China sets up committee to oversee M&As of listed firms: Report
China has set up a committee to oversee mergers and acquisitions in listed firms to streamline approval procedures and encourage industry consolidation.
By Agencies |
SHANGHAI: China has set up a committee to oversee mergers and acquisitions in listed firms to streamline approval procedures and encourage industry consolidation, state media said on Thursday.
The government will "push ahead with market-based mergers and acquisitions in listed companies," the Xinhua news agency reported, citing Shang Fulin, chairman of China Securities Regulatory Commission.
The 25-member new committee is tasked with examining mergers, acquisitions and restructuring plans, the report said, adding it was part of regulators' efforts to ensure transparency and quality of the approval process.
The agency will intensify its support for listed companies to participate in industry consolidation and upgrade and speed up efforts to help expansion and growth of listed firms, Shang said at an establishment ceremony Wednesday.
A total of 73.9 billion yuan (10.3 billion dollars) was injected into listed Chinese firms through mergers and acquisitions last year, the report said.
The deals increased the market value of companies by 770 billion yuan and raised their average earnings per share by 75 percent.
The new committee "should be the responsible gatekeeper, allowing high quality resources and trustworthy shareholders into the capital market while keeping dishonest ones out," Shang was quoted as saying.
The government will "push ahead with market-based mergers and acquisitions in listed companies," the Xinhua news agency reported, citing Shang Fulin, chairman of China Securities Regulatory Commission.
The 25-member new committee is tasked with examining mergers, acquisitions and restructuring plans, the report said, adding it was part of regulators' efforts to ensure transparency and quality of the approval process.
The agency will intensify its support for listed companies to participate in industry consolidation and upgrade and speed up efforts to help expansion and growth of listed firms, Shang said at an establishment ceremony Wednesday.
A total of 73.9 billion yuan (10.3 billion dollars) was injected into listed Chinese firms through mergers and acquisitions last year, the report said.
The deals increased the market value of companies by 770 billion yuan and raised their average earnings per share by 75 percent.
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The new committee "should be the responsible gatekeeper, allowing high quality resources and trustworthy shareholders into the capital market while keeping dishonest ones out," Shang was quoted as saying.
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