IPO Chill Fails to Spur Mergers and Acquisitions: What's the Issue?
Listen to the full version
- After a tightening of IPOs in China's A-share market, mergers and acquisitions (M&A) have become the primary exit channel for PE/VC investments, surpassing IPO exits in 2023.
- Despite regulatory support and increased M&A activity, the market has not seen a resurgence to previous highs due to lessons learned from past frenzies and a shift towards more rational industry-driven M&A strategies.
- The future of M&A is expected to focus on industrial logic and growth rather than being a remedy for failed IPOs or boosting market value, with regulatory adjustments suggested to facilitate 'A+A' mergers and improve valuation methods.
文｜财新周刊 岳跃
By Caixin Weekly's Yue Yue
A股市场IPO阶段性收紧之后，此前并非首选的并购重组被动地成为PE/VC最主要的退出渠道。但从绝对数量看，降温多年的并购要想回暖仍欠火候。
After a period of tightening in the IPO process, mergers and acquisitions, which were not previously the preferred option, have become the primary exit channel for private equity and venture capital firms. However, in terms of absolute numbers, the mergers and acquisitions market, which has been cooling down for years, still lacks the momentum to heat up again.
申万宏源证券的统计数据显示，截至2023年末市场完成的908宗退出事件中，以并购方式退出的达336宗，占比37%，反超IPO的272宗、占比30%；近三年来，并购重组退出数量占比整体也有所提升。
Statistics from Shenwan Hongyuan Securities show that by the end of 2023, out of 908 market exit events completed, 336 were through mergers and acquisitions, accounting for 37%, surpassing the 272 IPO exits which made up 30%. In the past three years, the proportion of exits via mergers and acquisitions has also increased overall.
然而，从上市公司披露并购事件的数量和金额看，2023年创近七八年来的新低，历史上IPO收紧、并购井喷的“跷跷板”效应并未出现。
However, judging from the number and amount of mergers and acquisitions disclosed by listed companies, 2023 has seen a record low in nearly seven to eight years. The historical "seesaw effect" of tightened IPOs and a surge in mergers and acquisitions has not occurred.
Sign in with Google
Sign in with Facebook
Sign in with 财新