"Buyers want to use money for time, and sellers want to use shares for the future." According to the statistics of the Shanghai Securities Journal reporter, since 2014, no less than 15 companies have issued shares for several months after completing the purchase of assets. Start the next round of asset reorganization. In terms of industry characteristics, they are mostly concentrated under the banner of "Internet +", involving emerging industries such as games, media, and education.
Regarding the serial merger logic of listed companies, a senior investment banker told a reporter from the Shanghai Securities News, "Many emerging industries and asset-light companies have adhered to the M&A expansion route, but there are usually only three of the ten companies that can truly acquire and integrate successfully. It can be said that the success rate is not high, but if you don't go for mergers and acquisitions, you may be fine."
Who can settle in the tide of mergers and acquisitions
According to statistics from Shanghai Securities News, since 2014, there have been Youzu Network (formerly "Meihua Umbrella"), Huangshi Group, Kemian Wood, Jebsen Co., Ltd., Zhangqu Technology, Lisichen, Xuanji Information, Blue No less than 15 listed companies, including cursor, Shanghai RAAS, Lianjian Optoelectronics, Xingyuan Environment, Wutong Communications, Joyson Electronics, etc., suspended trading to plan the next round of asset reorganization a few months after the completion of the previous share issuance to purchase assets. Under the stimulus of restructuring news, the stock prices of most companies are also rising.
Since January this year, the Youzu Network, which has been suspended to plan a major asset reorganization, was still called "Meihua Umbrella" six months ago. Looking back on the backdoor experience, Meihua Umbrella released the Youzu information reorganization plan in October 2013. The target asset appreciation rate of 32.8 times was the first in the industry at that time. Of course, the news of turning into a game stock has made the company highly sought after by funds. The stock price rose from 20.00 yuan before the suspension to a maximum of 86.87 yuan, an increase of more than three times. Regarding the attitude towards mergers and acquisitions, Liu Yingkun, the secretary of the board of directors of Youzu Networks, once said in an investor survey: “We value the synergy with our own strategies. In contrast, Palm Fun Technology has more experience in game mergers and acquisitions. Since 2013, it has moved from Dongwang Pioneer to Upstream Information and Play Crab Technology to the 4.3 billion yuan restructuring plan released in February this year. Mergers and acquisitions accompanied the company's share price rose from 3 yuan to 30 yuan.
Of course, the mergers and acquisitions of games, film and television media are no longer the patent of industry chain expanders. More companies enter these popular areas through cross-border mergers and acquisitions. The Huangshi Group is like this. After the company completed the acquisition of Yujia Film and Television in November 2014, it launched a second media industry merger in January this year. The target was locked in the prosperous sun. So far, the company has created a "dairy + media" double round The driving pattern has been formed. Similarly, Jebsen, which was originally engaged in audio and video services, completed the acquisition of part of the equity of four companies including Brilliance Film and Television in January 2014, and then announced the acquisition of two film companies, Zhongshi Wonderful and Ruijixiang in December last year.
"In terms of the price of mergers and acquisitions, there are basically differences in various fields." Investment bankers told the Shanghai Securities News reporter, "For example, in the film and television industry, excellent companies have already realized capitalization, so the price is relatively stable; and games are another. In this situation, an excellent production team is still a scarce resource for listed companies, and the asking price is also rising."
It is worth mentioning that Shanghai RAAS has also emerged as a "serial merger and acquisition" in just one year. It has not only become a classic case of capital market mergers and acquisitions and reorganization, but also developed into a leader in the domestic blood products industry. After the company successfully acquired Banghe Pharmaceutical in February 2014, it completed the acquisition of 89.77% equity in Tonglu Biotech in December 2014.
The above-mentioned investment bankers said: "Companies that love mergers and acquisitions are usually emerging industries and asset-light companies. They are all in a vast market space and need to rely on mergers and acquisitions to integrate their share in the market. They may face fierce battles and eventually settle down. It is a relatively large group company."
Three stages of "Internet +" investment
Regarding the future M&A trends of listed companies, in the opinion of market participants interviewed by reporters from the Shanghai Securities News: “M&A in the gaming and education industries will continue to be hot, and Internet finance and Internet medical companies will increasingly be listed by listed companies. Take aim."
In fact, listed companies with a keen sense of smell have already deployed the "Internet +" concept in advance, such as Kemian Wood and Lisichen. Among them, Kemian Wood has just released a restructuring plan on March 24, intending to acquire 95% of the equity in Wonderful Hengsheng, Leishang Technology and Avazu Inc for a price of 4.1 billion yuan. Each 100% equity of Shanghai Maicheng and Shanghai Maicheng will increase online games and Internet advertising. Prior to this, Kemian Wood completed the acquisition of 100% equity of Tianshen Interactive in September 2014 and transformed it into an online game company. Li Sichen has been in the field of Internet education. Since the company completed the transfer of Huijin Technology's assets in July last year, it announced the acquisition of Minte Zhaoyang and Congxing Technology in November last year to increase online education. In February of this year, Li Sichen stated on the interactive platform: "This year, it will also focus on Internet education."
With "Internet +" as the banner, a trend is sweeping industrial capital. The day before yesterday, Wang Yumei, chief analyst of the Internet industry of Huatai Securities, stated in the latest research report: Internet investment in the future will be divided into three stages. The first is the stage of "shopping and grabbing chips". With the purest Internet gene of LeTV The Internet and Oriental Fortune jointly staged the "GEM Shuanglong Biography". Companies with a desire for transformation but mediocre qualifications will announce to touch the Internet. The so-called "barefoot people are not afraid to wear shoes", but with the registration system and other capital market access policies Relaxation, a group of genuine "good kids in shoes" will choose to land or return to the A-share market. At that time, due to the lack of uniform valuation standards and consensus expectations for Internet companies, the market will have valuation contradictions during the callback process-leading Internet companies at the level of US$10 billion will be undervalued, and small online companies under RMB 20 billion will be overvalued. estimate. Then entered the third stage, the once innovative companies became "traditional" and entered a stage of stable development, so that the valuation reached a consensus expectation.
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