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并购基金的介入对企业估值的影响——以博雅生物并购案例为例的中期报告.docx

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并购基金的介入对企业估值的影响——以博雅生物并购案例为例的中期报告 Introduction Mergersandacquisitions(M&A)havebecomeacommonphenomenoninthecorporateworld,withcompaniespursuingthisstrategytoachievegrowth,diversification,andglobalexpansion.Forinstance,privateequityfirmsandM&Aspecialistscanbuycontrollingstakesincompaniesthroughmergersoracquisitionsandactivelymanagethemtogenerateprofits.Meanwhile,thecompanythatisbeingacquiredcanbenefitfromthestrategicexpertise,networks,andresourcesofthebuyer.Inrecentyears,anincreasingnumberofmergersandacquisitionshaveinvolvedprivateequityfunds,commonlyknownasM&Afunds.ThepresentreportexaminestheimpactofanM&Afundoncorporatevaluation,takingthecaseofBoyaBio-PharmaceuticalGroupCo.,Ltd(BoyaBio)asanexample. BoyaBioM&ACase BoyaBioisaChinesepharmaceuticalcompanythathasbeenlistedonthemainboardoftheHongKongStockExchangesince2017.In2019,BoyaBioannounceditsacquisitionofacontrollingstakeinZhuhaiHaitianTerminal,whichoperatesaterminalfacilityandprovidescold-chainlogisticsservicesforpharmaceuticalproducts.TheacquisitionwasvaluedatCNY2.39billion($339million).ThetransactionwouldenableBoyaBiotoexpanditsproductlogisticsanddistributioncapabilitiesandenhanceitssupplychainmanagement. TheM&Afund,HuatianFund,participatedinthetransactionbyacquiring51%ofHaitianTerminal'sequityfromthepreviousowner,ZhuhaiHaitianGroupCo.,Ltd.Thisfundalsoprovideddebtfinancingfortheacquisition.Aspartofthedeal,BoyaBiowouldacquirea49%equitystakeinHaitianTerminal.Theacquisitionwasdesignedtobecompletedintwophases,withthefirstphaseinvolvingtheacquisitionof39%equity,followedbytheacquisitionoftheremaining12%inthesecondphase. BoyaBio'sStockPerformance TheannouncementoftheacquisitionhadapositiveimpactonBoyaBio'sshareprice,asinvestorsexpectedthecompanytobenefitfromtheintegrationofHaitianTerminal'slogisticsanddistributioncapabilities.BoyaBio'sstockpricerosefromHKD6.08onDecember16,2020,toHKD6.7onJanuary4,2021,anincreaseof10.2%.Afterthecompletionofthefirstphaseoftheacquisition,BoyaBio'ssharepricecontinuedtorise,reachingapeakofHKD7