Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved Guosen Securities' application to issue shares for the acquisition of assets, allowing it to become the major shareholder of Wanhua Securities, with Shenzhen Investment Holdings Co., Ltd. recognized as the actual controller of Wanhua Securities [2][6]. Group 1: Acquisition Details - Guosen Securities will issue a total of 348 million shares to Shenzhen Capital Operation Group Co., Ltd. and other entities to acquire related assets [6]. - The acquisition will result in Guosen Securities obtaining 2.184 billion shares of Wanhua Securities, representing 96.0792% of the total shares [6]. - The transaction is valued at 5.192 billion yuan [7]. Group 2: Strategic Implications - The acquisition is seen as a typical case of a leading brokerage acquiring a regionally focused brokerage, with market attention on the integration of resources post-acquisition [5]. - Guosen Securities plans to leverage Wanhua Securities' location in the Hainan Free Trade Port to enhance its cross-border financial services and overall profitability [5]. - The CSRC has mandated that Wanhua Securities must ensure risk isolation from Guosen Securities and strictly regulate related transactions to prevent conflicts of interest [6]. Group 3: Timeline of Events - On August 21, 2024, Guosen Securities announced a suspension regarding the planned acquisition of Wanhua Securities [7]. - The board approved the acquisition plan on December 6, 2024, and received preliminary approval from the Shenzhen State-owned Assets Supervision and Administration Commission on December 20, 2024 [7]. - The Shenzhen Stock Exchange accepted the application on April 10, 2025, and approved the transaction on June 19, 2025 [7].
证券业并购新进展!国信证券成万和证券主要股东获核准