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With listed companies continuing to improve the role and position in China national economy, the convenience of the merger, acquisition and restructuring made by listed companies growing since the split share structure reform was finished, more and more companies will realize the structural adjustment and industrial upgrading through the merger, acquisition and restructuring. And the merger, acquisition and restructuring of listed companies will become a crucial point in the adjustment to China’s economic structure and transition of China’s economic development pattern. In order to give the full play to the role of the capital market, facilitate the qualified listed companies to become lager and stronger by merger, acquisition and restructuring, the SZSE, the Merger, Acquisition and Restructuring Association of the All-China Federation of Industry and Commerce and China Merchants Securities jointly hold the fifth seminar on merger, acquisition, restructuring and the corresponding practices.
The SZSE person in charge of the case put forward at the seminar that the Nine Opinions of the State Council encouraged listed companies to make the market-oriented merger, acquisition and restructuring conducive to the sustained development; the Top 10 Industry Revitalization Planning made by the State Council also notes the support for industry restructuring and optimization of industrial layout; the merger, acquisition and restructuring plays the very important role in maintaining growth and adjusting structure. Listed companies can exploit the merger, acquisition and restructuring to solve the problems left over by the history and development issues including horizontal competition and connected transactions; the motive force has been strengthened with regard to the merger, acquisition and restructuring of listed companies, along with the uninterrupted innovation in the patterns, and in such sense, there is much large room for the merger, acquisition and restructuring. At the same time, we must pay much attention to the insider transactions in the merger, acquisition and restructuring; since the insider transactions have been the main issue in the market regulation in recent years, we should attach much importance to them; the CSRC, the relevant departments and commissions will set up the integrated prevention and control mechanism and the SZSE will put more effort to examination and investigation.
The experts present at the seminar also made the special discussion on some issues including information disclosure and other key issues attracting much attention as regards major asset restructuring, performance of merger, acquisition of listed companies, conducting merger and acquisition business by using over-raised fund and so forth.
