It Is Necessary To Supervise The Merger And Acquisition Of Listed Companies With High Premium.

Recently, the phenomenon of high premium mergers and acquisitions of listed companies has attracted the attention of regulators.

Not only did the Shanghai and Shenzhen stock exchange frequently ask questions about some listed companies with high premium acquisitions, but also strengthened supervision by the SFC.

Although the SFC has recently denied the news that the cross boundary of Internet finance, games, film and television, VR four industries have been increased, the cross-border M & A of hot industry is still the focus of supervision, and the specific review is also a matter of discussion.

But more importantly, it is necessary to find the source of the high priced mergers and acquisitions of listed companies, and then cut off the source, and eliminate the phenomenon of high premium mergers and acquisitions of listed companies.

Then, where is the source of the high priced M & A of listed companies? The source is that it is too easy for the listed companies to collect money.

And this kind of money collection is too easy to be manifested in such aspects.

First, there is no threshold for financing of listed companies.

Whether outstanding listed companies or listed companies with performance losses can be refinancing through private placement.

Moreover, whether it is a listed company that provides investors with return on investment, or a continuous Rooster company with investors for years, it can be refinancing through private placement.

It can be said that as long as there is no illegal behavior, any listed company can refinance investors through private placement.

Two, there is no limit to the financing of listed companies.

A company that has only 100 million yuan net assets can raise 1 billion yuan or even more. The listed companies are not afraid of melting.

The amount of capital that a listed company wants to raise is how much money it can open to the market.

How bold people are and how high financing is.

Therefore, the financing of listed companies is often the lion's mouth, so the story of "snake swallow elephants" has been staged again and again in mergers and acquisitions of listed companies.

Three, listed companies should have projects to finance, and no project fabrication projects should be refinancing; and listed companies have no money to finance in terms of financing, that is, they do not need money but also need to finance.

As we all know, the main purpose of the refinancing of listed companies is to raise funds for investors because of the lack of money and the need for project construction and commissioning.

But the reality is that many listed companies do not know where to invest when they raise money, but finally they have to put money in the bank, or buy financial products, or even fry stocks.

Four is

The performance of financing is not enough, the commitment is to come together, and the commitments can be discontinued, or even changed or abandoned.

Originally, the listed company carried out through private placement.

It is not restricted by performance.

However, in order to get a higher premium, the underlying assets acquired by listed companies tend to raise the asking price by promising high returns, and the company that loses tens of millions of dollars last year can promise over 100 million yuan this year.

And if the performance is not up to standard, the acquirer will make up the difference in cash.

Such promises often fail to materialize and even modify commitments.

In fact, even if the acquirer has fulfilled his promise to make up the difference in profit, the quality of the acquired assets will also exist for a long time, and will not be improved because of the difference in profit margin.

Therefore, to supplement the profit margin is, to a large extent, a cover up for the problem.

Five, financing problems of listed companies need not be held accountable.

Listed company

In fact, no one is responsible for the fact that even the flagrant pfer of interests, or the quality of the assets acquired are not up to standard, or even in the acquisition, almost no one is responsible for it.

There is no doubt that it is necessary to strengthen the supervision over the high premium mergers and acquisitions of listed companies.

The high premium mergers and acquisitions of listed companies not only greatly increase the investment risk of the relevant stocks, but also exclude the existence of illegal activities such as interest pmission to the interested parties.

In particular, some listed companies buy the inferior assets of the parties concerned at a high price. This not only seriously damages the legitimate rights and interests of the public investors, but also seriously damages the interests of the company itself, and may even endanger the company's own development.

It is for this reason that the refinancing of listed companies is too easy, and listed companies do not need to take responsibility for the problems arising from mergers and acquisitions.

In the face of such a good thing that "no circle of white will not ring", the listed companies are naturally "white circles who do not lap up" and then spend a lot of money. What are the high premium acquisitions? Therefore, to curb or eliminate the high premium mergers and acquisitions of listed companies, it is also necessary for management to prescribe drugs.