Sina Financial News on January 11, 2019, the results of the selection of "Top Ten mergers and acquisitions in China" jointly sponsored by the China M & An Association, the Global M & A Research Center and the M & A Museum were announced. Zhang Wenzhong, Zhang Jindong, Ding Liguo and Zhang Lei were among the "Top Ten M & A figures in China in 2019". BABA and Wumart acquired Metro China, the merger of China Shipping Group and China Shipbuilding heavy Industry, and Hillhouse Capital in Gree Electric Appliances.And other iconic events were selected as the "Top Ten M & An events in China in 2019".

Among the shortlisted M & A figures in 2019, there are not only leaders of traditional industries, but also representatives of emerging industries. These elites in different fields, forward-looking vision, through mergers and acquisitions to inject a steady stream of vitality for enterprises, and made contributions to the development of China's economy and M & An industry. In addition to M & A figures, there are some events that represent the bright spots of the development of China's M & An industry in 2019, which are also worthy of our attention, which promote the continuous burst of new vitality in China's M & A market and write a new chapter.

The selection of "Top Ten mergers and acquisitions in China" has been held continuously for 19 years, covering almost all the annual figures and focus events in the field of M & An in China. The results of the selection and the development trend of the M & An industry have attracted much attention from the industry and economic circles at home and abroad. After years of accumulation and precipitation, the popularity, influence and authority of the selection of "China's Top Ten mergers and acquisitions" have become more and more recognized, which is of great positive significance to the standardization, rationality and maturity of China's M & A market and to guide the integration and upgrading of domestic industries.

This year's selection, as always, adheres to the principles of fairness, public trust and justice, with professional point of view and authoritative judgment, according to the first-level indicators such as pioneering, sense of responsibility, influence, driving force, sunshine M & A, as well as secondary indicators such as innovative spirit, social responsibility, industry development, social impact and value creation, through social solicitation, nomination and selection, evaluation by the jury, and so on. Finally, "Top Ten M & An events in China in 2019" and "Top Ten M & A characters in China in 2019" were selected.

Top Ten M & An events in China in 2019

(sort by event time)

On January 2, 2019, Daye Special Steel, a subsidiary of Citic Group, issued a restructuring plan to acquire 86.50% of the shares held by Pacific Investment and other companies in Xingcheng Special Steel, with an estimated number of 2.319 billion shares and an issue price of 10 yuan per share. the total price is 23.182 billion yuan. In August, the transaction was approved by the China Securities Regulatory Commission. On the evening of October 10, Daye Special Steel announced that "Daye Special Steel" was officially changed to "CITIC Special Steel".Citic Group special steel plate assets in A shares to achieve the overall listing.

In early 2019, Metro began selling a controlling stake in its Chinese subsidiary, and Wumart won after several rounds of bids. On October 11, Wumart signed a final agreement with Metro Group on the acquisition of a controlling stake in Metro China. According to media reports, Metro China is valued at 1.9 billion euros. After the completion of the deal, Wumart will hold 80 per cent of the joint venture, Metro will continue to hold 20 per cent, and multi-point Dmall will become Metro's technology partner in China.

On April 8, 2019, Gree Electric Appliance announced that the controlling shareholder Gree Group intends to transfer 15% of the total share capital held by Gree Electric Appliance through an agreement by openly soliciting the transferee. On October 28, Gree Electric Appliances issued an announcement confirming that Zhuhai Mingjun Investment Partnership (limited partnership) is the final transferee, and Zhuhai Mingjun is the fund under High-collar Capital. On December 2, Gree Electric Appliances announced that Gree Group would transfer its 902 million A-share tradable shares of Gree Electric Appliances to Zhuhai Mingjun at a price of 46.17 yuan per share, with a total transfer amount of 41.662 billion yuan, accounting for 15% of the total share capital of Gree Electric Appliances. After the completion of the transaction, Hillhouse Capital behind Zhuhai Mingjun officially became the largest shareholder of Gree Electric Appliances.

On May 31, 2019, Anhui SASAC signed an agreement with China Baowu Iron and Steel Group Co., Ltd. According to the agreement, Anhui SASAC will transfer its 51% stake in Maanshan Iron and Steel Group to China Baowu. Through this transfer, China Baowu will directly hold a 51% stake in Maanshan Iron and Steel Group and indirectly control Maanshan Iron and Steel through Maanshan Iron and Steel Group.45.54% of the shares become the indirect controlling shareholder of Maanshan Iron and Steel Co., Ltd. On September 19, China Baowu and Maanshan Iron and Steel (Group) holding Co., Ltd. signed a restructuring implementation agreement in Hefei. After the reorganization of China Baowu and Maanshan Iron and Steel Group, it has become the largest iron and steel enterprise group with the largest production capacity in China and the second largest in the world.

On June 2, 2019, Ziguang Guowei announced that it intends to buy 100% stake in Ziguang Liansheng for 18 billion yuan by issuing shares. The core asset of Ziguang Liansheng is Linxens of France, whose main business is the design and production of intelligent security chips. In 2018, Ziguang Group funded the establishment of a special-purpose company, Ziguang Liansheng, and acquired the French company Linxens through Ziguang Liansheng.

On June 23, 2019, SUNING announced that SUNING International, a wholly-owned subsidiary, plans to buy 80 per cent of Carrefour China for 4.8 billion yuan in cash equivalent to euros. In August, the transaction passed the antitrust review of the State Administration of Market Supervision and Administration. On September 26th, SUNING International paid all the transfer consideration. After the completion of the acquisition, SUNING will integrate with Carrefour China in store network, commodity supply chain, logistics, warehousing and distribution and other business areas to improve the offline retail network layout.

On July 1, 2019, Chinese shipsEight listed companies of Industrial Group and China Shipbuilding heavy Industry Group: China heavy IndustryChina's coastal defense, Jiuzhiyang, China PowerEmergency response in ChinaChina Shipping DefenseChina Shipbuilding Science and TechnologyAccording to a notice issued with China Shipbuilding, China Shipbuilding heavy Industry and China Shipbuilding Industry are planning a strategic restructuring. On October 25, eight listed companies issued an announcement and received a letter from the controlling shareholder with the approval of the State Council. It is agreed that China Shipbuilding Group and China Shipping heavy Industry will carry out joint restructuring and a new China Shipbuilding Group Co., Ltd will be established. On November 26th, the restructured China Shipbuilding Group Co., Ltd. was officially established, and the new China Shipbuilding Group has become the largest shipbuilding group in the world, with total assets up to 790 billion yuan.

On July 30, 2019, Xinfeng Tianyu Company, a listed investment platform established by Xinfeng Tianyu Group, and The UnitedFamilyHealth Medical Group announced that Xinfeng Tianyu would reach a final agreement with its original shareholders, including TPG and Shanghai Fosun Pharmaceutical, through "cash + stock".The acquisition of The UnitedFamilyHealth, The UnitedFamilyHealth's existing management and Shanghai Fosun Pharmaceutical will retain part of the equity. On December 19th, Xinfeng Tianyu announced that it had completed the acquisition of The UnitedFamilyHealth Medical, changed its name to Xinfeng Medical Group, and Xinfeng Medical common shares and warrants will continue to be traded on the New York Stock Exchange. When the deal is completed, the combined company has a market capitalization of about $1.4 billion.

On August 13, 2019, the media reported that BABA was in talks to buy eCola. NetEase, Inc and BABA officially announced that they had reached a strategic cooperation, and BABA Group acquired NetEase, Inc's cross-border e-commerce platform koala for US $1.825 billion. After the completion of the acquisition, the net easy koala was merged into the Tmall International Import and Export Division, and the NetEase, Inc koala brand continued to be retained. After the completion of this transaction, the domestic market pattern of Haitao will change greatly, and Tmall International will occupy more than 50% of the market share of cross-border e-commerce.

Changjiang Power Co., Ltd. announced on September 30, 2019 that it had signed an "equity acquisition agreement" with Sempra Energy of the United States to acquire Sempra's 100% stake in SAB in Peru and about 50.00000069% of POC in Peru. The core asset owned by SAB and POC is an 83.64% stake in Luz del Sur (LDS) Power Distribution Company. According to the Changjiang Electric Power announcement, the acquisition of an 83.6 per cent stake in LDS is worth US $3.59 billion and will be paid in cash. Upon completion of the acquisition, a compulsory tender offer for the remaining 13.7% shares of LDS will be triggered.

Top Ten M & A figures in China in 2019

(sort by last name stroke)

On January 30, 2019, the second creditor meeting of 48 enterprises, including Bohai Iron and Steel Group, passed the reorganization plan of Bohai Iron and Steel Group and introduced Delong Iron and Steel as a strategic investor. On January 31, Tianjin higher people's Court and Tianjin second Intermediate people's Court approved the reorganization plan, and the judicial reorganization of Boyang Iron and Steel Group officially entered the implementation stage. On February 15, Delong Holdings began to take over the subordinate enterprises of Bohai Iron and Steel Department one after another. Delong Holdings's restructuring of Bohai Iron and Steel involves as much as 180 billion yuan, which is the largest "mixed reform" case in Tianjin's state-owned enterprises and the domestic iron and steel industry. Through the restructuring of Bohai Iron and Steel, Delong will achieve 30 million tons of steel production capacity and become the largest local industrial enterprise and private enterprise in Tianjin.

In 2019, Wang Yusuo, founder of ENN Group, integrated the two listed companies he controlled. November 22, New Austria sharesAccording to the acquisition report, it is proposed to purchase its 32.81% shares in ENN Energy from ENN International and selected investments by means of asset exchange, share issue and cash payment, with a total transaction value of 25.84 billion. The payment scheme of this transaction adopts the payment method of "asset exchange + shares + cash" for ENN International and cash payment for selected investments. After the completion of the transaction, ENN Energy will further extend from a single upstream supplier of natural gas to an innovative leading enterprise in the integration of upstream and downstream of clean energy, realizing the layout and integration of the upstream and downstream industrial chain.

In 2019, Mengniu completed the restructuring of the product, milk source and value industry chain through mergers and acquisitions. In July, China Mengniu Dairy announced that his 51 per cent stake in Shijiazhuang Junlebao Dairy Company would be sold in cash for a total amount of 4.011 billion yuan. Meanwhile, China Mengniu Dairy continues to expand in overseas markets through mergers and acquisitions. China Mengniu Dairy issued an announcement on September 16, signing a "plan implementation deed" with the target company Australia Bellamy's Australia Limited (Bellamy) to acquire all the shares of Bellamy. The total consideration Mengniu has to pay for the shares of the plan is no more than A $1.46 billion (HK $7.86 billion). Junlebao and Bellamy are both infant milk brands, through the transaction, highlight the vision and determination of Mengniu internationalization strategy, relying on Australia, Mengniu will accelerate the pace of global layout.

In 2019, Evergrande Group, with strong financial strength, realized the dream of building cars with new energy through mergers and acquisitions. On January 15, Evergrande Health bought 51% of NEVS, a Swedish electric vehicle company, for $930 million. On January 24, Evergrande Health bought Shanghai Kanai New Energy, a power battery company, for 1.059 billion yuan, with a shareholding of 58.07%. On January 29th, Evergrande NEVS signed a cooperation agreement with supercar company Koeniger, with Evergrande NEVS holding 65% and Koeniger 35%. On March 15, Evergrande spent 500 million to acquire a 70% stake in Hubei Tate Mechanical and Electrical Co., Ltd.; on May 30, Evergrande wholly acquired Protean, a hub motor company in the UK. Within a year, Evergrande quickly realized the layout in the fields of vehicle manufacturing, batteries, hub motors and so on through mergers and acquisitions.

In 2019, under the background of the continuing downturn in the real estate market, Sunac China continued to expand in a high profile. In January, Sunac China's subsidiary Rongchuang Real Estate acquired a 100% stake in Shanghai Construction for 12.553 billion yuan. In July, Sunac China was transferred to Xinhu Zhongbao for 6.7 billion yuan.Equity in the project; in October, Sunac China transferred the CK Asset Dalian project at a price of more than 4 billion yuan; in November, Sunchuang Southwest Group acquired Yunnan City Investment for 15.269 billion yuan.The group has a 51 per cent stake in Chengdu Global Century and time Global; in December, Sunac China signed a strategic cooperation agreement with first Real Estate to carry out mergers and acquisitions and integration projects. Throughout 2019, Sunac China acquired land worth as much as 100 billion yuan, making him the leader in annual mergers and acquisitions in the real estate industry.

On January 9, 2019, Wuhan Zhongshang issued a major asset restructuring suspension notice, saying that it was planning to buy a 100% stake in unexpectedly Home by issuing shares. If this acquisition is completed, the holding will become the shareholder of the listed company, and Mr. Wang Linpeng will become the actual shareholder of Wuhan Zhongshang, thus realizing the backdoor listing of the house. On June 3, Wuhan China Merchants announced that the transaction price was 35.65 billion yuan. On October 17, Wuhan Zhongshang issued an announcement that the company's major asset restructuring has been conditionally approved by the China Securities Regulatory Commission, which means that the house has successfully landed in A-shares. On December 25, the securities name of "Wuhan Zhongshang" was officially changed to "unexpectedly House". On the 26th, unexpectedly Home officially landed in the A-share market.

In 2019, under the background of the slowdown in overseas mergers and acquisitions of Chinese enterprises, Zijin Mining Group continued to expand overseas acquisitions: in March, Zijin Mining Group completed the acquisition of the remaining shares of Canada's Nevsun through a compulsory acquisition; in October, Zijin Mining Group acquired the Ivanhoe mining shares held by Citic Metals and others; in November, Zijin (Europe) International Mining Company acquired the interest in the lower Timok copper and gold ore belt held by Freeport Exploration Company. In December, Zijin Mining Group announced that it would acquire a 100% stake in Continental Gold through a foreign grandson company. Through a series of mergers and acquisitions, Zijin Mining Group has become one of the A-share listed companies with the richest resources, forming a common development pattern of gold, copper and zinc.

In 2019, following the acquisition of Lotte Matt in North China and neighboring convenience stores in Beijing a year ago, Wumart, which is good at mergers and acquisitions, once again sold five Beijing stores owned by Hua Runwan, the supermarket chain boss. Wumart also participated in the bidding for Metro's China business and finally won from many bidders. After the completion of the acquisition of Metro, Wumart, which missed the golden age, will not only return to the first echelon of China's retail industry, but also develop by leaps and bounds.

In 2019, SUNING, who is exploring the online and offline intelligent retail model, has taken a step forward in the full-scene retail layout. In February, SUNING formally acquired all 37 stores under Wanda Department Store. In May, Wanda Department Store changed its name to SUNING PLAZA. In June, SUNING announced plans to pay 4.8 billion yuan for an 80 per cent stake in Carrefour China. In September, SUNING announced that he had completed the settlement of Carrefour's stake in China. Two acquisitions enable SUNING to complete the full scene, full category retail layout, SUNING fast consumer goods category rapid expansion, become a new growth pole.

In 2019, Hillhouse Capital not only made efforts in the primary market, bidding for shares in Gree Electric Appliances, became the largest shareholder in Gree Electric Appliances, and wrote a classic example of PE participating in the mixed reform of state-owned enterprises, but also made frequent moves in the secondary market, taking a heavy position in Tigermed., Ayre ophthalmology、 Anhui Conch CementWait. In addition, two years after Belle was privatized, Hillhouse Capital spun off Belle International's Gobo International in June 2019 and officially listed on the Hong Kong Stock Exchange on October 10, once again becoming a classic example of PE investment.