate market vitality. This not only injected new strength into the listed company, but also laid a solid foundation for the stable and healthy development of the capital market.
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