China's restructuring season desire Shell: 229 Reorganization Notice 13 copies a day like a book

Medical hand Travel crazy this year since the hand-travel mergers and acquisitions have: palm of the technology (market, inquiry) acquisition of dynamic network pioneer, day boat culture (market, interrogation) reorganization and mergers and acquisitions magical era, Huayi Brothers (market, interrogation) acquisition of Silverside Technology. Financial profit Po, the current savings rate increased 1000% as of September 17, the IPO moratorium has been suspended for more than 10 months. 　　Such a long waiting period, unprecedented in the capital market, will be listed companies, investment banking, PE, patience a little spent. According to wind data statistics, entered September, the two cities issued a total of 229 and major assets reorganization related announcements, an average of about 13 daily. In the previous August, the two cities issued a total of 542 reorganization of the relevant bulletin, an average of 17 daily. 　　Only September 16, 20 listed companies also issued a reorganization announcement, of which 2 reorganization applications were accepted by the SFC. 　　A large Beijing Securities and Acquisitions Department, said the merger and reorganization of enterprises, in addition to a number of national measures to strengthen the merger and reorganization work, another important reason is because the share market IPO opening timetable is not clear, part of the need to finance enterprises looking for "shell resources", hope to be able to finance through the shell 　　Secondary market is also in the pursuit of mergers and acquisitions concept, such as Jiangsu Hongyuan (market, interrogation) by the Great Wall Film and television backdoor program stimulation, the stock price of 12 consecutive trading. 　　October 8, the merger and reorganization of listed companies will be formally launched, a number of industry insiders believe that the merger and reorganization will continue to be hot. 　　Mergers and acquisitions return to the IPO Song Haibo eventually hold the dynamic network Pioneer 25% stake plus Palm technology 6.3397 million shares, its book floating profit of a total of 350 million yuan, investment return 59 times times. 　　Wind statistics show that since 2013, 196 transactions have disclosed the progress of merger and acquisition reorganization, 16 were accepted by the SFC, 8 SFC approved, 16 approved by the general meeting of shareholders, 65 are still in the board stage, failed, failure and stop the implementation of 13. A-share market in the actual suspension of the IPO, which forced a large number of listed companies have to turn to seek mergers and acquisitions, to the curve listing, such as Shanghai Wallace (market, interrogation) acquired by the state and pharmaceutical industry, 35 interconnection (market, interrogation) of the acquisition of Gold online, 　　By the palm of the technology acquisition of the network pioneer are previously in the search for listed enterprises. 　　Originally prepared for the IPO of the state and medicine has been unwilling to wait, the initiative to find Shanghai Wallace, is willing to 100% of the stake to 1.8 billion of the transaction price sold to Shanghai Wallace. 35 interconnection to 210 million yuan, premium 103.52% acquisition of CICC online 100% equity. 35 The interconnection of 8.14 yuan/share to the CICC online shareholders Shen Wenze, Li Kun, Wang Ping, and other 5 natural shareholders issued 21 million shares, to pay its 170 million yuan on the price. 　　Many insiders think this is a good way to get the curve out of the market, which is hopeless for the CICC online. And many times said "listing" is its important target to move the network Vanguard, its chairman and CEO's Song Haibo in turnAfter the battle of mergers and acquisitions, returns are no worse than IPOs. When the plan is announced, according to the financial weekly statistics, Song Haibo finally hold the 25% stake in the net pioneer cost of 5.6458 million yuan. After the deal, he will receive a cash price of 147 million yuan, this part let him net earn 140 million yuan. At the same time, he will be the palm of the technology 6.3397 million shares, as of February 21, 2013, Palm Technology closed at 33.5 yuan/share, Song Haibo Book market value of 210 million yuan. 　　Add two parts, Song Haibo book floating surplus of 350 million yuan, investment return 59 times times. 　　As for the SP function Machine origin of palm interest, the network pioneer in the page tour has excellent team research and development ability and years of experience in web game development, can support its income structure transformation. Together "backdoor" 11 of the company's main nuclear titanium dioxide (market, interrogation), Wolong Electric (market, inquiry), the Jiangnan Red Arrow (market, Inquiry), new Daxin material (market, interrogation), Shangfeng Cement (market, interrogation), the rich Austrian shares (market, interrogation), just Thai holding (market, interrogation), Zhang Ze Electricity (market, interrogation), 　　believe that electric (market, interrogation), PLO medicine (market, interrogation) are easy to master. Of the 161 deals that have been completed this year, 11 major shareholders have changed. 　　Mountain Eagle Paper (market, interrogation) is one of them. December 21, 2012, the suspension of nearly four months of the Mountain Eagle Paper (600567. SH) issued a reorganization plan, to 1.87 yuan/unit to the Tai Shing industry, Jishun Investment, Taian Investment, Prudential Investment, and wuliping, such as the 25 natural persons issued 1.63 billion shares of the Ji ' an group 100% shares (evaluation value 3.049 billion). 　　At the same time raise supporting financing does not exceed 1.016 billion yuan, for supplementary liquidity. At the same time, the Thai Sheng industry to 260 million cash agreement to buy Mountain Eagle Group Holdings of 119 million stock shares. 　　After the completion of the transaction, SASAC background of the Mountain Eagle Group will no longer directly holding the Shan Eagle paper, Tai Shing will hold the eagle paper 1.301 billion shares, accounting for 34.05% of the total after the reorganization, become a controlling shareholder, the Wu Mingwu, the Xu Lifan will become the owner of the actual control of the Mountain Eagle paper. It is reported that Ji ' an group has been listed in the plan, and in April 2012 received the listing of warfarin securities counseling. 　　The reorganization was also run by the Chinese forestry securities. However, in the past three years, the performance of Ji ' an group has declined. 　　2010, 2011, 2012 years ago three quarters, Ji ' an group achieved net profit of 180.767 million, 115.3893 million, 75.9063 million respectively. "Ji ' an group performance is declining, the industry is in demand, also not in line with policy-oriented, so the possibility of their listing financing is very small, the choice of reverse acquisition way to achieve a backdoor listing does not suffer." 　　"said one person close to the Mountain Hawk paper. Above all, the analyst also said that Ji ' an reverse takeover of the Mountain Eagle paper "is quiteCost-effective ". "General interbank acquisitions, with a 10%-20% premium is normal. When the two sides talk about the reorganization of the time, the price of the eagle paper is 1.8 yuan, and finally to 1.87 yuan/share price issue shares, only 3.8% of the premium, almost equal to the market price of Ji ' an group to buy the Mountain Eagle paper. The analyst said. Financial profit Po, the current savings rate increased by 1000% coincidentally. 　　Nuclear titanium dioxide, Wolong Electric, Jiangnan Red Arrow, new Daxin, Shangfeng Cement, rich Austrian shares, just Thai holdings, Zhang Ze Electric power, believe that electrical, PLO medicine after the reorganization this year, have easy to master. The Chinese nuclear titanium dioxide successfully completed the bankruptcy reorganization in the first quarter of this year. 　　After the completion of the bankruptcy reorganization, the trustee of Venus Titanium dioxide shareholder Jeff was the first major shareholder in the nuclear titanium dioxide China letter Tatsu 30 million shares, become the largest shareholder of listed companies. 　　Thai holdings is realized by the "real estate stocks" to "mineral stocks" of the complete transformation of the big shareholder from the Thai Group Limited into Shanghai just Thai Mining Co., Ltd., a A-share real estate enterprises completed "check-out into the mine" the first case. 2004 to 2007, a large number of property companies to borrow Shell listing. The "shell" resources of listed companies have been the resources that the real estate companies scramble to snatch. 　　Now the housing company's listing "shell" may be borrowed by other industries. 　　It is noteworthy that September 4 released the reorganization of the Softto (market, inquiry), will be increased by 1.28 billion yuan to buy landscape festival Cultural Industry Co., Ltd. (hereinafter referred to as "landscape culture") under the "Impression Sanjie" project company Guilinguang Wi Wenhua Tourism Culture Industry Co., Ltd. (hereinafter referred to as "Guilinguang dimension") of the full equity. 　　After the distribution is completed, the Softto actual control Person Liang insists the share proportion will reduce from 16.62% to 15.92%, but "Sanjie" aspect's shareholding ratio has reached 15.43%, is only one step away from the Softto's controlling power. Although the actual control of the current Softto has not changed, it is not backdoor reorganization, but "Sanjie" has confirmed the nature of the acquisition is borrowed shell. 　　Landscape Festival Culture Industry Co., Ltd. CEO Huang Xing has said to the media, "' Sanjie ' has borrowed shell listed, borrowed shell is Softto." In recent years, as one of the few listed companies in the domestic daily industry, Softto has been wandering in the margin of loss. 　　Annual report shows that the company 2010 loss of nearly 90 million yuan, 2011-year loss of nearly 200 million yuan, 2012 by selling assets barely, the first half of 2013 still losing nearly 20 million yuan. The introduction of the new deal also prompted a large number of companies close to the listing, actively looking for asset restructuring objectives. 　　But not all backdoor and Shell wars can be successful. At the end of 2012, in order to catch up with the last bus, *st North Health (market, interrogation) and the Deloitte Group restructuring program to surface. 　　The company intends to take asset replacement at the same time the way to issue acquisitions, the Deloitte group's Coastal and inland river dry bulk cargo transport assets into the listed companies. andAnd, Deloitte borrowed Shell *st North students eventually fell through. 　　*st was originally planned to restore profitability through the listing of Deloitte Group, but Deloitte Group engaged in coastal and inland river dry bulk transport industry, since 2012 due to the downturn in the industry, the rapid decline in business conditions, long-term profitability worries, the backdoor plan was terminated. A follow-up *ST analyst said the restructuring ended the company's prospects for more uncertainty, but the cancellation of restructuring also in fact eliminates the risk of the listing of junk assets. 　　Company colleagues disclosed the protection of the Shell's directional additional program, revealed a number of positive factors, the future can still continue to pay attention to the company's shell sales progress. Medicine, hand tour mergers and acquisitions crazy traditional media industry in the search for the transformation of the way, and the Hand tour research and development threshold low, hot market, but fierce competition. 　　This makes both sides keen to find opportunities for mergers and acquisitions. 　　From the merger and reorganization of the company's industry distribution, the machinery and equipment, real estate, electronics, biomedicine and other industries listed companies a large number. Some data show that, since this year, the merger of pharmaceutical companies in the pace of rapid acceleration, including China Resources 39 (market, inquiry) acquisition of Shandong Pro-Tsinghua Granville pharmaceutical industry, Ren Pharmaceutical (market, inquiry) acquisition of East T-Mac Sen Pharmaceutical, Shanghai Medicine (market, interrogation) holding acquisition of the east-UK pharmaceutical industry, Shanghai Levin buy state and pharmaceutical industry, le PU Medical (market , a consultation) to acquire new Shuai pharmaceutical; Watson Biology (quotes, consultation) to 300 million yuan to be let Shandong Real Jay, alone (market, interrogation) to buy Pengxi hospital; Ai er Eye (market, interrogation) auction to the Ningbo Bright eye Disease Hospital, Xinhua Medical (market, interrogation) to buy a far-jump drug machine 90% stake, etc. 　　There are more than 20 cases of mergers and acquisitions. 　　In late July, jiuding investment in charge of the pharmaceutical fund's partner Siber was outgoing, led the medical team to leave, after the separation will carry out the pharmaceutical industry mergers and acquisitions integration business, seize the opportunity of drug acquisition. Another high place for mergers and acquisitions is the field of hand travel. This year, hand-travel mergers and acquisitions have: Palm interest technology premium 15 times times the acquisition of dynamic network pioneer; The day boat culture to 1.254 billion yuan, a premium of 20 times times the merger of the magical era of 100% equity; Huayi Brothers to 672 million yuan price and 15.87 times times the premium to acquire Silverside technology 50.88% stake 　　, and hand-travel mergers and acquisitions from the media unit to it and other companies spread, Datang Telecom (market, interrogation) to 1.6 billion yuan, a premium of 15 times times to buy Guangzhou to play Entertainment Network Technology Co., Ltd. 100% Equity, a full march into the game city. The secondary market also did not let these "travel-related concept shares" disappointment, where the mobile phone game business, the company's share price trading. 　　Even two of insiders from listed companies have told Financial weekly reporters that they are uneasy about the stock price. Shanghai, a long-term tracking industry analysts pointed out that on the one hand, the traditional media industry in the search for transformation of the way, on the other hand, the low threshold of research and development, the market is hot, but fierce competition, the elimination rate is high, so high risk. 　　This makes both sides keen to find opportunities for mergers and acquisitions. Investment banks transform and merge blue cursors (quotes, interrogation) mergers and acquisitionsThe Bojie advertisement is the beginning of the "capital intervention" of Huatai Union. It is also the first attempt by domestic investment banks to provide bridging loans for mergers and acquisitions as financial advisers. 　　Financial profit and demand savings rate 1000% after the IPO was suspended for more than October and scrutiny tightened, the sensitive investment bankers sniffed at the industry's upheaval and sought to transform their bond and mergers operations. 　　According to the Financial weekly reporter understand that the current domestic investment banks, there have been CICC, Citic, Haitong, Huatai United, southwest, Citic Investment, investment, such as more than 10 brokerages set up a special acquisition team. 　　In the eyes of investment bankers, the IPO business is homogeneous competition, and mergers and acquisitions business test is the ability of alienation services, who can design the best solution. This year, an interest in technology acquisition of the pioneer "different prices" and a blue cursor for the acquisition of Bojie ads to provide bridge loan acquisition program, the industry attention. 　　And the fencing of this plan is Huatai union. Blue cursor Mergers and acquisitions Bojie advertising, Huatai joint "capital intervention" began. 　　It is also the first attempt by domestic investment banks to provide bridging loans for mergers and acquisitions as financial advisers. In the April 12 announcement of the blue cursor acquisition of the draft Bojie ads, not only have a profit forecast compensation mechanism, excess performance incentive mechanism, but also designed to protect the interests of listed companies to reduce the agreement, more importantly, Huatai Zijin Investment as a trading independent financial advisor Huatai Joint Securities affiliated companies, 　　For Bojie advertising shareholders to provide a bridge loan of 230 million yuan, to help the target company to solve the problem of capital appropriation. "At that time, faced with the chicken or the first egg of the thorny issue," said the Huatai joint mergers and Acquisitions division, "The acquisition of the target of the existence of shareholders, but in accordance with the regulatory requirements of transactions, once the transaction started, disclosure plans, shareholders arrears must be returned." If the money is not returned, the transaction cannot be disclosed, and if the transaction is not approved, the money cannot be paid, the problem will not be solved. "January 17 this year, in order to solve the Bojie advertising original control person Li Yu to Bojie advertising account, set up a financing platform Bojie investment, the acquisition of Bojie advertising 25% of the equity (after diluted to 22.5%). And in the March 22 of an increase in capital, Huatai United holding shareholder Huatai Securities (market, inquiry) under the Zijin investment of 100 million yuan invested in Bojie investment. March 28, Zijin investment to 130 million yuan to buy Bojie investment holding Bojie advertising 36.85% of the right to gain equity. 　　So far Zijin investment a total of 230 million yuan, the latter used to pay the March 7 Bojie investment acquisition of Li Bing, Li Meng holding Bojie advertising 7.3% of the formation of 263 million yuan should pay, and then by Li Bing, Li Meng lent Li Yu, for the return of Bojie advertising, clean up funds for money. Blue cursor "In short, it is the union of Huatai to lend the money to the shareholders, get the shares, then the shareholders will return the money to the target company, the process of Zijin investment in the return of the money", a large Beijing securities mergers and Acquisitions Department of the interpretation, "for the industry is a bold breakthrough attempt, but also make the brokerage inThe profit mode of merger and acquisition has changed radically, from the original single financial consultant business income to the successful grafting of financial consultant and capital Business. "We can judge whether an innovation can be accepted by the regulators," said the former Huatai merger and acquisition department, "and the premise is that regulators believe that a team that can last for 10 years must not be a group of speculators." ”