透视A股并购新局：市场化交易占比提升，并购“卖方”变“买方”

Core Insights - The M&A market has been significantly boosted by policy initiatives, particularly the introduction of the "Six M&A Guidelines," leading to a notable increase in activity and a strong demand for industry consolidation [1][2] - As of November 24, 2024, there have been 5,868 disclosed M&A events in the A-share market, with 2,745 transactions involving equity purchases by listed companies or their subsidiaries, totaling a transaction value of 7.49 trillion yuan [1][2] - A shift is observed where non-related transactions have increased, accounting for over 70% of the total equity transactions since the "Six M&A Guidelines" were released [2] Group 1: M&A Market Trends - The number of non-related transactions has risen significantly, with 1,992 out of 2,745 equity transactions being non-related, marking a substantial increase compared to previous years [2] - In terms of major restructuring transactions, there were 208 disclosed since September 24, 2023, with 137 being related and 71 non-related, indicating a growing trend towards non-related deals [2] - The termination rate for non-related transactions is higher than that for related transactions, with 24% of non-related major restructurings failing this year compared to 19% for related ones [3] Group 2: Challenges in Market Transactions - Market-driven transactions are generally more complex, with a high termination rate observed in non-related major restructurings, highlighting the difficulties in negotiations and agreement on core terms [3][5] - Notable examples include the failed acquisition attempts by companies like Yingjixin and Mengtian Home, which faced challenges in reaching consensus on key transaction terms [3][5] - The trend of IPO candidates or star companies transitioning from seeking independent listings to pursuing acquisitions of smaller listed companies is becoming more prevalent [6][8] Group 3: Valuation Discrepancies - There exists a significant valuation gap between assets in the M&A market and those in the IPO market, complicating negotiations and increasing the difficulty of reaching agreements [8] - Many small-cap companies are facing operational challenges and may become "zombie" companies, which could lead to their acquisition by higher-quality firms from the primary market, thus revitalizing their growth potential [8]