Mergers and acquisitions drama link Taiwan(China)

After 3,000 points, the market is facing a major problem is: the main industry almost all have a larger round of the increase, the next momentum is where? A more focused focus is on mergers and acquisitions, which may be the biggest investment theme in the second half of the year. Recent mergers and acquisitions, asset injection of the drama even Taiwan(China), both strong alliances, there are "fish"-like project acquisitions, there is a steady stream of asset injection.  And the performance of the stock is also extremely eye-catching: Gaochun Ceramic Bulletin After the reorganization of the plan, 10 consecutive trading; million good million announced after the reorganization news is also a continuous 8th trading ...    However, the reorganization of the subject matter is not only by luck, whether the reorganization of the news is reliable, the merger plan is attractive, whether the merger side or the acquirer profit more, need to be carefully identified. Merger and reorganization active this newspaper at the beginning of the year to organize the top ten investment theme, the merger and reorganization was listed as the first major investment theme.  From now on, mergers and acquisitions seem to have reached a climax and the market has been hot. From the external environment, the reorganization of mergers and acquisitions has been actively advocated by the Government.  June 29, SASAC director Li stressed that at present it is a good time to promote the integration of central enterprises, to actively promote the restructuring of the state-owned enterprise; The agency is preparing to establish a third asset company after Cheng Tong Group and the National Development Investment Corporation to promote the merger and reorganization. Industrial Securities strategy analyst Zhang Jidong that in the process of economic recovery, the Government will actively promote industrial restructuring and the elimination of excess capacity. In addition, mergers and acquisitions are in line with the interests of industrial capital.  As far as the capital market is concerned, in the context of endogenous growth potential being overdrawn, epitaxial growth opportunities should be the subject of constant concern. In addition to external factors, the listed companies themselves have a merger and reorganization of the power. Zhang Jidong said that in the bull market expectations, large shareholders are willing to inject high-quality assets outside the listed companies. First of all, we can share the premium income from the rising of the share price, enlarge the net profit to the more substantial market value, and realize the maximization of the equity value. Second, it may also be through additional development of enterprises to obtain funds.  Therefore, Societe Generale believes that China has ushered in the climax of mergers and acquisitions.    According to W in D statistics, only June one months, the Shanghai and Shenzhen cities have more than 40 listed companies disclosed the acquisition of mergers and acquisitions information and asset injection information, including radio and electronic, Oct, power, Gaochun ceramics, million good million home, Chenzhou Mining and the great ship shares.  The reorganization subject matter is difficult to grasp although the reorganization subject matter has always been very attractive, but this kind of opportunity is like in the Mirror spends the water month, extremely difficult to grasp. Because the reorganization information obtains difficult and the judgment is difficult, grasps the reorganization subject investment opportunity not to be easy. The first to judge the authenticity of mergers and acquisitions, for ordinary investors, this is already very difficult. And even if the news is true, the restructuring is still fraught with uncertainty, and the price movements are elusive. If the St. Bao Dragon issued a notice the other days, the company's major assets reorganization plan is not mature, the board decided to suspend the planning of the matter, and promised to no longer plan the matter within 3 months. But the reorganization ofThe failure does not seem to bring negative impact, the news announced that day, St Bonhams still to limit the closing. In this regard, the institutions generally believe that its share price has been high, the news after the trading is a typical high speculative type of trading, the main force has been completely control plate.  In future, if the unit appears high volume of technical signals, it will continue to decline for some time. The significant increase of reorganization events led to the strengthening of St stocks. Wanguo analyst Wei Wei said that the deep development and China's Ping An marriage, Eastern airlines and the restructuring of the airlines have once again sparked the market's focus on restructuring themes. After all, the St group is the most likely to trigger the reorganization of the group of events, because its shell resources for many unlisted companies "mouth-watering."  However, following the message involved in the St share of the risk is great, and even if the reorganization is clear, also need to beware of queer, not blindly optimistic. Of course, the restructuring of the investment opportunities is not without trace, through the in-depth excavation of the market to open information, it is still possible to find quality restructuring opportunities.    It believes that the three types of mergers and acquisitions opportunities should be focused on: restructuring opportunities for consolidation of state-owned assets, restructuring opportunities for controlling shareholders or actual controllers, and restructuring opportunities in the competition. Central enterprise Mergers and acquisitions restructuring path according to the SASAC to speed up the promotion of central enterprises bigger and stronger thinking, combined with the strong expansion of central enterprises, the number of groups, the business is more messy situation, industrial securities to judge the path of mergers and acquisitions of central enterprise including: the integration of the group among the integration level, SASAC proposed the goal is to be in 2010, The number of central enterprises will be reduced to 80 to 100, to train 30-50 large companies with strong international competitiveness of large enterprise groups. And up to now, the number of central enterprises still have 138. Therefore, the future of more than a year, the integration between the Central Enterprises Group task is very difficult. From the recent two years of the integration of central enterprises case, to strong and weak is the main form of integration.  In addition, SASAC to its holding company as an integrated platform for central enterprises, to increase the backward enterprise and the non-main assets of the adjustment and withdrawal of strength. The incorporation of scientific research institutes into industrial groups is one of the important ideas for SASAC to implement the integration of central enterprises.  Up to now, not yet integrated research institutes of the type of central enterprises still exist 17, this part of the enterprise may become the future integration focus.  As for the key integration industry, according to the SASAC plan, the state-owned capital of the central enterprise will focus on the military, power grid, petrochemical, telecommunication, coal, civil aviation and shipping industries, as well as the key enterprises in equipment manufacturing, automobile, electronic information, construction, steel and other industries, so as to maintain the control of state-owned economy in these fields. The acquisition of local or overseas enterprises in addition to the integration of Central Enterprise Group, the major central enterprises also from the angle of expanding the main business scale, through the acquisition of local or overseas enterprises, to achieve bigger and stronger purposes.  Such mergers and acquisitions, the occurrence of a large number of industries, including steel, non-ferrous metals, building materials and other industries. In the acquisition object, the local state-owned enterprise is an important merger and reorganization object. On the one hand, a large number of central enterprises as the industry leader, with strong strength and power to merge and reorganize local state-owned enterprise; On the other hand, some local countriesHave the reorganization of enterprise, need to introduce the participation of advantageous enterprise. The integration of Central Enterprise Group within the group internal level, the integration will focus on strengthening the main business, enhance the core competitiveness. In the group on the basis of integration, and further highlight the main industry, the active stripping of the business sector unrelated to the main occupation, increase the consolidation of the integration of the enterprise, the management level compressed to three levels within.  At the same time, to support the listing of central enterprises, with the conditions to achieve the overall listing, without the overall listing conditions, gradually put good assets into the listed companies. Link merger and Acquisition reorganization three highlights: the state-owned enterprises have advantages, the same group easy integration, central enterprise strength of the broad sense of mergers and acquisitions, including asset injection, the overall listing, mergers and acquisitions, borrowing shell listing. From the perspective of the nature of mergers and acquisitions, mergers and acquisitions can be divided into four types of state-owned enterprises, private enterprises, foreign mergers and acquisitions and corporate management.  In addition, it is possible to differentiate mergers and acquisitions from regional and industrial perspectives.  According to the analysis of Societe Generale Securities, the merger and reorganization has three key points to be grasped. From the perspective of mergers and acquisitions, in the context of state-owned enterprise reform and industrial restructuring and upgrading, the merger and reorganization of state-owned enterprises is strongly supported by the Government, so it has higher certainty.  Compared to private enterprises, state-owned enterprises are generally stronger, and in the acquisition of loans and capital market financing support also has more advantages. From the mode of merger and acquisition, the difficulty of asset integration within the same group is obviously lower than that of cross group, especially Cross-industry assets integration, therefore, the synergy effect brought by asset injection or overall listing should be more easily realized than merger and acquisition.  The merger of state-owned enterprise group and the capital injection or the whole listing of listed subsidiaries are the main forms of the mergers and acquisitions of state-owned enterprises. In this wave of mergers and acquisitions, the central enterprise integration and local state-owned enterprises reorganization is the most favoured by institutions. Societe Generale Securities Zhang Jidong that in the wave of mergers and acquisitions, the central enterprise mergers and acquisitions will occupy the main position. The group of central Enterprises is the most powerful enterprise group in China, and it is also the most capable of further enlarging and strengthening the Enterprise Group through the merger and reorganization. With strong strength, many central enterprise groups are likely to acquire integrated industry or upstream and downstream enterprises, the implementation of professional expansion, improve its competitiveness. Newspaper reporter Lin Yu