Chinese firms seal 294 mergers
By Winny Wang |
January 28, 2010, Thursday
|
Print Edition
Print Edition
CHINESE companies were involved in 294 mergers last year, a rise of 59.8 percent from a year earlier, as their confidence were given a boost by the country's strong economic growth, an industry report said.
The value of the mergers totaled US$33.15 billion, similar with that in 2008, with acquisitions of overseas firms accounting for 48.6 percent, Zero2IPO Research Center said in a report yesterday.
"Domestic companies will engage actively in mergers this year in anticipation of a global economic recovery and the Chinese government's encouragement," said Li Luhui, an analyst at Zero2IPO.
China's economy grew 10.7 percent in the fourth quarter of 2009 from a year earlier - the fastest pace since 2007 - and lifted growth to 8.7 percent last year.
Zero2IPO forecast mergers among state-owned enterprises to play an important role in the domestic market.
The state-owned asset regulator had reduced the number of centrally-administered SOEs from 196 to 129 by the end of last year. The regulator intends to cut their number to between 80 and 100 this year.
The value of the mergers totaled US$33.15 billion, similar with that in 2008, with acquisitions of overseas firms accounting for 48.6 percent, Zero2IPO Research Center said in a report yesterday.
"Domestic companies will engage actively in mergers this year in anticipation of a global economic recovery and the Chinese government's encouragement," said Li Luhui, an analyst at Zero2IPO.
China's economy grew 10.7 percent in the fourth quarter of 2009 from a year earlier - the fastest pace since 2007 - and lifted growth to 8.7 percent last year.
Zero2IPO forecast mergers among state-owned enterprises to play an important role in the domestic market.
The state-owned asset regulator had reduced the number of centrally-administered SOEs from 196 to 129 by the end of last year. The regulator intends to cut their number to between 80 and 100 this year.
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