Guosen Securities(SZ:002736) 2 1 Shi Ji Jing Ji Bao Dao·2025-08-24 10:15Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved Guosen Securities' acquisition of Wanhe Securities, allowing Guosen to become the major shareholder and Shenzhen Investment Holdings to be the actual controller of Wanhe [1][3]. Group 1: Acquisition Details - Guosen Securities will acquire 2.184 billion shares of Wanhe Securities, representing 96.0792% of the total shares, through a share swap [1][3]. - The approval includes the issuance of 348 million shares to Shenzhen Capital Operation Group and other investors as part of the asset purchase [3][5]. - The CSRC has mandated that Guosen and Wanhe develop a detailed integration plan within one year to ensure a smooth transition [2][3]. Group 2: Market Context - Since 2025, there has been a trend of accelerated mergers and acquisitions among securities firms, encouraged by regulatory support for strengthening through consolidation [2][6]. - Recent examples include the completion of the merger between Guotai Junan and Haitong Securities, and the approval of Xibu Securities becoming the major shareholder of Guorong Securities [2]. Group 3: Expected Benefits - Analysts believe that the acquisition will enhance Guosen's operational leverage and improve Wanhe's return on equity (ROE) through synergistic effects [2][6]. - The integration is expected to leverage Wanhe's position in the Hainan Free Trade Port to enhance cross-border financial services and create new revenue streams [7][8]. - Guosen aims to optimize Wanhe's branch network and transition traditional brokerage services to wealth management, thereby increasing value creation [8]. Group 4: Integration Challenges - There are concerns regarding the uncertainty of the integration process and the effectiveness of the merger post-acquisition [2][9].