应防止上市公司“并购后遗症”在北交所上演

Core Viewpoint - The recent surge in mergers and acquisitions (M&A) among companies listed on the Beijing Stock Exchange (BSE) has garnered significant attention in the capital market, with a focus on avoiding the negative consequences experienced by companies on the Shanghai and Shenzhen exchanges in the past [1][2]. Group 1: Reasons for M&A Surge - The introduction of the new "National Nine Articles" and subsequent "Six Articles on M&A" by regulatory authorities has provided clear policy support, boosting the confidence of listed companies in pursuing M&A activities [2]. - Companies are increasingly recognizing that M&A is essential for growth and market competitiveness, as evidenced by the success of firms like CITIC Securities, which expanded through continuous acquisitions [2]. - The current M&A trend on the BSE is characterized by a shift towards cash payments for acquisitions, contrasting with previous practices of issuing shares for asset purchases [2]. Group 2: Characteristics of Recent M&A Activities - There is a notable increase in controlling acquisitions, with many companies acquiring 50% or more of the target company's shares, facilitating better management and oversight [3]. - The focus on cash transactions in recent M&A deals indicates a preference for liquidity and immediate financial commitment [2]. Group 3: Recommendations to Avoid Past Mistakes - Strengthening audit processes for target companies that make performance commitments is crucial to prevent discrepancies in reported earnings post-acquisition [4]. - M&A activities should align with core business operations to avoid the pitfalls associated with cross-industry acquisitions, which have historically led to challenges [4]. - Emphasizing high-tech, emerging industries, and new business models in M&A strategies is recommended, as these sectors represent future growth opportunities [4]. - Acquisitions should target companies that align with the BSE's focus on "specialized, refined, characteristic, and innovative" enterprises to maintain market integrity [4].