As the name implies, M&A and reorganization are mergers and acquisitions between companies. Its requirement is mainly the joint establishment of two or more listed companies, and corporate mergers and acquisitions have great benefits. Joint establishment of powerful companies is only stronger, which is often the same as mergers and acquisitions in a broad sense. Generally speaking, it refers to the property right transaction activities carried out by enterprises under the role of market mechanism in order to gain control over other enterprises. So, what are the rules for the time of company merger, acquisition and reorganization review? See below.
Provisions on the review time of mergers and acquisitions
Although not as eye-catching as IPO, M&A and restructuring have always been the focus of the market because of the complex and diverse project types and high incidence of insider trading. In response to the market's concerns about audit speed, transparency, pricing marketization, external approval and other issues, Xinhua News Agency recently interviewed the heads of relevant departments of the CSRC.
Many times, M&A in the capital market is very expensive, and enterprises complain about the long time of M&A review in China capital market. "In order to shorten the review time, the CSRC has simplified the application materials this year, optimized the review process, and strived to improve the review efficiency." The person in charge of the relevant department of the CSRC said.
In terms of application materials, the written application materials for major asset restructuring of listed companies have been reduced from the original 65,438+00 sets to two sets, and other materials only need to be submitted electronically. "This also greatly saves the cost of reporting enterprises," said the person in charge.
For merger and reorganization applications involving multiple licenses, the CSRC implements "one-stop" approval, that is, one-time acceptance, internal cooperation and division of labor, centralized meeting and one-time approval. The reporter learned that according to the regulations, the review time limit for mergers and acquisitions is 3 months. At present, the CSRC has reduced the average time to about 20 working days.
The above-mentioned person in charge said that under the road separation system, applications for mergers and acquisitions of good companies, good intermediaries and good projects will be exempted and submitted directly to the M&A audit meeting, further shortening the audit cycle. According to the current regulations, the M&A pricing of listed companies is based on the average transaction price of 20 trading days before the pricing benchmark date.
What is the significance of merger and reorganization?
M&A helps listed companies to become stronger and bigger.
The development of enterprises can not rely on simple accumulation, but on the accumulation and concentration of capital, and mergers and acquisitions are the main driving force to promote enterprises to become bigger and stronger. If listed companies mainly use the financing function of the capital market, then mergers and acquisitions mainly realize the resource allocation function of the market. Listed companies realize their own value through mergers and acquisitions, improve cross-regional M&A ability, enhance industry concentration and enhance operating mechanism.
According to Wind statistics, M&A's activities related to listed companies have been more active since then than in 20 13 years. As of June 30th, there were 2007 M&A cases of listed companies, involving a transaction amount of 1.27 trillion yuan, equivalent to 20 13 years of total M&A and restructuring transactions.
Judging from the industry distribution of M&A in recent years, the manufacturing industry is more active, accounting for 43%. Among them, 24% integrate the upstream and downstream industries in the industrial chain. Relying on the capital market, China's steel, aviation, telecommunications, coal, medicine and other industries have carried out large-scale integration, achieving the overall listing of the Group's assets, effectively promoting industrial concentration and structural adjustment.
It can be seen that at present, China is in a critical period of economic growth mode transformation and economic structure adjustment, and is facing profound changes in the economic field. M&A in the capital market is playing an increasingly important role in the adjustment of national economic structure and industrial upgrading.
Medicine, electronics, media and home appliances have benefited.
The CSRC said that with the deepening of the market-oriented reform of mergers and acquisitions, mergers and acquisitions of listed companies have become more active. As of September 30th, M&A's reorganization transactions with listed companies amounted to 1 trillion yuan, exceeding the transaction amount of 20 13.
Augus Li, an analyst at Industrial Securities (60 1377), pointed out that in future mergers and acquisitions, the approval of major purchases, sales and replacement of assets of listed companies that do not constitute backdoor listing will be cancelled. This is beneficial to listed companies with large cash and strong willingness to buy.
"We have seen an obvious signal that many listed companies have set up industrial M&A funds. The purpose behind it is to find and cultivate suitable M&A targets for listed companies and sell them to listed companies at the right time. " The above brokerage analyst said. Therefore, he believes that after the implementation of the new M&A and restructuring measures, the pace of restructuring of M&A and listed companies will be accelerated. Not only rich companies will take the initiative to merge and acquire, but those companies that need rapid expansion can also use the method of fixed increase +M&A for capital operation, and they are more optimistic about the media, home appliances, computers and pharmaceutical industries.