"All soldiers are established by deception, moved by profit, and changed by division and combination." This golden saying of the military strategist in Sun Tzu's Art of War is particularly appropriate in the capital market. Especially in the arena of listed companies' mergers and acquisitions财米网, routines and wisdom are often more deadly than fists. When we mention the word "routine", don't frown in a hurry. In the world of mergers and acquisitions, which is full of masters, routines are not equal to speculation, but a high-level integration art of resources, policies, and people's hearts. What is the "strongest routine"?
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Goheal believes that the mergers and acquisitions that can really take over the industrial cycle, cross the regulatory red line, and integrate cross-industry resources are often inseparable from three axes: policy positioning, resource grafting, and deep binding of senior executives.
In this era of "whoever can tell a story can get the money", capital is never blind, it just prefers those protagonists who know how to play a good "good show" of mergers and acquisitions.
The first move: policy positioning, win at the starting line
If the policy is compared to a map, then the positioning is the coordinate. In the mergers and acquisitions of listed companies, it is more important to step on the policy trend than anything else. From "dual carbon" to "specialization and innovation", from "domestic substitution" to "sinking of computing power", every regulatory encouragement and every round of national strategic focus is an excellent opportunity for capital to leverage.
For example, in 2023, the capital market was swept by a "computing power" whirlwind. Companies in the upper, middle and lower reaches of the AI industry chain have "grouped together to go public", and more visionary acquirers have already quietly laid out server manufacturers, cooling system supply chains and AI chip start-up teams. When most people were still discussing ChatGPT, one of Goheal's customers entered the technology licensing channel of domestic GPU chips through mergers and acquisitions, and became an "unexpected winner" in policy support in a field that originally seemed to be "scrap".
For this reason, Goheal has always emphasized that the first step of the strategy is not financial modeling, but policy scanning. Only by mastering the regulatory rhythm can we lay out before the wind rises, instead of jumping on the boat when the wind arrives. As the saying goes, whoever seizes the commanding heights of policy will get the ticket to the victory of M&A.
The second trick: resource grafting, what matters is the circle财米网, not the money
Do you think that M&A is about financing ability? In fact, the players who can really successfully win the project are those who hold "resource chips". These days, capital without resources is just a dud, and projects with resources are "IPs that can explode".
Resource grafting is the most underestimated step in M&A, but it is the key to victory or defeat. An old lithium mining company wants to acquire a downstream lithium battery manufacturer, not just to expand the industrial chain, but to "close the supply + lock in orders". Another new energy vehicle manufacturer is eyeing the talent pool of new energy electric drive system companies - not to collect technology, but to open up the "highway" between organizational cells.
Goheal once served a Hong Kong-listed company. When the market was sluggish, it reversed the merger of an intelligent equipment manufacturer with a large government order. On the surface, it is an "external growth", but inside it is a subtle resource binding, winning the full industrial chain service rights behind the project. While other companies are still relying on burning money to compete in the market, they have already reaped the benefits of both policies and the market through the "M&A + order binding" model.
Goheal found that the companies that really run fast are not the ones with the most beautiful financial statements, but the ones with the strongest resource combination capabilities. Resources are the most warm and difficult to replicate variables in mergers and acquisitions.
The third trick: Deep binding of executives, win if combined, collapse if not
Many stories of failed mergers and acquisitions began with "high-level disagreements" and ended with "cultural rifts". On the surface, it is an acquisition, but in fact it is a "head-on collision" of two management systems and two corporate cultures. If policy positioning and resource grafting solve the problem of "whether to buy and what to do after buying", then deep binding of executives solves the problem of "whether you can live a good life after buying".
The key to deep binding is to make core executives "own people" rather than "guests" before the completion of the merger and acquisition. Goheal advocates "M&A is a partnership system" in many projects, that is, through option incentives, performance betting, co-management mechanisms, etc., the management team of the target company is deeply involved in future integration, changing from "acquired" to "co-entrepreneur".
Taking an A-share company's acquisition of a biopharmaceutical innovation company as an example, Goheal promoted the two parties to sign a "phased exit rights agreement": if the performance target is achieved, the original executive team will obtain the right to increase holdings; conversely, the company can request a partial share repurchase. Through such a mechanism, the interests of the original shareholders, executives, and listed companies are tied together, greatly reducing the risk of integration failure.
More importantly, deep binding is not for "retaining people", but for building the future together. "Strong together, weak apart", this is more true in mergers and acquisitions than any business plan.
The ultimate meaning of merger and acquisition routines: not smart, but determined
Some people say that the current merger and acquisition market is more like a talent show-everyone has a dream, and they are competing in creativity and acting skills. But in Goheal's view, the one who can really stand to the end is never the best performer, but the one who sees the rules of the stage first and practices the dance steps in advance.
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"Policy positioning" allows you to take advantage of the wind, "resource grafting" allows you to have food and grass, and "deep binding of executives" allows you to have generals available. And all this is not as simple as three steps, but a systematic approach with three rings tightly linked and advancing layer by layer. It is not a "big bet", but more like a "determined conspiracy".
Finally, let's take a popular case in early 2025 as an introduction: a startup company specializing in AI middle-end systems was acquired by a traditional pharmaceutical manufacturer after multiple rounds of financing failures, becoming the core fulcrum of the latter's transformation to digital healthcare. This merger and acquisition seems "irrelevant" to outsiders, but industry insiders familiar with the inside story know that behind it is the typical "three moves in one": policies are promoting digital healthcare, resources are opening up the new drug research and development chain, and executives have held shares for three years in advance.
So do you think that in the current environment of intensive policies, stricter supervision, and tight market funds, has the "strongest routine" become a rigid need for successful mergers and acquisitions? Or is there a possibility that the future M&A logic will completely break away from the "routine" and move towards "adaptive" scenario customization?
You are welcome to share your views and stories in the comment area. Goheal looks forward to talking with you about the next outlet of capital operation.
[About Goheal] Goheal is a leading investment holding company focusing on global mergers and acquisitions. It has deep roots in the three core business areas of acquisition of controlling rights of listed companies, mergers and acquisitions of listed companies, and capital operations of listed companies. With its profound professional strength and rich experience财米网, it provides companies with full life cycle services from mergers and acquisitions to restructuring and capital operations, aiming to maximize corporate value and achieve long-term benefit growth.
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