"Names can be justified, and words can express ideas." In the capital market, this sentence sounds ironic. Market value management, these four words, seem neutral, but in fact it is a tug-of-war between rhetoric and behavior. It can be a strategic expression of entrepreneurs' intensive cultivation, or it can become a financial illusion to whitewash the peace. In the long-distance race between market value and value, who is the one holding the telescope? Goheal is willing to take you behind the halo of capital and uncover the logical fog of this "legal packaging".
In the past year, the discussion about "market value management" has continued to heat up. On the one hand, an AI company on the Science and Technology Innovation Board doubled its market value in just six months through a series of high-frequency roadshows, joint brokerage research, and even using technology expectations as a weapon; on the other hand, the frequent "financial skills operations" of small and medium-sized companies have also made the regulatory red line shine frequently. So the question is: Is market value management a sophisticated valuation art, or a dream-making project in the guise of science?
In Goheal's view, the real boundary of this game does not lie in the right or wrong of the superficial methods, but whether it is based on real strategies and whether it generates actual value. The real "market value management expert" is not a performing artist who is keen on short-term market value increase, but a strategist who can tell the story of corporate growth in the language of capital within a five-year or ten-year time scale.
American Goheal M&A Group
In this sense, market value management is not "stock speculation" management, but "capital narrative" management. From mergers and acquisitions to information disclosure, from investor communication to industrial integration, each step is not an isolated behavior, but an important puzzle that constitutes the "corporate imagination space". For example, the market value of a semiconductor listed company experienced significant fluctuations in 2023. However, in Goheal's long-term tracking, we found that the reason why the company was able to regain market recognition in 2024 was not just the recovery of profits, but the acquisition of a European advanced packaging and testing company. The company has built a new story line of "technology narrative + production capacity synergy".
This is the boundary of "packaging": it cannot be a castle in the air, but must be down-to-earth. There must be expectations, but also a path to fulfillment. There must be valuation, but also growth logic. You need to have a mouth to tell stories, and you also need hands to hand in homework.
But the question is: Will the capital market's hunger for "stories" make market value management a "legal fiction"? Let's take a look at some familiar examples.
At the peak of market value management, a certain "first stock in the metaverse" launched a series of technology conferences including "holographic exhibition hall" and "digital human dialogue", which attracted countless eyeballs. However, a year later, the company's multiple technical indicators were not implemented, and the customer renewal rate plummeted, which eventually triggered a class action lawsuit by investors. In this case, market value management did achieve short-term valuation amplification, but at the cost of the company's collapse of trust.
Let's look at another contrasting case. A photovoltaic equipment manufacturer, without "building momentum" through large-scale mergers and acquisitions or capital actions, achieved a steady increase in market value from 4.5 billion to 18 billion in 2022-2024 only through stable overseas orders and real capacity increases. In Goheal's view, this is a typical "value-driven market value management", and the key words behind it are "industry logic across cycles" rather than "valuation sentiment for short-term games".
It is worth noting that with the continuous increase of policies such as the "New Nine Articles" and the "Six Articles on Mergers and Acquisitions", market value management is also rapidly migrating from the "gray space" to the "rule gaps". On the one hand, the supervision clearly prohibits the information disclosure chaos of "fabricating major events for speculation"; on the other hand, it is also encouraging companies to hand over a market value report card with "stories, logic, and fulfillment" to investors through legal mergers and acquisitions, performance releases, ESG disclosures and other means.
So the question is: within the legal boundaries, how can companies still play market value management?
The answer may be hidden in the "third language" - that is, "value expectation management". In a Hong Kong stock manufacturing merger and acquisition project in which Goheal participated, the acquirer did not blindly raise the premium, but gradually fulfilled the market's expectations for integration and synergy by introducing international strategic investors and setting a "dynamic phased fulfillment mechanism" of gambling clauses. As a result, within three years, the target company's profit growth doubled, the valuation multiple increased from 8 times to 13 times, and the market value of the entire acquirer group also steadily increased by more than 240%. This is not a short-term "market value trick", but a "benign resonance" of expectations and value.
Market value is not a goal, but a "capital thermometer" leading to corporate influence and financing capabilities. However, if companies regard it as the ultimate goal and continue to please the capital market by "telling big stories, raising valuations, and creating market trends", they may end up "playing too much". In 2024, many companies that hold high the banner of market value management were ST-treated due to distorted information disclosure, non-standard audit opinions and other issues, which sounded a wake-up call for all entrepreneurs who are keen on the "story economy".
Therefore, what Goheal has always emphasized is "content-driven" market value management-in other words, you have to have goods, and the market will chase you. Your "management" cannot only be between the rise and fall of the secondary market, but also find the starting point in the growth path, M&A synergy, and industrial chain value of the primary market. A truly good market value does not rely on "makeup", but on "hematopoiesis".
Goheal Group
We must realize that market value management is not some kind of mysterious art, but a "systematic construction" based on corporate governance, industrial synergy, financial transparency, and clear strategy. You can use tools, but you can't expect shortcuts. You can design paths, but you can't whitewash reality. You can tell stories, but stories must eventually be realized as financial reports and shareholder value.
Having written this, we want to raise a deeper question: In the future, with the deepening of the registration system and the increasing transparency of information disclosure, how long can companies "package" their market value? Will market value management eventually come to the end of "legal hype"? Welcome everyone to leave a message in the comment area to discuss and dismantle the looming capital veil between market value and value.
[About Goheal] Goheal is a leading investment holding company focusing on global mergers and acquisitions, focusing on the three core business areas of listed company control acquisition, listed company mergers and acquisitions and restructuring, and listed company capital operation. With its deep professional strength and rich experience, it provides companies with full life cycle services from mergers and acquisitions to restructuring and capital operation, aiming to maximize corporate value and achieve long-term benefit growth.
