证券时报·2026-02-12 12:55Core Viewpoint - The article highlights a significant trend in the A-share market, where there has been a surge in control changes among listed companies, reflecting increased market activity and strategic repositioning by various stakeholders [2][12]. Group 1: Control Changes in Listed Companies - Since 2025, at least 150 listed companies have announced plans for control changes, averaging one company every two days [2][3]. - As of 2026, over 60 companies have reported progress on control changes, indicating a continuation of this trend [2]. - The majority of control changes are occurring in traditional industries such as chemicals, textiles, and consumer goods, with acquirers including individuals, state-owned enterprises, and investment firms [2][5]. Group 2: Industry Distribution of Control Changes - The distribution of control changes shows that traditional industries dominate, with 12.77% of changes in the oil and petrochemical sector, and significant activity in environmental services, construction, and light manufacturing [5][7]. - Other sectors like agriculture, textiles, and real estate also show notable percentages of control changes, indicating a broad impact across various industries [5][7]. Group 3: Market Capitalization of Companies Involved - A significant portion of companies undergoing control changes are small-cap firms, with 169 companies having a market capitalization below 10 billion yuan, accounting for nearly 80% of the total [8][9]. - Companies with a market cap below 5 billion yuan represent 47.44%, while those between 5 billion and 10 billion yuan make up 31.16% [9][10]. Group 4: Motivations Behind Control Changes - The motivations for these control changes include financial distress among original controlling shareholders, strategic shifts in traditional industries, and pressures from debt [12][14]. - The trend is also driven by the need for new capital and resources to enhance company governance and operational efficiency [11][12]. Group 5: Types of Acquirers - The acquirers in these control changes are primarily state-owned enterprises, industrial capital, and limited partnership firms, with state-owned entities frequently taking over to optimize industrial layouts and stabilize the market [14]. - Industrial capital is also a significant player, often seeking to enhance synergies and expand into new business areas [14].