The merger and reorganization rate during the year reached 91.

3% continuous profitability becomes the focus of attention

The merger and reorganization rate during the year reached 91.

3% continuous profitability becomes the focus of attention

As of March 28, the Securities and Futures Commission’s M & A and Reorganization Committee has reviewed 23 projects, of which 21 have been approved, and the passing rate is about 91.

30%.

Compared with the same period last year, the number of audits by the M & A Committee (35 projects last year) was changed to 34.

28%, meeting 深圳桑拿网 rate (82 last year.

86%) increased by 8.

44 averages.

  ■ Reporter Zuo Yonggang Since the beginning of this year, the number of projects reviewed by the Securities and Futures Commission’s M & A and Restructuring Committee has improved, and the rate of passing meetings has increased significantly, and continuous profitability is the focus of attention.

  According to statistics from the reporter of the Securities Daily, as of March 28, the Securities and Futures Commission’s M & A and Reorganization Committee has reviewed 23 projects, of which 21 have been approved, and the passing rate is about 91.

30%.

Compared with the same period last year, the number of audits by the M & A Committee (35 projects last year) was changed to 34.

28%, meeting rate (82 last year.

86%) increased by 8.

44 averages.

  According to a statistical analysis by a reporter from Securities Daily, the issue of sustainable profitability is the focus of the M & A and Recombination Committee, including the stability of the underlying asset ‘s sustainable profitability, the disclosure of the underlying asset ‘s sustainable profitability information, and the uncertainty of the underlying asset ‘s sustainable profitability.

  The CSRC’s M & A and Reorganization Committee has a relatively high review opinion on continuous profitability. For example, Ningbo Thermal Power Co., Ltd., which passed the meeting on March 27, the M & A and Restructuring project involves the issue of shares to purchase assets.Changes, changes in the power market, changes in the market environment, environmental protection requirements, and elimination of production capacity have further explained the stability of the underlying assets’ continued profitability.

  In particular, in the case of rejected mergers and acquisitions and reorganizations, Zhuhai Orbit Aerospace Technology Co., Ltd. ‘s asset purchase plan, due to the uncertainty of the continued profitability of the underlying assets, the funds raised for the transaction did not meet the relevant requirements of the GEM.The reasons for insufficient disclosure of accounting treatment related to previous ownership transfers have been denied.

  In addition to the focus of daily audits, the relevant explanations issued by the CSRC also involve performance commitments.

On March 22 this year, the Regulatory Department of the Securities and Futures Commission of the China Securities Regulatory Commission issued “Related Issues and Solutions on Pledge of Consideration Shares by Performance Commitment Parties” to clarify the major assets reorganization of listed companies., The shares agreed to bear the obligation of performance compensation, and the reorganization report (revised) appropriately specifies the specific arrangements for the performance commitment party to guarantee the realization of performance compensation.

  While giving full play to the role of the main channel of mergers and acquisitions in the capital market, the CSRC has also strengthened the prevention and control of insider trading in mergers and acquisitions.

In February this year, the Securities Regulatory Commission’s Listed Company Supervision Department answered questions about strengthening the prevention and control of insider trading in mergers and acquisitions of listed companies.

  Specifically, the CSRC requires listed companies and their shareholders, de facto controllers, directors, supervisors, senior management and other parties to transactions, as well as relevant entities such as securities companies, securities service agencies and other entities that provide services, with a practical obligation of confidentiality.Do a good job of reorganizing information management and insider registration.

  For example, when an IPO reorganization provided by a listed company submits a list of insider informants to the stock exchange, if there are abnormal changes in the stock trading, the exchange will require the listed company to update the list of insider informants, as appropriate.

At the same time, listed companies are also required to disclose insider information on self-examination reports on stock trading when they disclose the update report.

  According to preliminary sources, since the second half 成都桑拿网 of 2018, the CSRC has introduced a series of new changes in streamlining administration and decentralization in the field of mergers, acquisitions and reorganizations, which will increase the vitality of stocks, improve quality and efficiency, and enhance the capital market’s ability to serve the real economy.