A股掀起新一轮“易主潮” 操作手法呈现三大新范式

Group 1 - A new wave of control changes in A-share companies is emerging, with 63 companies planning control changes in 2023, and 23 of these occurring since May, indicating a significant acceleration in capital integration [3][4] - The current wave of control changes differs from the previous one (2014-2016) characterized by high valuations and cross-industry mergers, leading to a more mature and rational market environment [3][4] - Key drivers of this trend include the narrowing of IPO exit channels, strong transformation demands from small-cap companies, and the attractiveness of low acquisition costs in the A-share market [3][4] Group 2 - Private equity firms are innovating with a new "A-share acquisition" model, with 6 companies disclosing private equity acquisition cases this year, showcasing innovative transaction designs [5][6] - A notable case is Qiming Venture Partners' plan to control Tianmai Technology, utilizing a "pre-investment and post-fundraising" model, which breaks traditional frameworks [5][6] - Chery CVC's acquisition of 25% of Honghe Technology for 1.575 billion yuan marks a significant example of industry capital-led acquisitions post the "merger guidelines" [5][6] Group 3 - The "GP + State-owned Capital" model is emerging as a new paradigm, combining private equity management capabilities with state-owned resources, exemplified by cases like Honghui Fruits and Superda Equipment [7][8] - This model allows for the maintenance of operational autonomy for private companies while leveraging state resources, aligning with the "release management" philosophy of state-owned enterprises [7][8] Group 4 - The "Agreement Transfer + Voting Rights Waiver" model is gaining popularity, with 5 companies adopting this method since June, indicating a shift in control change strategies [9][10] - This approach allows for a smoother transition of control while avoiding regulatory risks associated with traditional methods, making it more appealing in the current market [11][10]