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A股并购重组呈现三大新趋势
Zhong Guo Zheng Quan Bao· 2025-06-03 23:09
Group 1 - A total of 121 listed companies have disclosed significant restructuring events as of May 26 this year, significantly higher than the 45 companies during the same period last year [1] - The recent trend in A-share mergers and acquisitions (M&A) shows three main characteristics: industrial integration becoming mainstream, the value of "shell" resources further diminishing, and technology-driven central state-owned enterprises taking the lead in M&A [1] - The restructuring activities are primarily focused on core businesses and industrial cooperation, with horizontal integration, vertical integration, and strategic cooperation accounting for over 50% of the significant restructuring events [1] Group 2 - The proportion of A-share companies engaging in industrial mergers has been increasing year by year since 2021, indicating a shift towards industry-led M&A activities [2] - Analysts suggest that the current environment is favorable for industrial capital mergers, driven by changes in IPO policies, tightening financing conditions in the primary market, and the accumulation of cash reserves by quality listed companies [2] - The experience gained from the M&A boom between 2013 and 2015 and the subsequent goodwill impairment has led to more cautious and strategic approaches to external mergers by industrial capital [2] Group 3 - The logic of value reshaping, market integration, and industrial chain collaboration is expected to strengthen in the future, with traditional companies likely to acquire "hard tech" firms that do not yet meet listing conditions for business transformation [3] - Mature companies are anticipated to engage more in horizontal mergers to expand market share and gain industry influence, while technology firms will seek to acquire startups in cutting-edge fields for explosive growth opportunities [3] - License-based companies are expected to implement more mergers and integrations to enhance competitiveness in the industry, such as in the brokerage sector [3]