Zheshang Securities(SH:601878) Mei Ri Jing Ji Xin Wen·2025-05-16 16:29Core Viewpoint - The restructuring of Guodu Securities by Zheshang Securities marks a significant advancement in their integration process, with the establishment of a new board of directors and the confirmation of Zheshang Securities as the controlling shareholder [1][2]. Group 1: Restructuring and Control - On May 15, Guodu Securities held its first extraordinary shareholders' meeting of 2025, resulting in the election of a new board of directors and supervisory board, with Qian Wenhai appointed as chairman [1][2]. - The restructuring signifies a change in Guodu Securities' controlling shareholder status from none to Zheshang Securities, with Zheshang's actual controller, Jiaotong Group, now controlling Guodu Securities [1][2]. - The restructuring is a key step in the acquisition process initiated by Zheshang Securities in December 2023, which is required to develop an integration plan within one year as per the China Securities Regulatory Commission's approval [2][3]. Group 2: Acquisition Process - Zheshang Securities began its acquisition of Guodu Securities in December 2023, initially acquiring a 19.145% stake from five institutions, becoming the largest shareholder [3]. - By May to June 2024, Zheshang increased its stake to 34.25% through competitive bidding, and by November 2024, it was officially recognized as the major shareholder by the regulatory authority [3]. - As of March 2025, Zheshang's stake in Guodu Securities rose to 34.76% after acquiring an additional 30 million shares [3]. Group 3: Board Composition and Experience - The newly elected board consists of six directors and two independent directors nominated by Zheshang Securities, all possessing extensive experience in the securities industry [4]. - Qian Wenhai, the chairman, has over 20 years of financial management experience, while Zhang Hui, the general manager, has 34 years in the industry and played a crucial role in the acquisition negotiations [4]. - Other board members include senior executives from Zheshang Securities, indicating a strong leadership team focused on the integration of the two firms [4]. Group 4: Strategic Goals - The integration of Guodu Securities is a top priority for Zheshang Securities in 2025, as emphasized in their strategic planning meetings [5]. - The company aims to enhance its market competitiveness and ensure a smooth integration process while adhering to regulatory requirements [5][6]. - Guodu Securities reported a recovery in performance for 2024, with revenues of 1.805 billion yuan, a 30.7% increase year-on-year, and a net profit of 924 million yuan, up 27.78% [6].