• 14
    2021-04
    China’s M&A Market Report 2020
    In 2020, the global M&A market fell as a whole due to the impact of the coronavirus pandemic, and different regions differ greatly in MA& activity. Statistics from Mergermarket, an independent M&A market information provider, show that the popularity of M&A activities worldwide decreased in 2020 to only 17,545 transactions, down 15.5% YoY and the total M&A value was about US$3.16 trillion, down 6.6% YoY. In terms of regions, North America saw the largest drop in M&A value, with only US$1.32 trillion, down 22.6% YoY; Europe had a value of US$0.85 trillion, up 5.6% YoY; M&A transactions in the Asia-Pacific region (excl. Japan) totaled US$0.83 trillion, up 29.8% YoY; Latin America and MEA (Middle East and Africa) contributed US$59.3 billion and US$96.9 billion respectively, down 30.8% and 32.6% respectively.
  • 22
    2021-03
    2020年中国并购市场研究报告
    2020中国并购市场全年共发生并购事件1,893起,涉及总金额12,111.77亿元,分别同比上升3.3%、19.6%。尽管2020年是黑天鹅事件频发的一年,但也是中国资本市场改革的关键一年。伴随着上交所科创板注册制常态化运行、深交所创业板试点注册制稳步落地,企业上市的通道逐步放开,通过资本市场实现业务整合升级的能力也逐步增强。全球范围内量化宽松的大环境和国内资本市场的改革带来的上市公司资金充裕小环境互相叠加,为并购市场带来了充足的“干火药”,进而推动了并购市场交易规模的回暖。 并购市场的变化也体现在被并购的热门行业向科创领域的倾斜。以被并购方统计,全年数量前三位的行业分别为机械制造(216起,+36.7%)、IT(182起,+14.5%)以及生物技术/医疗健康(153起,-13.6%)。上述行业与近期多项政策所支持的科技创新领域具有高度重合性,体现出本轮并购热潮在定位上更加偏重于科创相关实体经济领域。 并购市场金额集中于金融、机械制造和能源及矿产三个一级行业。自2018年以来持续开展的金融风险控制与金融供给侧改革推动了相关机构与企业的重组进程,间接推高了2020年金融领域的并购额度。 地理分布方面,2020年并购市场的地域集中特征更为明显。前20位地区的案例数占总并购数量的比例为87.7%,较2019年上升2.3个百分点,前20位总金额占比为90.0%,上升2.6个百分点。 国内外并购市场呈现了冰火两重天的景象。跨国并购的两大分支——外资交易(外买内)和海外交易(内买外)分别受制于美国政府对华投资设限、“长臂管辖”制裁、并购审查趋严等逆全球化贸易政策而开展困难。
  • 04
    2021-02
    China’s M&A Market Report Q3’20
    In the third quarter of 2020, after falling into recession during the blockade in the second quarter of this year, the global economy is now gradually recovering from negative growth. China’s economy has recovered faster than expected, while global economy has not yet resumed before the epidemic. There were interest rate cuts and exposure to the US dollar by Federal Reserve have increased the pressure on the US dollar to depreciate; the yen and the euro have appreciated; and the average exchange rate of most emerging economies’ currencies has also appreciated. The Federal Reserve issued a stable monetary easing signal and the TED spread remained low, however, US stocks fell sharply in early September, and the VIX index rebounded to more than 30% and it was hard to witness downward trend. In the latest World Economic Outlook Report released by the International Monetary Fund, the global economy has been improved faster by global blockade measures, and its recovery in the third quarter was beyond expectation: The global growth in 2020 is expected to be -4.4%, less than that of -4.9% in June 2020. The IMF predicts that huge negative output gaps and high unemployment will occur in all nations and regions (including developed economies, emerging markets, and developing economies) in 2021. The global economy will grow by 5.2% in 2021, consumption will gradually increase, and corporate investment is expected to pick up but will remain weak.
  • 18
    2020-12
    China’s M&A Market Report Q2’20
    In the second quarter of 2020, due to the liquidity support of central banks and the effective control of the COVID-19 epidemic in some regions, the financial market gradually recovered from the negative impact of the epidemic. The global stock market staged a recovery overall, but still away from the level before the epidemic spread in February 2020. The average of the US dollar index has rebounded from the first quarter, the yen and the euro have been stable, and most emerging economies have suffered from a significant currency devaluation. As the Federal Reserve launched open QE and injected liquidity into the market through large-scale repurchase and other tools, the price movement of various assets has returned to normal. On June 30, the VIX index was 30.43%, a significant decline from March. In the latest World Economic Outlook Report released by the International Monetary Fund, the impact of the COVID-19 epidemic on economy is more serious than expected, and the recovery is expected to be slower than before: the global GDP growth rate in 2020 is expected to be –4.9%, 1.9% lower than the forecast in April. The IMF predicts that all regions (developed economies, emerging markets, and developing economies) will suffer negative growth in 2020, and the forecasts of consumption growth in most economies have been reduced. The global growth in 2021 is expected to be 5.4%, which is 0.4% lower than the forecast in April. Consumption will gradually increase next year, and investment will stabilize and pick up, but it will remain weak.
  • 04
    2020-12
    2020年第三季度中国并购市场报告
    2020年第三季度在疫情的逐步恢复下,并购市场交易缓慢复苏。随着市场稳定性逐渐提升,许多活跃起来的买方通过利用资本市场的平台开始对卖方进行并购重组以完善自身的资源整合。根据清科旗下私募通数据显示,2020年第三季度中国并购市场共完成493笔并购交易,案例数量同比上升1.9%,环比上升23.9%。其中披露金额的有351笔,交易总金额约为2014.50亿人民币,同比下降34.3%,环比下降6.3%。
  • 09
    2020-10
    China’s M&A Market Report Q1’20
    In the first quarter of 2020, affected by the COVID-19 epidemic, the financial market became turbulent, and the global economic prosperity declined significantly after March. The global stock market is in great turmoil, the liquidity crisis of the US dollar broke out, assets were sold off, and the prices of risky assets and safe-haven assets plunged one after another. The VIX index rose more than the financial crisis in 2008. In the latest World Economic Outlook Report released by the International Monetary Fund, the world economic growth is facing the most serious blow since the Great Depression in the 1930s: for the first time, the world is facing the simultaneous recession of both developed and emerging economies. The IMF predicts that the global GDP growth will shrink by 3% in 2020, and the global economy will recover to the 5.8% YoY growth level in 2021. The COVID-19 epidemic will cause losses of about US$9 trillion worldwide in the next two years, exceeding the total GDP of Japan and Germany. If the epidemic continues until 2021, global GDP may shrink by 2.2% next year.
  • 17
    2020-08
    2020年第二季度中国并购市场报告
    2020年全球并购市场交易量在二季度急剧下降,二季度以来,全球并购交易量仅有4850亿美元,比去年同期1万亿美元的规模下跌近50%。受新冠病毒疫情影响,今年上半年全球并购交易规模较去年同期下降50%,创下自2012年欧债危机以来的最低水平,恢复到疫情之前的水平可能需要几年时间。其中4月份的第三周,全球没有宣布一笔金额超过10亿美元的并购交易,这是2004年以来的首次。美国市场二季度的并购交易量同比下跌90%,仅录得750亿美元,创下了次贷危机以来的新低。
  • 06
    2020-07
    China M&A Market Report 2019
    According to JP Morgan’s 2020 Global M&A Outlook, the global M&A market has seen a slight drop in 2019, with the disclosed value of M&A transactions involving a total of US$4.09 trillion. Among them, there were 2,135 deals with transactions exceeding US$250 million, down 8.6% from 2018. Regionally,North America maintained a growth, with the M&A value reaching US$2.08 trillion in 2019, up 10% YoY. EMEA (Europe, Middle East and Africa) and the Asia-Pacific region both saw a decline in transaction size, with declines of 13% and 6% respectively.
  • 24
    2020-06
    2020年第一季度中国并购市场报告
    2020年第一季度受新冠疫情影响,金融市场动荡开年,全球经济景气度在3月份以后显著下行。全球股票市场急剧动荡,美元流动性危机爆发,资产遭遇抛售,风险资产、避险资产价格陆续暴跌。VIX指数上升幅度超过2008年金融危机水平。
  • 05
    2020-03
    2019年中国并购市场年度统计报告
    在国内宏观经济增速持续放缓的环境下,企业风险偏好下降,加之普遍仍面临现金流紧张的问题,2019年中国并购市场交易活跃度下降。另一方面,中美贸易摩擦反复,国际贸易形势不明,中企海外并购数量大幅减少。但同时,产业链整合、国企改革、上市公司资产重组仍成为推动2019年中国并购市场发展的强劲动力。尤其产业链整合已成为2019年并购市场主流逻辑,无论是传统产业如生物医药、能源矿产、房地产、化工原料,亦或是新兴产业IT、互联网、移动互联网等,企业纷纷通过同业并购获取创新专利、提升市场占有率、减少竞争和提升风险抵御能力。此外,VC/PE机构在2019年并购市场参与或主导实施了多起大额交易,尤以KKR、方源资本、复兴资本、鼎晖投资等数家专注且擅长并购投资的机构表现活跃。 2020年,受到年初爆发的新冠疫情影响,进行中的并购交易活动如洽谈、尽调等进度将放缓,并购交易完成时间将延后,交易会否因为企业估值变动、收购意愿变化等原因终止也成为未知数。随着疫情在全球多国蔓延,企业海外并购预计将受到负面影响。但同时,疫情下企业将重新评估和考量自身抗风险能力,通过并购重组增强自身实力的意愿将增强。2020年年初,为了进一步加强金融对实体经济的支持力度,央行通过公开市场逆回购、下调MLF利率、下调LPR等一系列操作释放流动性。市场流动性的释放有望满足企业的融资需求,也将利好企业进行并购活动。 2019年10月,证监会修订《上市公司重大资产重组管理办法》,放宽重组上市认定标准和计算期间,同时有条件恢复创业板重组上市。2020年2月,证监会发布《上市公司证券发行管理办法》、《创业板上市公司证券发行管理暂行办法》、《上市公司非公开发行股票实施细则》正式修订规则,放宽上市公司再融资规定。A股存量市场持续面临结构性调整,在政策支持下,预计将有更多资金支持上市公司通过重组剥离淘汰产业,注入新兴产业。 最后,我们也有望看到VC/PE机构加大并购投资,尤其是注重中后期投资的PE机构。目前一级市场挖掘高成长性企业的难度正在不断加大,机构也在转换投资思路,采取并购投资的手段整合现有主体。但并购投资较高的进入门槛也对机构的长期投资管理能力提出更高要求。我国目前从事buyout交易的行业领先机构近年来均曾主导成功的并购投资案例,收益也颇丰。未来有望看到更多机构加入并购投资序列,挖掘存量市场的洼地。
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