2024年A股只完成了100家IPO上市，是近十年来的最低IPO上市数量。在IPO收紧、并购政策频出的背 景下，越来越多拟IPO企业、IPO撤材料以及辅导阶段的企业，开始转向并购重组，通过并购踏入资本 市场。 在这股浪潮的推动下，2025年各行各业公司以及央国企的专业化整合都在进一步加速。为了帮助大家及 时把握这一轮热潮，了解并购重组操作实务，我们最新上线了 《企业并购重组实操手册》 。 企业并购重组实操手册 1.纸质资料《企业并购重组实操手册》 2.线上课程《并购逻辑与实践：丹纳赫VS爱尔眼科》 扫码即可购买/试读 《企业并购重组实操手册》共有 342页 ， 17.3万字 ，11个章节，主要从 交易买方、卖方、中介机构 的角度，梳理了 并购重组各个环节 的操作要点和常见问题。 实施程序 Θ 查询与复核 线下调查 业务与技术 同业竞争与关联交易 2. 尽职调查 财务与会计 尽调内容 e 组织结构与内部控制 关键人员 风险因素 经营业绩 财务规范 常见问题 商务费用 隐性负债 整体考虑 操作时间 并购比例 考虑因素 并购方式 e 保障措施 交易作价 操作费用 3. 方案设计 后续经营 业绩对赌 后续收购 注意事 ...

Core Insights - WK Kellogg Co. experienced a nearly 30% stock price increase following Ferrero's announcement of a $3.1 billion acquisition, which includes debt, valuing WK Kellogg at $23 per share, a nearly 40% premium over its 30-day volume-weighted average trading price [2] - The acquisition is part of Ferrero's strategy to expand its U.S. presence and diversify its portfolio beyond confectionery, incorporating well-known cereal brands into its offerings [4] Company Performance - WK Kellogg's sales have declined at an average annual rate of 3.1% over the past three years, with a 6.2% year-over-year decrease to $663 million in the latest quarter [3] - The company has narrow margins, reporting a 5.6% operating margin and a 2.1% net margin, indicating weak pricing power in a mature product category [3] Market Valuation - Prior to the acquisition, WK Kellogg's market capitalization was approximately $1.5 billion, making Ferrero's offer a near 100% premium [5] - WK Kellogg was trading at 0.6x sales and 26.7x earnings, both below historical averages, reflecting skepticism regarding its growth potential [5] - Following the acquisition announcement, the implied P/E ratio for WK Kellogg has risen into the mid-30s, suggesting limited potential for further revaluation [5]

2025年上半年，在日本的传统大型企业中，通过集团内企业重组来提高资本效率的行动接连 不断。丰田等决定以约4.7万亿日元的价格对旗下丰田自动织机进行TOB（公开要约收购）， NTT则以2万亿日元的规模将上市子公司NTT DATA集团收为完全子公司。 上市企业不断增加的日本市场的新陈代谢出现停滞。大公司控制上市子公司，或为了维持业 务往来而在集团内互持股份。积极投资者加强施压，要求企业改变母子公司都上市的情况和 解除互相持股，以有效利用经营资源。 参与NTT DATA项目的大和证券的社长荻野明彦指出，"欧美的上市公司数量比峰值减少4成 左右。在日本，着眼于企业估值的提高，MBO（管理层参加的收购）等或将增加"。 日本企业成为买方的并购在1~6月达到历史最高。金额达到2148亿美元，增至上年同期的3.6倍。旨在提 高资本效率的集团内重组和赴海外追求增长的动向正在加强…… 日本企业成为买方的并购在2025年1~6月达到历史最高。金额达到2148亿美元，增至上年同 期的3.6倍，按半年数据来看，创出有可比数据的1980年以来的新高。在全球所占份额自日 本泡沫经济期起的34年半以来再次超过1成。旨在提高资本效率的集团内 ...

Group 1 - Technology companies must continuously adapt to rapid technological changes to enhance their capabilities and market share, creating new profit growth opportunities [1] - The technology sector continues to dominate the mergers and acquisitions (M&A) market, particularly in the small and medium-sized enterprise (SME) segment, which attracts larger competitors for acquisition [1][2] - Over the past decade, SMEs in the technology sector have significantly increased, with many leading companies playing crucial roles in the technology value chain and possessing strong intellectual property (IP) and talent [1] Group 2 - Notable M&A activities in the technology sector include Microsoft's acquisition of LinkedIn in 2016, Nvidia's acquisition of Mellanox Technologies in 2019, and Microsoft's acquisition of Activision Blizzard in 2023 [2] - Cisco's acquisition of cybersecurity leader Splunk in 2023/2024 aims to enhance its relatively outdated cybersecurity product capabilities [2] - Despite increased geopolitical and regulatory uncertainties by 2025, M&A activities in the tech sector remain unaffected, with various acquisition proposals emerging in industries such as food delivery, semiconductors, and software [2] Group 3 - In the food delivery sector, intense market competition drives industry leaders to pursue strategic acquisitions to enter new markets and expand their scale and market share [3] - Major acquisitions this year include Prosus acquiring JustEat Takeaway and DoorDash acquiring Deliveroo, allowing them to significantly enter markets where they previously had limited influence [3] - In the semiconductor industry, companies are seeking strategic IP acquisitions, exemplified by Qualcomm's announcement to acquire UK-based Alphawave, a leader in high-speed connectivity technology [3] Group 4 - Software companies remain attractive acquisition targets, as seen with Salesforce's acquisition of Informatica, which specializes in cloud-based data integration and management [4] - This acquisition will enhance Salesforce's cloud data system capabilities, ultimately improving its artificial intelligence (AI) system [4] - The expectation is that M&A will continue to be a norm in the tech industry, with a focus on identifying long-term winners among SMEs that not only have strong fundamentals but also present attractive acquisition opportunities [4]

7月7日，富卫集团（1828.HK）在港交所敲钟上市，这个李泽楷打磨了十多年的保险平台，终于走完了 曲折的上市路。富卫集团的登场，不仅是李泽楷资本版图的重要一步，也让外界看清了这位"小超人"在 保险业的野心与布局。 富卫集团的上市之路堪称 "闯关记"。2021 年先计划赴美上市，融资 30 亿美元；随后三次冲击港交所， 均因各种原因折戟。直到 2024 年实现扭亏为盈——净利润 1000 万美元，才终于在第四次递表后成功上 岸。从 2013 年李泽楷斥资 166 亿港元收购 ING 的港澳及泰国保险业务起步，富卫集团靠"买买买"迅速 扩张，12 年间并购十余家险企，业务遍及 10 个市场，成为东南亚五大保险公司之一。 细看业务版图，富卫集团的"战斗力"不容小觑。2024 年，分红人寿、非分红人寿、危疾及医疗类保险 贡献了超 86% 的新业务价值，数码渠道和银行保险是两大王牌。在泰国，它是汇商银行的独家保险伙 伴；在新加坡，拿下 "最佳数码保险公司" 奖项；在越南，与多家银行深度合作。不过，疯狂并购也让 其背上 27.86 亿美元债务，负债率高达 87.31%，这或许是市场对其保持谨慎的原因之一。 对李泽楷而言 ...

Group 1 - The company plans to acquire 100% of Shenzhen Chengxin Micro Technology Co., Ltd. through a combination of issuing shares and cash payment, along with raising supporting funds [1][2] - The transaction is subject to multiple conditions, including approval from the Shanghai Stock Exchange and registration consent from the China Securities Regulatory Commission [2] - The company emphasizes the importance of fair information disclosure to protect investor interests and will provide updates on the transaction's progress in accordance with relevant laws and regulations [2]

Core Insights - Tang Liuchian, known as the "Chinese Wall Street Wolf," has made significant impacts in capital, art, and charity, representing a 16-generation family legacy [1][28] - The Tang family has a rich history, with roots tracing back to Tang Jingchuan, a notable Ming dynasty official, and has evolved from cultural pursuits to industrial ventures [1][3] Group 1: Family Background and Early Life - Tang Liuchian was born into an industrial family, with his father, Tang Bingyuan, dominating the wool textile industry in Shanghai [3] - The family relocated to Hong Kong in 1948 due to political turmoil, where Tang Liuchian began his education in English and Cantonese [3][4] - At age 11, he was sent to the U.S. for elite education, attending Phillips Academy, a prestigious institution [4] Group 2: Education and Early Career - Tang excelled academically, leading in math competitions and participating in English debate, eventually gaining admission to Yale University [4][6] - He later attended Harvard Business School, where he developed a passion for investment theories and financial engineering [6] - In 1970, he founded an investment company in Manhattan, raising $1.2 billion in just two years, becoming the first publicly traded private equity fund in the U.S. [6][12] Group 3: Business Ventures and Innovations - In 1978, he acquired KOA, the largest camping chain in the U.S., which had over 500 campsites across 50 states [8][10] - He transformed the camping business by implementing digital innovations, catering to middle-class American families' needs [12] - Tang co-founded the "Hundred People’s Association" in 1990, a platform for cultural dialogue between China and the U.S. [12][14] Group 4: Philanthropy and Cultural Contributions - After the death of his first wife, he sold his company for $350 million and shifted focus to rebuilding social trust and engaging in philanthropy [16] - He made significant donations to the Metropolitan Museum of Art, including $125 million for a new modern art wing, which was named after him [16][19] - Tang has donated numerous Chinese artworks and artifacts, contributing to the reestablishment of cultural heritage [19][20] Group 5: Personal Life and Legacy - Tang Liuchian remarried to Xu Xinmei, an archaeologist, and they established a scholarship fund for Chinese-American youth in arts and archaeology [20][25] - The couple's foundation emphasizes cross-cultural exchange and the importance of heritage [25][27] - In 2024, the Metropolitan Museum announced the establishment of the "Tang Liuchian China Research Award" to promote the international circulation and academic study of Chinese art [27]

2025年是国有企业改革深化提升行动的收官之年，多地密集出台政策举措，加码支持辖区内国有企业并 购重组。在政策红利驱动下，各地国有企业并购重组案例频出。 7月7日，南京商贸旅游股份有限公司(以下简称"南京商旅（600250）")发布公告称，公司收到控股股东 南京旅游集团有限责任公司(以下简称"南京旅游集团")通知，为推动南京市属国企战略性重组和专业化 整合，经南京市委深改委研究决定，拟以南京旅游集团为主体，整合南京市文化投资控股集团有限责任 公司、南京体育产业集团有限责任公司，打造南京市文旅体商综合开发运营主平台。 政策层面，南京市政府办公厅于2025年3月份印发《南京市关于支持企业并购重组高质量发展的若干措 施》，提出要落实深化国企改革的重点任务，加大力度推进国有企业战略性重组和专业化整合，优化股 权结构，提高运行效率，激发创新活力。 公开资料显示，南京旅游集团组建于2017年12月份，是南京市委市政府重点打造的旅游产业专业化运作 平台、江苏省内规模最大和产业链最完善的国有旅游集团、国务院国企改革"双百行动"单位。南京旅游 集团直接管理一级子企业17户、事业单位2家。 为加速构建高质量的文商旅综合运营平台， ...

Core Viewpoint - Suzhou Haofan Bio Co., Ltd. plans to acquire 100% equity of Hangzhou Foster Pharmaceutical Co., Ltd. for 160 million yuan, aiming to enhance its production capacity and product offerings despite the target company's current losses [1][4][11]. Group 1: Acquisition Details - The acquisition will occur in two phases, with the first phase granting Haofan Bio 85% equity, making it the controlling shareholder [1]. - The total transaction price is set at 160 million yuan, based on an asset-based valuation of 97.02 million yuan and a revenue-based valuation of 161.81 million yuan, indicating a significant premium [5][6]. Group 2: Financial Performance of Target Company - Hangzhou Foster reported revenues of 203.69 million yuan and 26.18 million yuan for 2024 and Q1 2025, respectively, with net losses of 28.44 million yuan and 8.44 million yuan [3][4]. - As of March 31, 2025, Hangzhou Foster's total assets were 268.74 million yuan, with total liabilities of 222.71 million yuan, resulting in a net asset value of 46.03 million yuan [3]. Group 3: Strategic Rationale - The acquisition is expected to allow Haofan Bio to leverage Hangzhou Foster's excess production capacity and certifications, enhancing operational efficiency and market competitiveness [12]. - The move aligns with Haofan Bio's strategy to expand its product structure and create new business and profit growth points, especially as its current production capacity is insufficient to meet demand [11][12].

7月4日，中国船舶工业股份有限公司发布公告称，公司发行股份吸收合并中国船舶重工股份有限公司已 顺利获得上海证券交易所并购重组审核委员会审议通过。 此次换股吸收合并完成后，中国重工将终止上市，其法人资格也将被注销，而中国船舶将全面承继及承 接中国重工的全部资产、负债、业务、人员、合同以及其他一切权利与义务。 就市值情况而言，7月4日收盘时，中国船舶的市值为1467亿元，中国重工的市值为1056亿元。 财务数据方面，2024年中国船舶实现营业收入785.84亿元，实现归母净利润36.14亿元，扣非后归母净利 润为30.72亿元，总资产规模达1819.77亿元，归属于上市公司股东的净资产为509亿元。 同期，中国重工实现营业收入554.36亿元，实现归母净利润13.11亿元，扣非后归母净利润为6.13亿元， 总资产规模达2221.38亿元，归属于上市公司股东的净资产为837.72亿元。 回顾此次并购重组的历程，2024年9月2日，中国重工发布关于筹划重大资产重组停牌公告，彼时中国重 工与中国船舶正在筹划由中国船舶通过向公司全体股东发行A股股票的方式换股吸收合并中国重工。 同年9月18日，中国船舶与中国重工确认了换股 ...