Reprint:Shanghai set up 10 billion yuan bio-pharmaceutical industry merger and acquisition fund
Release time:2024-12-13 09:19:57 Clicks:650
On December 10, 2024, the General Office of the Shanghai Municipal People's Government officially issued the "Shanghai Action Plan to Support the Merger and Acquisition of Listed Companies (2025-2027)", which clearly proposed the establishment of 10 billion yuan of biomedical industry merger and acquisition fund to further promote the innovative development and merger and acquisition of the biomedical industry.Specific contents include:By 2027, a number of representative merger and acquisition cases in key industries will be implemented, and about 10 internationally competitive listed companies will be cultivated in key industries such as integrated circuits, biomedicics, and new materials, forming a merger and acquisition transaction scale of 300 billion yuan, activating total assets of more than 2 trillion yuan, and gathering 3-5 professional merger and acquisition fund managers with strong industry influence.二、focus on new quality productivity strong chain complement chain.Promote high-quality listed companies and industrial groups to increase the integration of resources for enterprises related to the industrial chain. Support listed companies to acquire high-quality unprofitable assets that help strengthen the chain and improve the level of key technologies. In key areas such as integrated circuits, biomedicine, and artificial intelligence, the list of listed chain enterprises in key industries will be sorted out.三、promote the transformation and upgrading of traditional industries.We will encourage listed companies in traditional industries such as modern services and professional services, including finance and logistics, to carry out mergers and acquisitions and mergers in the same industry, upstream and downstream, and reasonably increase industrial concentration.四、Establish the discovery and reserve mechanism of M&A targets.According to the development plan of key industries in the city, focusing on the three leading industries of integrated circuits, biomedicine and artificial intelligence, as well as the key industrial chains of the new generation of electronic information, intelligent connected vehicles and new energy vehicles, high-end equipment, new energy and green and low-carbon, advanced materials, fashion consumer goods, software and information services, combined with the needs of enterprise development, Sorting out the list of potential key M&A targets.五、strengthen mergers and acquisitions resource integration and post-investment empowerment.Give full play to the strength of professional investment teams, focus on building a closed-loop work system of whole-process tracking and whole-chain service around the target enterprises of mergers and acquisitions, and assist in the integration of resources after mergers and acquisitions.六、accelerate the cultivation of merger and acquisition funds.Introduce professional track market M&A fund managers, attract and gather market-oriented M&A funds, and set up a fast track for eligible equity investment funds. Make good use of the 10 billion yuan integrated circuit design industry merger and acquisition fund, and set up 10 billion yuan bio-pharmaceutical industry merger and acquisition fund. The government investment fund may participate in the investment of the M&A fund through ordinary shares, preferred shares, convertible bonds, etc., and appropriately transfer profits.七、Improve the service capacity of intermediary institutions.We will accelerate the merger of securities companies and build a first-class investment bank. We will guide investment banks to set up comprehensive service teams for mergers and acquisitions, and link industry research, investment, investment banking, investment research, financing docking, legal services, evaluation and audit, so as to provide comprehensive services for the whole life cycle of relevant parties in mergers and acquisitions.八、Build a comprehensive M&A service platform.Strengthen the cooperation between the government and the market, build an M&A resource cluster area with strong professional management ability, strong policy support and high factor concentration, build a "one-stop" M&A public service platform and a third-party market-oriented M&A service platform, and gather and integrate resources such as banks, securities, funds and asset evaluation institutions. Provide demand mining, matching transactions, asset transfer and other comprehensive services.
九、Strengthen comprehensive supporting policies.Some rewards will be given to the newly introduced professional track M&A fund managers. We will improve the performance evaluation mechanism for government-funded investment funds. We will make good use of the overseas direct investment (ODI) filing mechanism for cross-border M&A projects in key areas to facilitate listed companies' acquisition of high-quality overseas assets. Financial institutions provide diversified merger and acquisition financial products such as loans, insurance and bonds for mergers and acquisitions and subsequent operations. We will explore pilot projects for equity participation in M&A loans for domestic science and technology enterprises.十、Improve the efficiency and regulatory inclusiveness of M&A services.Municipal and district departments establish green channels for key industrial chain merger and reorganization projects in terms of project establishment, environmental assessment, labor and employment approval, and provide efficient and convenient services. Improve the policy inclusiveness of mergers and acquisitions of high-quality unprofitable assets that help strengthen the chain and improve the level of key core technologies. We will improve the evaluation and management of state-owned assets, and improve the efficiency of approving acquisitions of state-owned assets in key projects. Improve the performance evaluation mechanism and fault tolerance mechanism of state-owned equity investment funds, pay attention to the overall performance and long-term returns of the fund, and allow investment projects with small profits and losses to exit through merger and acquisition channels under the premise of diligence and responsibility, and avoid relevant accountability.十一、Strengthen talent and legal guarantee.Improve the talent evaluation and incentive mechanism, and support talents who have achieved excellent performance in key mergers and acquisitions and reorganization projects to apply for the city's talent plan such as Oriental Talents. We will give full play to the role of the Shanghai Financial Court, improve the specialized trial mechanism for financial disputes, strengthen the trial of investment and financing cases and securities cases involving mergers and acquisitions and reorganizations of listed companies, support enterprises in carrying out mergers and acquisitions and reorganizations in accordance with the law, and create an honest, fair and active market environment.十二、Strengthen risk prevention.
We will pay attention to preventing illegal activities such as financial fraud, funds occupation, insider trading, and market manipulation in the process of mergers and acquisitions, strengthen regulatory communication and guidance services, and protect the rights and interests of small and medium-sized investors. Do a good job in financial and legal due diligence, reasonably design transaction terms, and avoid possible business risks in mergers and acquisitions. Standardize the supervision and restraint of asset pricing and trading links to prevent the loss of state-owned assets. Guide the parties to conduct cross-border mergers and acquisitions in a standardized manner.
