Core Viewpoint - The article highlights the significant decline in IPOs in the A-share market, with only 100 IPOs completed in 2024, the lowest in a decade. This has led many companies to pivot towards mergers and acquisitions (M&A) as a means to enter the capital market [1]. Summary by Sections Overview of M&A Trends - The tightening of IPO regulations and the increase in M&A policies have prompted many companies to withdraw IPO applications and seek M&A opportunities instead [1]. M&A Practical Handbook - The newly launched "M&A Practical Handbook" consists of 342 pages and 173,000 words, covering 11 chapters that outline key operational points and common issues from the perspectives of buyers, sellers, and intermediaries [2]. Implementation Procedures - The handbook details various stages of M&A, including due diligence, transaction pricing, and negotiation strategies, emphasizing the importance of thorough preparation and communication between parties to avoid failures [4][9]. Due Diligence - Key areas of focus during due diligence include financial and accounting assessments, organizational structure, risk factors, and operational performance [4]. Transaction Pricing - The handbook discusses four common pricing methods and three evaluation methods, highlighting the importance of performance guarantees and considerations for setting these terms [16]. Payment Methods - Various payment methods are explored, including cash payments, stock payments, and debt financing, along with their respective advantages and disadvantages [21]. Negotiation Techniques - Effective negotiation strategies are crucial in M&A, with the handbook providing insights on preparation, tactics, and common pitfalls to avoid during negotiations [24]. Case Studies - Chapters 9 and 10 focus on case studies related to public company acquisitions, detailing various acquisition methods and their operational logic, supported by real-world examples [26][27]. Integration Strategies - The final chapter emphasizes the execution of integration strategies post-acquisition, discussing how to effectively merge teams, operations, and cultures to achieve synergy [28].

Core Viewpoint - The article highlights a significant decline in IPO activity in the A-share market, with only 100 IPOs completed in 2024, the lowest in a decade. This has led many companies to pivot towards mergers and acquisitions (M&A) as an alternative route to enter the capital market [1]. Summary by Sections M&A Practical Manual Overview - The "M&A Practical Manual" consists of 342 pages and 17.3 million words, covering 11 chapters that outline key operational points and common issues from the perspectives of buyers, sellers, and intermediaries in M&A transactions [2]. Implementation Procedures - The manual details various stages of M&A, including due diligence, transaction pricing, and scheme design, emphasizing the importance of thorough investigation and consideration of multiple factors [4][5]. Transaction Pricing - It discusses four common pricing methods and three evaluation methods, highlighting the importance of performance guarantees and the factors to consider when setting these terms [16][21]. Negotiation Techniques - The manual provides insights into negotiation strategies, including preparation, timing, and atmosphere, to ensure effective discussions during M&A processes [24]. Public Company Acquisitions - It elaborates on the operational logic of acquisitions and major asset restructurings involving public companies, detailing various acquisition methods such as tender offers and management buyouts, supported by case studies [26][27]. Integration Execution - The final chapter focuses on the execution of integration post-acquisition, sharing real-life experiences and strategies for merging teams, operations, and cultures effectively [28].

Core Viewpoint - The number of IPOs in A-shares for 2024 is only 100, the lowest in a decade, leading many companies to shift towards mergers and acquisitions (M&A) as a means to enter the capital market [1]. Summary by Sections Overview of M&A Practices - The article introduces a newly launched "M&A Practical Manual" aimed at helping companies understand the operational practices of mergers and acquisitions [1][2]. Content of the M&A Practical Manual - The manual consists of 342 pages and 173,000 words, divided into 11 chapters, covering key operational points and common issues from the perspectives of buyers, sellers, and intermediaries in M&A [3]. Common Capital Operations - The manual outlines various aspects of M&A, including purposes, types of restructuring, payment methods, financing arrangements, and operational processes [4]. Due Diligence - It emphasizes the importance of due diligence, detailing the objects, principles, and methods involved, as well as common issues encountered during the process [4]. Financial Norms and Considerations - The manual discusses the necessity for buyers to evaluate the financial viability of sellers before engaging in M&A, highlighting potential challenges in achieving financial compliance [11]. Government Support - It notes that local governments may provide financial support for M&A activities, and stresses the importance of understanding the implications of such support [13]. Negotiation Techniques - The manual provides insights into negotiation strategies, including preparation, tactics during negotiations, and common pitfalls to avoid [25]. Case Studies - Several chapters include detailed case studies to illustrate the operational logic of M&A, particularly focusing on public companies and various acquisition methods [27][29]. Integration Post-M&A - The final chapter discusses the execution of integration strategies post-acquisition, emphasizing the importance of cultural and operational alignment [30].

Core Viewpoint - The number of IPOs in A-shares for 2024 reached only 100, marking the lowest in a decade. In response to tightened IPO regulations and frequent merger and acquisition (M&A) policies, many companies are shifting towards M&A as a means to enter the capital market [1]. Group 1: Overview of the M&A Manual - The "M&A Practical Manual" consists of 342 pages and 173,000 words, covering 11 chapters that outline operational key points and common issues from the perspectives of buyers, sellers, and intermediaries [3]. - The manual includes various resources such as a physical copy, an online course, and a customized notebook [2]. Group 2: M&A Objectives and Considerations - Common objectives of M&A include achieving synergy and understanding the types of restructuring involved [4]. - Key considerations before M&A include assessing the financial viability of the target company and understanding the costs and time required for financial normalization [11]. Group 3: M&A Process and Due Diligence - The manual details the M&A process, including the submission of documentation, implementation procedures, and due diligence principles [4]. - Due diligence focuses on financial, operational, and legal aspects, ensuring that both parties have a clear understanding of the risks and opportunities involved [4]. Group 4: Pricing and Payment Methods - The manual discusses various pricing methods and evaluation techniques, including market comparison and asset-based approaches [18]. - Payment methods in M&A are often considered alongside financing arrangements, with common methods including cash payments and stock exchanges [22]. Group 5: Negotiation Strategies - Effective negotiation strategies are crucial in M&A, with the manual providing insights on preparation, tactics, and common pitfalls [25]. - The negotiation phase is highlighted as a critical point where most terms are established, emphasizing the importance of strategic planning [25]. Group 6: Case Studies and Practical Applications - The manual includes numerous case studies that illustrate the complexities of M&A transactions, particularly focusing on public companies and their acquisition strategies [27]. - Specific chapters are dedicated to analyzing successful and unsuccessful M&A cases, providing practical insights into the execution of M&A strategies [29][30].

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》 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，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》 。 3.梧桐定制笔记本1个 企业并购重组实操手册 春节前发货最后1天 扫码立即购买 《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。 尽联同直的网家 总体介绍 e 尽职调查的原则与方法 总体流程 提交资料清单 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 ...

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，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》 3.梧桐定制笔记本1个 企业并购重组实操手册 《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。 VACVEHEFFA4/BA 总体介绍 ● 尽职调查的原则与方法 总体流程 提交资料清单 实施程序 e 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 ...

近期，证监会主席吴清在国际金融领袖投资峰会上披露了一组数据—— 今年以来，全市场并购重组超 3000起， 自9月份"并购六条"发布以来，已有260多家上市公司披露资产重组事项。 在政策推动下，并购重组的热潮正蔓延至各行各业，央国企的专业化整合也进一步加速。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》 3.梧桐定制笔记本1个 企业并购重组实操手册 扫码试读/立即购买 《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。 总体流程 提交资料清单 查询与复核 实施程序 e 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 ...

近期，证监会主席吴清在国际金融领袖投资峰会上披露了一组数据—— 今年以来，全市场并购重组超 3000起， 自9月份"并购六条"发布以来，已有260多家上市公司披露资产重组事项。 在政策推动下，并购重组的热潮正蔓延至各行各业，央国企的专业化整合也进一步加速。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》 3.梧桐定制笔记本1个 企业并购重组实操手册 扫码试看/立即购买 《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。 总体流程 提交资料清单 查询与复核 实施程序 e 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 ...