Guosen Securities(SZ:002736) Zheng Quan Shi Bao·2025-08-22 15:51Group 1 - The core point of the news is that Guosen Securities has received approval from the CSRC to acquire Wanhe Securities, marking the official registration and effectiveness of the merger and acquisition project [2][5]. - Guosen Securities will work with Wanhe Securities to develop a specific integration plan within one year, following the preliminary integration scheme submitted to the CSRC [5][6]. - The acquisition involves Guosen Securities obtaining 2.184 billion shares of Wanhe Securities, representing 96.0792% of the total shares, through a share exchange [5][6]. Group 2 - The approval process for the acquisition took over a year, with the initial announcement made on August 2, 2024, and the final approval from the CSRC received on August 22, 2025 [6]. - The share price for the acquisition was adjusted from 8.6 yuan per share to 8.25 yuan per share, and the number of shares issued increased from 604 million to 629 million, accounting for 6.14% of the total post-issue share capital [6]. - Wanhe Securities reported a revenue of 5 million yuan and a net profit of 523,909 yuan for 2024, with a significant decline in revenue and profit in the first five months of 2025 [9]. Group 3 - The merger is characterized as a restructuring of assets under the same actual controller rather than a typical strong alliance, reflecting a reassessment of resource allocation by local state-owned assets [8]. - Guosen Securities aims to position Wanhe Securities as a leading regional broker in specific business areas, particularly in cross-border asset management within the Hainan Free Trade Port [9]. - The integration of branch offices is a key focus, with both companies undergoing a reduction in their branch networks, indicating a trend towards optimizing operational efficiency [11].