Founder Securities(SH:601901) Huan Qiu Lao Hu Cai Jing·2025-10-31 03:16Core Viewpoint - Fangzheng Securities announced the acceptance of a comprehensive offer from Shenyang Shengjing Financial Holdings Group to acquire its 300 million shares of Shengjing Bank for a total consideration of 435 million yuan, which will enhance cash flow but is expected to reduce net profit by approximately 449 million yuan for the year [1] Group 1: Transaction Details - The transaction involves the sale of 300 million domestic shares of Shengjing Bank at a price lower than the book value, leading to a projected decrease in net profit for Fangzheng Securities [1] - The total assets of Shengjing Bank are projected to reach 1.12 trillion yuan by the end of 2024, with 18 branches and over 200 operating institutions across various regions [1] Group 2: Historical Context - Fangzheng Securities initially acquired 300 million shares of Shengjing Bank in December 2011 and has not made any further adjustments to its holdings since then [2] - In August 2023, Shengjing Financial Holdings announced a comprehensive cash offer to acquire all circulating H-shares and domestic shares of Shengjing Bank for a total of approximately 6.896 billion Hong Kong dollars [2] Group 3: Offer Adjustments and Delisting - On September 12, 2023, Shengjing Financial Holdings increased the offer price for H-shares to 1.6 HKD per share and for domestic shares to 1.45 RMB per share, with the offer set to expire on November 18, 2025 [3] - Shengjing Bank is set to officially initiate the delisting process from the Hong Kong Stock Exchange, with the last trading day for H-shares on November 13, 2023, and formal delisting on November 20, 2023 [3] - The delisting is expected to reduce costs associated with maintaining its listing status and allow for a reallocation of resources towards business operations [3]