接盘上市民企超50家，国资为何热衷“扫壳”？

Core Viewpoint - The trend of state-owned capital acquiring private listed companies has intensified, with local state-owned enterprises actively participating in the market to stabilize and develop local industries through various acquisition strategies [1][3][14]. Group 1: Overview of State-Owned Capital Acquisitions - In 2024, there were 24 cases of state-owned capital acquiring private companies and 13 cases of state-owned capital acquiring other state-owned enterprises, with a significant number being local state-owned enterprises [1]. - In 2018, over 50 private listed companies announced state-owned capital investments, with notable examples including Beijing state-owned enterprises aiding companies like Sanju Environmental Protection and Oriental Garden [3][6]. - Local state-owned enterprises, particularly from Shenzhen, Shandong, and Beijing, were the main players in these acquisitions, with Shenzhen's rapid and substantial investments being particularly noteworthy [3][6][13]. Group 2: Notable Acquisition Cases - The acquisition of Helitai by Fujian Provincial State-owned Assets Supervision and Administration Commission involved a transfer of 15% of shares for an estimated total of at least 3.2 billion yuan, with a premium of approximately 22% over the pre-suspension closing price [4][5][16]. - The acquisition of Jiangxi Yumin Bank by Nanchang Financial Holdings marked the first instance of a private bank's major shareholder being replaced by state-owned capital, driven by the financial crisis of its original major shareholder [14][15][16]. - The acquisition of Aotajia by Changjiang Industry Investment in 2024 for 2.1 billion yuan aimed at achieving industrial chain synergy [16]. Group 3: Trends and Implications - The trend of state-owned capital acquiring private companies reflects a shift from crisis management to strategic industrial integration, with over 20 private companies' control changing to state-owned enterprises in 2024 alone [9][14]. - Local state-owned enterprises are increasingly looking beyond their regions for acquisition targets, with over 70% of acquisitions being cross-regional, indicating a broader strategy for industrial collaboration [9][14]. - The acquisitions are seen as a means to revitalize local industries and enhance the operational capabilities of state-owned enterprises, aligning with national strategic goals [1][17].