多家外资机构精准“潜伏”重组股

Core Viewpoint - The A-share merger and acquisition (M&A) market is experiencing heightened activity, with several listed companies disclosing M&A progress. However, foreign institutions have been strategically positioning themselves as major shareholders in these companies before the public announcement of M&A plans [1][2]. Group 1: Foreign Institutions' Strategy - Several foreign institutions, including Morgan Stanley, Barclays, UBS, and Goldman Sachs, have entered the top ten shareholders of listed companies prior to their M&A announcements this year [1][3]. - These foreign accounts exhibit distinct characteristics, such as targeting small and mid-cap stocks, entering just before trading suspensions, and quickly exiting after favorable news is released [1][3][4]. - The trend of foreign institutions entering small-cap M&A stocks has been frequently observed in the A-share market this year, with over ten such cases reported [3][4]. Group 2: Case Studies - For instance, Dongzhu Ecological disclosed a plan to issue shares and pay cash for asset purchases, with Morgan Stanley and UBS appearing as new major shareholders, holding 0.35% and 0.33% of the company, respectively [3]. - In another example, Jinpu Titanium announced a major asset swap, with multiple foreign institutions becoming significant shareholders just before the announcement [4]. - The commonality among these cases is that foreign institutions often enter the market before the stock is suspended for M&A planning, leading to significant price movements prior to the official announcements [7]. Group 3: Market Reactions and Implications - Stocks of companies like Dongzhu Ecological saw significant price increases prior to the announcement of M&A plans, with a 7.85% rise on the day before the suspension and over 20% increase in the 20 trading days leading up to the announcement [7]. - After the resumption of trading, Dongzhu Ecological's stock hit the daily limit, indicating substantial profits for early investors [7]. - Some foreign institutions are adept at exiting their positions after significant price increases, as seen with companies like Zhongke Tongda and Xiamen Port, where they were no longer listed among the top shareholders shortly after the stock price surged [8].