M & A regulatory inquisitive upgrading information channel _ China _ net _ accounting perspective needed to accountants - CPA | Certified Tax | Accounting titles | Senior Accountant | Accounting practitioners

Since last January, the Shanghai and Shenzhen exchanges have been strictly supervised Reorganization, through the inquiry letter, regulatory letter, etc., and effectively fulfill the supervision and reorganization of the first-line regulatory responsibilities, and achieved positive results. In 2016, the Shanghai Stock Exchange asked the reorganization plan 150 single, put forward all kinds of audit concerns nearly 2,000, requiring intermediaries to express more than 1500 opinions, requiring the company to make significant Tips for nearly 300 items. Shenzhen Stock Exchange in 2016 to 329 companies reorganization of the implementation of the form of review, issued a total of 359 re-inquiry letter, raised the question more than 4,500, for the valuation of value-added rationality, performance The realization of the impact of sustained profitability, The stability, history, Processing and other aspects of the contents of the root, asked the company to disclose in detail and asked The consultant made a clear opinion. A spokesman for the Shanghai Stock Exchange said that in 2016 the Shanghai Stock Exchange completed a total of 594 mergers and acquisitions, the total transaction amount of 850 billion yuan, compared with the previous year, respectively, down 31% and 18%. major aspect, 178 companies suspended restructuring, down 28%; a total of 150 restructuring plans, down 1.32%; 89 companies to complete the major Reorganization, involving the transaction amount of 350 billion yuan, the total increase in the market value of about 190 billion yuan, the new market value of more than 10 billion yuan 13 companies. Shenzhen Stock Exchange statistics show that in 2015, a total of 238 Shenzhen City Completion of major asset restructuring, the first three quarters of 2016, the 238 companies operating on average And net An increase of 28.49% and 45.32%, significantly higher than the overall growth rate of Shenzhen Stock Exchange, reflecting the industrial integration, industrial upgrading, industrial adjustment-based extension of the development model of the Shenzhen company to enhance the performance of a positive role, the use of mergers and acquisitions To bring the exogenous power, a group of high-tech companies to achieve industrial integration, technology upgrades, part of the traditional enterprises to achieve business restructuring, industrial restructuring. Under regulatory drive, M & A market has become rational, 2017 start also continued this trend. In 2017, the Shanghai Stock Exchange on the restructuring supervision Risk: First, leverage risk. Require listed companies to disclose the details of the source of leverage, the proportion of follow-up repayment arrangements, the need to pay interest As well as the repayment period and other key information, and "top" tips risk; second, The The listed company and the counterparty should fully estimate and truthfully disclose the risk of reorganization failure. Third, cross-border risk. For the purchase of assets across the main business, focusing on listed companies have cross-border operation of the technical conditions, talent reserves, operational experience; Fourth, the integration of risk. Requiring listed companies to disclose in detail the subject of the core assets of key technical personnel, major customers, intellectual property is the existence of the loss or can not renew the risk. For foreign mergers and acquisitions, but also specifically require disclosure of the existence of geopolitical risk, whether there will be "acclimatized" and other issues; Fifth, the risk of impairment. Listed companies should be fully prompted with Measurement of the various types of assets may exist in the risk of impairment, and the resulting fluctuations in performance.