千亿级券商再添一家 西部证券收购国融证券正式获批

Core Viewpoint - The acquisition of Guorong Securities by Western Securities marks a significant step in the ongoing trend of mergers and acquisitions in the securities industry, driven by both policy and market logic [1][12]. Group 1: Acquisition Details - The China Securities Regulatory Commission (CSRC) has approved Western Securities to become the major shareholder of Guorong Securities, acquiring 1.151 billion shares, which accounts for 64.6% of the total shares [3][8]. - Western Securities is required to submit a detailed integration plan within one year, following the initial integration direction submitted to the CSRC [3][8]. - The acquisition process began on June 21, 2024, with a total transaction value of approximately 3.32 yuan per share, amounting to 3.825 billion yuan [9]. Group 2: Business Impact - Western Securities has a strong presence in Shaanxi, with nearly 60% of its branches located in the province, while Guorong Securities focuses on regions like Inner Mongolia, Beijing, and Shanghai, indicating complementary business structures [10]. - In 2024, Western Securities reported revenues of 6.712 billion yuan and a net profit of 1.403 billion yuan, while Guorong Securities had revenues of 1.119 billion yuan and a net profit of 81 million yuan [10]. - The merger is expected to enhance Western Securities' capabilities, optimize regional layout, and improve asset management business, potentially transforming it into a nationwide comprehensive securities firm [10]. Group 3: Industry Trends - The trend of mergers in the securities industry is expected to accelerate, with the central financial work conference emphasizing the cultivation of leading investment banks and institutions [11][12]. - The new "National Nine Articles" policy supports major institutions in enhancing core competitiveness through mergers and reorganizations, indicating a shift towards increased industry concentration [11][12]. - Analysts predict that the integration wave in the securities sector will continue for an extended period, reshaping the competitive landscape [11][12].