Western Securities(SZ:002673) Shang Hai Zheng Quan Bao·2025-09-11 16:57Core Viewpoint - The acquisition of 1.151 billion shares of Guorong Securities by Western Securities has been completed, resulting in Western Securities holding 64.5961% of Guorong Securities' equity, moving closer to its strategic goal of becoming a leading comprehensive listed investment bank [2][3]. Group 1: Acquisition Details - The transfer of 1.151 billion shares from eight companies, including Chang'an Investment and Hangzhou Purun, has been officially registered and announced in the national enterprise credit information public system [3]. - This transaction is not a full acquisition; Chang'an Investment retains 28.53% of the shares after transferring 42.07% [3]. - The acquisition process took 14 months, starting with the announcement on June 21, 2024, and culminating in the completion of the transfer on August 15, 2025, after receiving approval from the China Securities Regulatory Commission [3]. Group 2: Strategic Implications - The transaction aligns with the company's strategic planning, optimizing resource allocation and enhancing market competitiveness through the integration of existing business advantages and the complementary business structures of both firms [4]. - The merger is expected to create synergies due to the differing business structures and customer resources of Western Securities and Guorong Securities, with Western Securities having a dense network in Shaanxi and Guorong Securities covering regions like Inner Mongolia and the Yangtze River Delta [4]. - Guorong Securities has a customer asset scale exceeding 120 billion yuan in 2024, which is anticipated to bring in a significant number of high-quality clients [4]. - The China Securities Regulatory Commission has mandated that Western Securities and Guorong Securities develop and submit a specific integration plan within one year, indicating a focus on deep integration across various aspects such as business, personnel, and management [4]. - This acquisition reflects a broader trend of mergers and acquisitions in the securities industry since 2024, which are seen as effective means for brokers to achieve external growth and enhance overall industry competitiveness [4].