"Without indifference, one cannot clarify his ambitions; without tranquility, one cannot achieve far-reaching goals." In today's world of efficiency至德投资, this sentence seems particularly "anti-trend". In the capital market, people seem to be chasing the wind and wind of short-term gains. What's more exaggerated is that some listed companies are clearly doing the slogan of "long-termism", but they are posing as "short-term traders", talking about strategy while engaging in arbitrage, turning capital operations into "mismatch art".
American Goheal M&A Group
展开剩余92%Since the beginning of 2025, the market has once again heatedly discussed "long-termism". In his letter to shareholders at the beginning of the year, Buffett mentioned: "We are not investing in a quarterly report, but in the accumulation of an era." However, when we return to A-shares and look through those announcements dressed in the guise of "strategic restructuring", we frequently find that behind them are capital eager to realize, scripts to raise stock prices, and the routine of "reducing holdings first" by controlling shareholders.
When Goheal recently studied a series of mergers and acquisitions and restructuring cases, he proposed a keyword: "capital mismatch". This mismatch is not a technical problem, but a "mistrack of values": wanting to tell a long-termist story, but using short-termist tools, the result is often the opposite, not only failing to gain market recognition, but also laying the groundwork for a crisis of trust.
So, what are the five most common mismatches in capital operations of listed companies? Can these operations lead to "long-termism"? Today, Goheal will dismantle these five "seemingly good, but actually hurting long-term value" operations.
The first type of mismatch, we call it "strategic misalignment": the target is a good target, but it is not suitable for you now. For example, a listed company that mainly engages in consumer electronics suddenly announced a heavy acquisition of a semiconductor design company. The press release was written in a shocking way, saying "conforming to national strategy" and "laying out the AI track", and investors really believed it for a while. But looking through the financial report, the company's main business has not yet stabilized, cash flow is tight至德投资, core technical talents are seriously lacking, and the valuation of the acquisition target is ridiculously high. This is like an athlete who is still laying the foundation and insists on participating in the Olympics across events, and may not even be able to enter the training camp in the end.
The second type of mismatch is the "financing illusion": treating the capital market as an ATM without a clear logic for using funds. We often see this type of operation in the announcement of the private placement - "introducing strategic investors", "used for project construction", "supplementing working capital", which sounds very reasonable. But when the funds arrive, the strategic investors leave, the project is far away, and there is no new use for the working capital. Investors naturally begin to doubt: Is this private placement operating the company or operating the stock price?
Goheal once participated in a capital structure optimization project of a listed pharmaceutical company and found that some companies raised funds for private placement without a project basis on the grounds of "future development needs", but in fact they were paving the way for the controlling shareholder to repay the private debt. Once such an operation is discovered by the market, it will be difficult to win the trust of long-term capital.
The third type of mismatch belongs to "time mismatch": it is obviously a short-term measure, but it is delusional to form long-term value. For example, some companies like to engage in equity incentive plans and attempt to lock in core employees with options. However, the incentive assessment cycle is only one year, and the threshold is set very low, and it can be unlocked as long as the "stock price improves slightly". This makes employees focus on "short-term speculation" rather than corporate value creation. What's worse, after the executive incentives are lifted, they sell off their shares, and the company's stock price plummets. Investors call it "being cheated". Long-termism? It's more like a bubble-like cooperation of "going their separate ways after a year of passionate love".
The fourth type of mismatch is "power and responsibility mismatch": the decision-making power of capital operation is in the hands of one person, but the responsibility is pushed to all shareholders. This situation is particularly prominent in voting rights delegation and "shadow controller" operation. Many companies change their controlling rights through agreement transfers. The new actual controllers often do not take office through the normal change of term procedures, but appear behind the scenes in the name of "consultant" and "financial investor". However, capital decisions have quietly changed - the flow of funds is different, related transactions are frequent, and the business direction has also changed drastically. The original shareholders have become "bystanders", and the market has begun to vote with their feet.
When Goheal assists investors in analyzing M&A transactions, an analysis tool called "multi-layer penetration chart" is often used. This picture can reveal the control structure and ultimate beneficiary behind it. In some typical cases至德投资, we even see that the ultimate controller is "invisible" through three VIE structures and fund channels. This "invisible rich" capital style has basically nothing to do with the long-termism we are familiar with.
The last mismatch is "information mismatch": this kind of operation is most common in the seemingly impeccable "narrative language" in the merger and reorganization announcement. The company will tell you that "this reorganization will enhance core competitiveness", "the company will enter a broader market space", and "future profitability is expected to increase", but it does not disclose any gambling arrangements, core synergy paths, financial simulation data or integration plans. It's like taking a world map and telling you "we are ready to sail", but not giving you a ship, not telling you the starting point, and not giving you an itinerary. The inner OS of investors is: How do you plan to sail?
Long-termism is not a slogan, but requires that every decision and every capital action can be deeply embedded in the core capabilities and development path of the enterprise. However, many listed companies at present seem to be making "tactical victories", but in fact they are consuming "strategic credit".
Goheal has always insisted on a point of view: the capital market is not for sprinting, it is more like a marathon. You can speed up occasionally, but you must not forget to replenish water, breathe and step frequency. Many times, the short-term view is the stock price, and the long-term view is the pattern.
We do not deny that in some special window periods, capital operations can indeed create value and even promote valuation reconstruction. But the premise is that the operation itself conforms to the logic of enterprise development, respects the market pricing mechanism, and abides by the information disclosure regulations, rather than being dominated by "arbitrage thinking". If the company thinks about how to "pull valuation, tell stories, and cut a wave" through capital operations every day, then even if there is a short-term improvement, it will be difficult to go far in the long run.
Having written here, we would like to ask everyone to review the hot events in the market in recent months: from a star enterprise's sudden acquisition of "shell-like assets" to a certain AI company's frequent "concept-taking" high-level reduction; from a photovoltaic leader suddenly withdrawing its repurchase plan to a pharmaceutical company's lifting of the ban on fixed increase and cashing out... Do you really believe that these operations are for "corporate strategic layout"? Or is it just a prelude to another round of capital "reshuffle"?
Have you seen any seemingly favorable capital operations that are actually short-sighted and mismatched? Please leave a message in the comment area to tell us. Goheal is willing to be your navigator in the fog of capital, helping you see the path clearly, avoid routines, and keep your original intention.
Goheal Group
Long-termism is not spoken, but every step is taken. Capital operation is not a fancy move, but a long-term synergy between enterprises and the market. Are you ready to turn every capital action into the credit score of the company's future?
[About Goheal] Goheal is a leading investment holding company focusing on global mergers and acquisitions, deeply cultivating the three core business areas of listed company control acquisition, listed company mergers and acquisitions and restructuring至德投资, and listed company capital operation. With its deep professional strength and rich experience, it provides enterprises with full life cycle services from mergers and acquisitions to restructuring and capital operation, aiming to maximize corporate value and long-term benefit growth.
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