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交易双方、中介机构视角下的并购环节要点梳理
梧桐树下V·2025-08-07 14:10

Core Insights - The article highlights that the number of IPOs in A-shares for 2024 is only 100, marking the lowest in a decade, prompting many companies to shift towards mergers and acquisitions (M&A) as a means to enter the capital market [1]. Summary by Sections - M&A Trends: The tightening of IPOs and frequent M&A policies have led to an increase in companies considering M&A as an alternative to going public [1]. - Practical Guide: A new manual titled "Corporate M&A Practical Handbook" has been launched to assist in understanding M&A operations [1][4]. - Content Overview: The handbook consists of 342 pages and covers 11 chapters, detailing operational points and common issues from the perspectives of buyers, sellers, and intermediaries [4]. - Key Considerations: The first chapter emphasizes the importance of communication and understanding between buyers and sellers to avoid failures in M&A [11]. - Financial Viability: Buyers must assess the financial viability of sellers before engaging in M&A, as certain industries may have inherent challenges in achieving financial compliance [12]. - Government Support: Local government policies may provide financial support for M&A activities, which should be considered by both buyers and sellers [14]. - M&A Structure: The handbook outlines essential elements for designing M&A plans, including acquisition ratios, operational timelines, and performance guarantees [18]. - Valuation Methods: It discusses four common pricing methods and three evaluation methods, along with considerations for performance guarantees [19]. - Payment Methods: The fifth chapter focuses on payment methods and financing arrangements, detailing the pros and cons of various payment options [23]. - Negotiation Strategies: The sixth chapter provides insights into negotiation tactics, emphasizing the importance of preparation and strategy during negotiations [25]. - Public Company M&A: The ninth chapter elaborates on the operational logic of public company acquisitions, including various acquisition methods and their respective considerations [27]. - Integration Strategies: The final chapter shares practical experiences and strategies for integrating acquired companies, focusing on team collaboration and resource sharing [30].