The fever of w88 slot will never change the fever of speculation, most investors are inexperienced
(Source: "People's Daily"2014Year11month24日）
For most people, their information channels and investment experience are not enough to accurately see the reorganized company, and there is no way to analyze the stock price and company valuation. The risks are high and the returns are very uncertain.
Mergers, acquisitions and w88 slot have become a hot spot in the market
China Securities Regulatory Commission data shows, as of9month30Day,2014The amount of M&A and w88 slot transactions of listed companies reached1Trillion yuan, exceeded2013The annual transaction amount. According to institutional statistics, China's M&A market experienced explosive growth in the third quarter, with the scale of completed transactions reaching a new high this year. The number of completed transactions in the third quarter was668Starting, rising month-on-month1.06%, year-on-year increase20.36%. Judging from the number of transactions, there is a continued growth trend, and the transaction amount has also reached the highest value in recent years.
Mergers, acquisitions and reorganizations have become a "sharp tool" to improve the quality of listed companies. Among the companies whose performance increased significantly in the first three quarters of this year year-on-year, many were directly the result of mergers and acquisitions. Tianzhou Culture's performance growth in the first three quarters exceeded650%, mainly due to the company's merger with Magic Era and the addition of mobile gaming business, thus improving overall performance. Huaxing Venture Capital successfully turned around losses in the first three quarters compared with the same period last year, with the highest profit growth rate exceeding13times, also because of the purchase of shares in companies such as Xinzhong Communications. In addition, companies such as Dinghan Technology, Shanghai Jiahao, and Xingyuan Filtration, whose performance has increased significantly year-on-year, have improved their performance through the acquisition of assets.
It is worth noting that unlike previous years, which were mainly backdoor reorganizations of poor-performing companies, this year’s reorganizations of some “elephant” companies are particularly eye-catching.4At the beginning of the month, Guangzhou Shipyard International was suspended from trading due to major matters. After more than half a year of waiting,10month31Riguang Shipbuilding International announced a major asset reorganization plan and plans to purchase Huangpu Wenchong from CSSC100% equity, and purchased the relevant shipbuilding assets held by Yangzhou Kejin Shipbuilding Co., Ltd., and the total price of the w88 slot target assets was nearly55100 million yuan, the stock will continue after the resumption of trading6daily limit.
The reorganization of the "Big Mac" company is in the ascendant.11At the beginning of the month, China CNR and China South Locomotive & Rolling Stock Corporation issued announcements at the same time, planning to plan major events, and the suspension time is expected to be no more than one month. What is the final major event for these two companies? The market is eagerly waiting for the answer to be revealed.
Economic transformation triggers “w88 slot fever”
Mergers, acquisitions and reorganizations will guide the flow and concentration of social resources into emerging industries, which in turn will accelerate economic transformation and upgrading.
atAReorganization has always been a hot topic in the stock market, and many investors also prefer to chase stocks with expectations of w88 slot. However, from many perspectives, this wave of w88 slot shows new characteristics that are different from the past.
“In the context of comprehensively deepening reforms and economic transformation and upgrading, the transformation of the extensive development model is imperative. At the micro level, companies in various industries will inevitably be affected. The profits of listed companies in traditional industries, especially those with overcapacity, have been significantly reduced, while the growth and profitability of emerging industries are relatively prominent. This is the most important driving force for many companies to carry out mergers, acquisitions and reorganizations.”Professor Hao Xuguang, w88 casino of International Business, w88 casinoAnalysis.
“Cross-border reorganization” is indeed a major feature of this year’s w88 slot craze among listed companies.*STChan aluminum11month7Reorganization plan was released on the evening of the same day, and the company and its wholly-owned subsidiary planned to acquire Shanghai Langmai Clean Technology Co., Ltd.100% equity. After the reorganization is completed, the company's business scope will cover the pharmaceutical industry. Judging from the w88 slot cases this year, not many of the M&A and w88 slot targets of listed companies are related to their original main businesses. A large number of them are involved in new industries - companies in the building materials industry have switched to cosmetics, mining companies have switched to gaming, catering companies have transformed into "cloud network" companies, etc. It is dazzling.
To this,Hao Xuguangbelieves that economic transformation has spawned a reorganization boom, and the emergence of a large number of reorganizations can in turn promote economic transformation. The value discovery and resource allocation functions of the capital market will attract many entrepreneurs to choose better industries, and social resources will flow and concentrate in these industries, prompting China's economic transformation and upgrading to accelerate.
Wang Zhulin, chairman of Yinhua Fund and chairman of the M&A Financing Committee of the China Association of Listed Companies, believes that currentlyAOn the one hand, the stock market has the background of economic transformation and the need for corporate development strategies and market competition. On the other hand, current policies provide more convenience, so2014The year can enter the "era of mergers and acquisitions".
This year315590_15745
At the same time, from10month24Starting from the date of 16186_16305|, mergers and acquisitions and reorganizations of listed companies have begun to be subject to parallel approval. Previously, if merger and acquisition projects that required approval by the China Securities Regulatory Commission involved approval matters from other ministries and commissions, the applicant should first obtain approval documents from the relevant competent authorities. After the parallel approval, the China Securities Regulatory Commission does not need to wait for approval from relevant ministries and commissions, which will further shorten the entire process time of listed companies' mergers, acquisitions and reorganizations and improve the efficiency of mergers, acquisitions and reorganizations.
Wang Zhulin said that the liberalization of the system in the past two years is the first step for mergers and acquisitions20Enterprises should seize this opportunity that has never been seen in years.
The advancement of various reforms has also added impetus to mergers, acquisitions and reorganizations. In particular, the reform of state-owned enterprises is directly related to many listed companies.11month1117232_17342
Don’t change “w88 slot fever” to “speculation fever”
Reorganization transactions themselves are extremely complex and therefore have a relatively high failure rate.
"Bet" on w88 slot stocks, the stock price will soar in the short term. Encouraged by the huge profit effect, the market's enthusiasm for w88 slot stocks has been extremely high this year. However, high returns correspond to high risks, and there are also hidden traps in w88 slot stocks.
Since this year, a considerable number of companies that have announced the suspension of trading and planning for major events have finally decided to terminate their planning. The reason for this is that w88 slot transactions themselves are extremely complex and therefore have a relatively high failure rate. The formation of a reorganization plan requires multiple steps, including intentional contact, signing of a framework agreement, determination of transaction price, in-principle consent from relevant competent authorities, and review by the board of directors. The entire reorganization process is highly uncertain.
After the announcement of the reorganization plan, it will still take a long time until the final reorganization is completed, which also involves risks. Recently, Jingshan Light Machinery issued an announcement stating that the company received a notice from the China Securities Regulatory Commission that relevant parties involved in this reorganization were investigated and filed for suspected violations of the law, and the company's application for mergers and acquisitions and reorganization was suspended from review. This is not an isolated case. Since this year, many listed companies, such as Steyr, Zhongnan Heavy Industry, and Jianrui Fire Protection, have had their mergers and acquisitions and reorganizations stopped because the institutions or individuals involved in the reorganization were suspected of insider trading.
Hao Xuguang said that judging from the actual market situation, most small and medium-sized investors like w88 slot stocks and think it is a shortcut to increase returns. In fact, investment must first control risks. For most people, their information channels and investment experience are not enough to accurately see the reorganized company, and there is no way to analyze the stock price and company valuation. The risks are high and the returns are very uncertain.
It is not only secondary market investors who are speculative. The w88 slot of listed companies itself also has a clear tendency to chase hot spots. For example, when real estate is booming, a large number of real estate business assets are invested; when resource prices are high, mining assets are reorganized in a rush. Since last year, the reorganization of the cultural industry and military industry has been concentrated again.
“Reorganization is essentially about replacing non-performing assets and acquiring high-quality assets, thereby improving the quality of listed companies. However, at present, some companies regard w88 slot as a subject and means of speculation, or as a financing service, which is suspected of speculation.”Hao XuguangSay.
He believes that mergers and acquisitions are not easy. Many listed companies actually lack the talent, technology, resources, management and other conditions required for transformation. If they deliberately seek asset injection and w88 slot in order to pursue short-term interests and quick success, it will not be beneficial to the long-term development of listed companies.
In addition, judging from the policy direction of regulatory authorities, the w88 slot of listed companies is mainly market-oriented to reduce approvals. However, withAThe stock market is currently mature, and w88 slot is the area most prone to various violations of laws and regulations. How to balance this contradiction? Hao Xuguang said that supervision should gradually transition from before to during and after the event. Post-event supervision requires a sound legal system and strong enforcement means. Through high-pressure deterrence and a credible punishment mechanism, violators cannot and dare not break the law.
(Attachment: Original report link
http://stock.jrj.com.cn/invest/2014/11/24083518407165.shtml ）
