长江证券“易主”落槌：湖北国资17%股权锁定五年，地方国资加速“扫货”券商版图

Core Viewpoint - The ownership change at Changjiang Securities has been finalized, with Changjiang Industrial Group becoming the largest shareholder, reflecting a trend of local state-owned enterprises acquiring stakes in brokerage firms [1][3]. Group 1: Ownership Change - On August 7, Changjiang Securities announced the completion of a share transfer, with Hubei Energy and Three Gorges Capital transferring a combined 9.58% and 6.02% of shares to Changjiang Industrial Group, totaling 8.63 billion shares [1]. - Following the transfer, Changjiang Industrial Group's direct shareholding increased to 17.41%, making it the largest shareholder of Changjiang Securities, while Hubei Energy and Three Gorges Capital exited the shareholder list [1][3]. Group 2: Regulatory Approval and Commitment - The acquisition process began in March 2024 when Changjiang Industrial Group planned to acquire the 15.6% stake and signed a concerted action agreement with some shareholders [3]. - The China Securities Regulatory Commission accepted the matter in March and officially approved the acquisition on June 6, allowing Changjiang Industrial Group to become a major shareholder [3]. - Changjiang Industrial Group has committed to a 60-month lock-up period for the shares, during which they will not transfer or pledge the shares, and will forfeit voting rights if the pledged shares exceed 50% after the lock-up period [3]. Group 3: Financial Performance - Changjiang Securities reported a strong performance in its half-year report, forecasting a net profit attributable to shareholders of between 1.652 billion to 1.81 billion yuan for the first half of 2025, representing a year-on-year increase of 110% to 130% [3][5]. - The basic earnings per share are projected to be between 0.28 yuan and 0.31 yuan, compared to 0.13 yuan in the same period last year [5]. Group 4: Industry Trends - The ownership change at Changjiang Securities is part of a broader trend where local state-owned enterprises are acquiring stakes in various brokerage firms, indicating a growing interest in financial licenses and market influence [5][6]. - Other notable acquisitions include Beijing State-owned Assets controlling 85.01% of Credit Suisse Securities, and Dongguan State-owned Assets increasing its stake in Dongguan Securities to 75.4% [5]. - The restructuring of the brokerage ownership landscape is characterized by state-owned enterprises taking over from foreign and private entities, highlighting the increasing importance of local capital in the financial sector [6].