The Research On The Choice Of Target Companies In The M&A Of The NEEQ Enterprise By Main Board Listed Companies

In recent years,the characteristics of the new normality of China's economic growth have become increasingly prominent,and the process of economic transition has entered a stage of steady growth at a moderate rate.Under the background of the “new normal” of the economy,the profitability of some traditional industries with overcapacity has been squeezed enormously,trying to seek cross-industry mergers and reorganizations to improve the development of enterprises,and the wave of mergers and acquisitions has been repeated.Against this backdrop,the M&A market in China has become increasingly active.Mergers and acquisitions integration,especially the number of M&A integration transactions on the Main Board listed companies and the scale of transactions have shown steady growth.According to the statistics on the date of the first announcement,a total of 129 cases of mergers and acquisitions of new three boards by listed companies were announced as of December 31,2017,an increase of 13.16% year-on-year.In addition,as a result of the completion of the implementation and approval by the M&A and Restructuring Committee and the China Securities Regulatory Commission as the criteria for the completion of mergers and acquisitions,the data on the proportion of non-held shares after transfer was excluded,and 38 cases of completion of the company's M&A in 2003 were completed,compared to 2016.Compared with 25 cases,it was up 52% year-on-year.The New Third Board is a very important part of China's multi-level capital market system.It has expanded a new financing channel for some small and medium-sized enterprises and obtained more financing opportunities.Since 2015,the expansion of NEEQ to the whole country has gradually improved the relevant systems,which has affected the leap-forward growth of the NEEQ market to some extent.With the continuous strengthening of the NEEQ companies,the financing scale and trading methods of the NEEQ have been unable to meet the needs of some enterprises' own development.Many companies have focused their attention on higher levels of the capital market,trying to leapfrog to a better one.Development Platform.At the same time,technology and talents are also essential elements in a strange new industry.The lack of industry experience and related core talents for listed companies entering new industries requires huge costs,and the uncertainty of investment is too great.Taking these factors into consideration,mergers and acquisitions have actually become the most efficient and efficient choice for listed companies to enter new industries.However,what kind of NEEQ companies should be selected,what factors should be taken into account in the selection of target companies,and how to determine the value of target companies,etc.These issues need to be paid attention to.Under the circumstances of the new wave of mergers and acquisitions of NEEQ,this article representatively selected the Nanyang shares to acquire the case study object of TOPSEC and conduct a comprehensive analysis.The article explained the basic information,mergers and acquisitions motives and related backgrounds of M&A companies.When we specifically analyzed the specific target companies selected by Nanyang Group in M&A,it was mainly due to changes in the strategic layout of the company and the target companies could be companies.The consideration of injecting quality assets and stimulating the vitality of the company.This article through the analysis of the above cases,found that Nanyang shares through the acquisition of NEEQ company TOPSEC,its business content has achieved expansion and transformation,the integration of information security and traditional businesses,the strategic objectives of enterprise development has also changed direction.Nanyang Co.,Ltd.is a traditional manufacturing enterprise.Through the acquisition of a NEEQ company,TOPSEC,it is involved in the information security industry.Its M&A experience and target company selection methods can be used by many companys in China's main board market to ease the current traditional industry.Development can not keep up with the problem.