Unit a merger reorganization has continued to be active. Data from the same flower ifind show that, on the basis of the first bulletin date, from 7 june to 7 july, a-listed companies disclosed 788 merger plans within a month, an increase of approximately 11. 46 per cent over the same period of the previous year (707). In terms of industry distribution, companies listed in such industries as machinery and equipment, computers and electronics have become the main sources of recent mergers and acquisitions。
The sboc special agent paid a man to a reporter in the daily securities journal: “in industry, global competition for technology is increasing, and the autonomy of key links has become the bottom line for enterprise survival, expanding through horizontal integration, vertically opening up the upstream and downstream chain, making it the best solution to shorten the technological catch-up cycle. At the capital level, the diversification of the ipo path has led to a shift to m&as by high-quality small and medium-sized start-ups, enriching the supply of the target.”
The journalist of securities found that the logic of industrial integration of listed companies has become more prominent in the direction of mergers and acquisitions。
On the evening of 28 june, for example, changzhou milky way microelectronics inc. (hereinafter referred to as “galaxy microelectrics”) announced the acquisition of 100 per cent of the shares of histac semiconductor (shanghai) ltd. (hereinafter referred to as “hantacco”). Galaxy microelectrics are intended to purchase 100 per cent of his/her shares by issuing shares and to raise matching funds at a price of $28. 48/equity, and to collect matching funds to cover the taxes associated with the transaction, the costs of intermediaries, the construction of the targeted company and the replenishment of the listed company's liquidity, debt repayment, etc。
Galaxy micropower indicates that, upon completion of the transaction, the listed company will form a full-power mos product chain with low-to-moderate-to-high-pressure full coverage, providing a one-stop power device solution for customers in the areas of power supply, engineering control, and automobiles。
Also committed to the horizontal integration of industrial chains is the domestic industrial robotic champion, nanjing easton automation co. Ltd. (hereinafter “aston”). The company is planning to purchase the shares and related transactions of the participating company, nueva tech ltd., nanjing easton, by means of cash payments from wholly owned subsidiaries. Upon completion of the transaction, the inclusion of the target company in the consolidated statement would help to reduce the risk of a linkage between the company and the target company and avoid competition。
In an interview with the daily securities journal, the research director of the shenzhen tilenet foundation, liu xianhua, said: “the demand for power semiconductors and high-end electronic metaware from the ais server has increased, and the industry's bottom logic is shifting, with listed companies moving from `large scale' to `deep chain', i. E. Horizontal technology integration and vertical matching around industrial chains.”
In the recent wave of m&as, a number of listed companies have chosen to cross into the technology track. A company listed for architectural decorations intends to acquire semiconductor companies, which are mainly involved in the design, manufacture and sale of storage devices and are specialized in new “small giant” enterprises at the national level. The head of the listed company indicated to journalists that the second growth curve had been built through the merger to enter the core course of storage hardware。
“m&a reorganizations can help listed companies quickly complete technology niches or access scarce capacity, but also serve as an important interface between stis and capital markets. However, high technical barriers to technology and long customer certification cycles make cross-border integration more difficult than traditional industries.” liu has told journalists that there is still a need to distinguish between industrial cross-border m & as and fire-type cross-border m & as. Industrial-type cross-border m&as have a clear logic of synergy, buyers have an in-depth knowledge of the technology applications of the target, and integration pathways are well planned prior to the transaction。
In the view of one person, the intra-industry consolidation demand is a fundamental driver of the current round of mergers and acquisitions, which are expected to continue in the light of the urgency of the “trigger chain”. However, valuation games remain the core variable of transactions, and the expected degree of convergence between buyers and sellers in pricing will have a direct impact on the pace of subsequent cases landing。
